Connor Clark & Lunn Investment Management Ltd. Raises Stock Position in Matthews International Co. (NASDAQ:MATW)

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Matthews International Co. (NASDAQ:MATW) by 21.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 78,516 shares of the company’s stock after buying an additional 13,620 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Matthews International were worth $1,822,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew 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 acquiring an additional 76,752 shares during the period. Allspring Global Investments Holdings LLC increased 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 purchasing an additional 65,188 shares during the last quarter. Barington Capital Group L.P. lifted its stake in shares of 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 purchasing an additional 59,000 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Matthews International in the second quarter worth approximately $1,437,000. Finally, Deerfield Management Company L.P. Series C grew its position in Matthews International by 364.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 57,723 shares of the company’s stock valued at $1,446,000 after buying an additional 45,285 shares during the period. 83.08% of the stock is owned by institutional investors.

Matthews International Stock Performance

NASDAQ:MATW opened at $31.54 on Tuesday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.91 and a current ratio of 1.45. The stock has a 50-day simple moving average of $23.26 and a two-hundred day simple moving average of $25.20. The firm has a market capitalization of $965.06 million, a PE ratio of -16.34 and a beta of 1.06. Matthews International Co. has a 52-week low of $21.09 and a 52-week high of $39.12.

Matthews International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.17%. This is a positive change from Matthews International’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, December 2nd. Matthews International’s dividend payout ratio is currently -51.81%.

Wall Street Analysts Forecast Growth

Separately, B. Riley decreased their price target on shares of Matthews International from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th.

Matthews International Company Profile

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.