Matthews International (NASDAQ:MATW) Price Target Lowered to $40.00 at B. Riley

Matthews International (NASDAQ:MATW) had its price target cut by analysts at B. Riley from $54.00 to $40.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 74.83% from the stock’s previous close.

Matthews International Stock Up 1.7 %

Shares of NASDAQ:MATW traded up $0.39 during mid-day trading on Thursday, hitting $22.88. 33,077 shares of the company traded hands, compared to its average volume of 153,431. The stock has a 50-day moving average price of $25.38 and a two-hundred day moving average price of $26.69. Matthews International has a 12-month low of $22.47 and a 12-month high of $40.80. The stock has a market cap of $702.64 million, a P/E ratio of 21.58 and a beta of 1.08. The company has a current ratio of 1.66, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64.

Matthews International (NASDAQ:MATW) last posted 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). The firm had revenue of $427.83 million during the quarter, compared to the consensus estimate of $450.03 million. Matthews International had a return on equity of 15.79% and a net margin of 1.43%. During the same quarter in the previous year, the company earned $0.74 EPS. On average, equities research analysts forecast that Matthews International will post 2.53 earnings per share for the current year.

Hedge Funds Weigh In On Matthews International

A number of large investors have recently made changes to their positions in MATW. Vanguard Group Inc. lifted its stake in Matthews International by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock worth $112,488,000 after purchasing an additional 76,752 shares in the last quarter. Gamco Investors INC. ET AL boosted its stake in Matthews International by 1.1% in the first quarter. Gamco Investors INC. ET AL now owns 1,072,951 shares of the company’s stock worth $33,347,000 after buying an additional 11,650 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position 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 purchasing an additional 65,188 shares during the period. Barington Capital Group L.P. boosted its holdings in Matthews International by 18.1% during the 2nd quarter. Barington Capital Group L.P. now owns 385,000 shares of the company’s stock valued at $9,644,000 after acquiring an additional 59,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Matthews International by 4.3% in 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 last quarter. 83.08% of the stock is 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.