Select Equity Group L.P. Sells 751,292 Shares of Matthews International Co. (NASDAQ:MATW)

Select Equity Group L.P. trimmed its position in Matthews International Co. (NASDAQ:MATW) by 80.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 183,609 shares of the company’s stock after selling 751,292 shares during the period. Select Equity Group L.P.’s holdings in Matthews International were worth $4,599,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Matthews International by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock worth $112,488,000 after buying an additional 76,752 shares during the last quarter. Gamco Investors INC. ET AL boosted its stake in shares of Matthews International by 1.1% during the 1st quarter. Gamco Investors INC. ET AL now owns 1,072,951 shares of the company’s stock worth $33,347,000 after acquiring an additional 11,650 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Matthews International by 11.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 652,665 shares of the company’s stock valued at $16,349,000 after acquiring an additional 65,188 shares during the period. Bank of New York Mellon Corp grew its holdings in Matthews International by 4.3% during the second quarter. Bank of New York Mellon Corp now owns 360,165 shares of the company’s stock valued at $9,022,000 after purchasing an additional 14,737 shares during the period. Finally, ProShare Advisors LLC increased its holdings in Matthews International by 20.2% in the 1st quarter. ProShare Advisors LLC now owns 266,146 shares of the company’s stock worth $8,272,000 after acquiring an additional 44,798 shares in the last quarter. 83.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, B. Riley cut their price target on Matthews International from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday.

Matthews International Price Performance

Shares of NASDAQ:MATW opened at $22.79 on Friday. The firm has a market cap of $699.88 million, a price-to-earnings ratio of 21.50 and a beta of 1.08. The firm has a fifty day moving average price of $25.29 and a 200 day moving average price of $26.66. Matthews International Co. has a fifty-two week low of $22.47 and a fifty-two week high of $40.80. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.02 and a current ratio of 1.66.

Matthews International (NASDAQ:MATW) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.02). Matthews International had a net margin of 1.43% and a return on equity of 15.79%. The company had revenue of $427.83 million for the quarter, compared to the consensus estimate of $450.03 million. During the same period last year, the company earned $0.74 EPS. As a group, sell-side analysts expect that Matthews International Co. will post 2.53 earnings per share for the current fiscal year.

Matthews International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were issued a $0.24 dividend. The ex-dividend date was Monday, August 5th. This represents a $0.96 annualized dividend and a dividend yield of 4.21%. Matthews International’s dividend payout ratio (DPR) is presently 90.57%.

About Matthews International

Matthews International Corporation provides brand solutions, memorialization products, and industrial technologies worldwide. It operates through three segments: Memorialization, Industrial Technologies, and SGK Brand Solutions. The Memorialization segment provides bronze and granite memorials, upright granite memorials and monuments, concrete burial vaults, cremation memorialization products, granite benches, flower vases, crypt plates and letters, cremation urns, niche units, cemetery features, and statues, as well as bronze plaques, letters, emblems, vases, lights and photo ceramics, granite monuments, mausoleums, crypts, and flush memorials.