B. Riley Comments on Matthews International Co.’s FY2024 Earnings (NASDAQ:MATW)

Matthews International Co. (NASDAQ:MATW) – Equities researchers at B. Riley cut their FY2024 EPS estimates for Matthews International in a report released on Wednesday, September 25th. B. Riley analyst L. Burke now anticipates that the company will post earnings of $2.03 per share for the year, down from their prior estimate of $2.53. B. Riley currently has a “Buy” rating and a $40.00 target price on the stock. The consensus estimate for Matthews International’s current full-year earnings is $2.53 per share. B. Riley also issued estimates for Matthews International’s Q4 2024 earnings at $0.41 EPS and FY2025 earnings at $1.93 EPS.

Matthews International (NASDAQ:MATW) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). The company had revenue of $427.83 million during the quarter, compared to analyst estimates of $450.03 million. Matthews International had a net margin of 1.43% and a return on equity of 15.79%. During the same period in the prior year, the business earned $0.74 EPS.

Matthews International Stock Performance

Shares of Matthews International stock opened at $22.97 on Monday. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.66 and a quick ratio of 1.02. The firm has a market cap of $705.41 million, a P/E ratio of 21.67 and a beta of 1.08. The firm has a 50 day simple moving average of $25.20 and a 200 day simple moving average of $26.58. Matthews International has a fifty-two week low of $22.47 and a fifty-two week high of $40.80.

Institutional Trading of Matthews International

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Matthews International by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock worth $112,488,000 after acquiring an additional 76,752 shares during the period. Gamco Investors INC. ET AL grew its holdings in 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 period. Allspring Global Investments Holdings LLC grew its holdings in Matthews International by 11.1% during 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 period. Barington Capital Group L.P. grew 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 worth $9,644,000 after acquiring an additional 59,000 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Matthews International by 4.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 360,165 shares of the company’s stock worth $9,022,000 after acquiring an additional 14,737 shares during the period. Institutional investors and hedge funds own 83.08% of the company’s stock.

Matthews International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend was Monday, August 5th. Matthews International’s dividend payout ratio is currently 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.