Matthews International (NASDAQ:MATW) Hits New 52-Week Low at $22.44

Matthews International Co. (NASDAQ:MATW)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $22.44 and last traded at $22.44, with a volume of 33384 shares changing hands. The stock had previously closed at $22.72.

Analyst Upgrades and Downgrades

Separately, B. Riley decreased 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, September 26th.

Matthews International Price Performance

The company has a quick ratio of 1.02, a current ratio of 1.66 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $685.14 million, a P/E ratio of 21.34 and a beta of 1.08. The business’s 50-day moving average is $25.02 and its two-hundred day moving average is $26.50.

Matthews International (NASDAQ:MATW) last released its earnings results on Thursday, August 1st. The company reported $0.56 earnings per share (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 business had revenue of $427.83 million during the quarter, compared to the consensus estimate of $450.03 million. During the same period in the prior year, the company earned $0.74 earnings per share. As a group, analysts predict that Matthews International Co. will post 2.53 earnings per share for the current year.

Matthews International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.30%. The ex-dividend date was Monday, August 5th. Matthews International’s dividend payout ratio is 90.57%.

Institutional Investors Weigh In On Matthews International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Matthews International by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock valued at $112,488,000 after acquiring an additional 76,752 shares in the last quarter. Gamco Investors INC. ET AL boosted its stake in Matthews International by 1.1% during the first quarter. Gamco Investors INC. ET AL now owns 1,072,951 shares of the company’s stock valued at $33,347,000 after buying an additional 11,650 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Matthews International by 11.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 652,665 shares of the company’s stock worth $16,349,000 after acquiring an additional 65,188 shares during the last quarter. Barington Capital Group L.P. increased its stake in Matthews International by 18.1% in the 2nd quarter. Barington Capital Group L.P. now owns 385,000 shares of the company’s stock worth $9,644,000 after acquiring an additional 59,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Matthews International by 4.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 360,165 shares of the company’s stock valued at $9,022,000 after acquiring an additional 14,737 shares in the last quarter. 83.08% of the stock is currently owned by institutional investors.

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.