Matthews International (NASDAQ:MATW) Sets New 12-Month Low – What’s Next?

Matthews International Corporation (NASDAQ:MATW)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $19.58 and last traded at $19.91, with a volume of 724375 shares trading hands. The stock had previously closed at $20.00.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MATW. Truist Financial assumed coverage on Matthews International in a research report on Friday, August 21st. They issued a “hold” rating and a $24.00 target price on the stock. Wall Street Zen cut shares of Matthews International from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research downgraded shares of Matthews International from a “hold” rating to a “strong sell” rating in a research note on Monday, August 10th. Finally, Weiss Ratings lowered shares of Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 17th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell” and a consensus target price of $24.00.

Matthews International Stock Down 0.7%

The stock has a market capitalization of $622.64 million, a price-to-earnings ratio of -21.45 and a beta of 1.04. The company has a quick ratio of 1.02, a current ratio of 1.76 and a debt-to-equity ratio of 1.15. The stock has a 50 day moving average price of $24.01 and a 200 day moving average price of $25.58.

Matthews International (NASDAQ:MATW) last released its quarterly earnings data on Friday, August 7th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.35). The firm had revenue of $246.02 million during the quarter, compared to analyst estimates of $264.54 million. Matthews International had a negative net margin of 2.65% and a positive return on equity of 4.51%. As a group, analysts forecast that Matthews International Corporation will post 0.53 EPS for the current year.

Matthews International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were given a $0.255 dividend. This represents a $1.02 annualized dividend and a yield of 5.1%. The ex-dividend date was Monday, August 10th. Matthews International’s dividend payout ratio is -109.68%.

Insider Buying and Selling at Matthews International

In other Matthews International news, Director J Nauman acquired 2,000 shares of Matthews International stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $22.97 per share, with a total value of $45,940.00. Following the completion of the purchase, the director directly owned 7,081 shares in the company, valued at $162,650.57. This trade represents a 39.36% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Aleta W. Richards acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $23.06 per share, with a total value of $69,180.00. Following the completion of the acquisition, the director directly owned 12,535 shares of the company’s stock, valued at $289,057.10. This trade represents a 31.46% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 8,900 shares of company stock valued at $197,914 in the last ninety days. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in shares of Matthews International by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,614,201 shares of the company’s stock worth $41,677,000 after acquiring an additional 83,860 shares during the period. Allspring Global Investments Holdings LLC increased its position in Matthews International by 2.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,100,957 shares of the company’s stock valued at $27,832,000 after purchasing an additional 25,478 shares during the period. Barington Companies Management LLC increased its position in Matthews International by 9.6% during the 4th quarter. Barington Companies Management LLC now owns 1,000,000 shares of the company’s stock valued at $26,120,000 after purchasing an additional 87,196 shares during the period. Sei Investments Co. raised its holdings in Matthews International by 12.9% during the 1st quarter. Sei Investments Co. now owns 233,065 shares of the company’s stock worth $6,018,000 after purchasing an additional 26,572 shares during the last quarter. Finally, Gabelli Funds LLC raised its holdings in Matthews International by 2.5% during the 4th quarter. Gabelli Funds LLC now owns 169,597 shares of the company’s stock worth $4,430,000 after purchasing an additional 4,161 shares during the last quarter. 83.08% of the stock is owned by institutional investors and hedge funds.

About Matthews International

Matthews International Corporation (NASDAQ:MATW) is a global provider of products and services for memorialization, industrial automation and identification, and brand development. Founded in Pittsburgh in 1850, the company has built a diverse portfolio serving funeral homes, cemeteries, manufacturers, consumer brands, and other commercial customers.

Through its Memorialization businesses, Matthews supplies products and services used in burial and cremation, including mausoleums, cremation systems, caskets, urns, bronze memorials, cemetery products, and related software and operational services.