Geode Capital Management LLC Buys 6,536 Shares of Matthews International Co. (NASDAQ:MATW)

Geode Capital Management LLC grew its stake in shares of Matthews International Co. (NASDAQ:MATW) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 729,539 shares of the company’s stock after acquiring an additional 6,536 shares during the period. Geode Capital Management LLC’s holdings in Matthews International were worth $16,929,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. State Street Corp increased its position in Matthews International by 6.8% during the third quarter. State Street Corp now owns 1,208,505 shares of the company’s stock worth $28,037,000 after acquiring an additional 76,911 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Matthews International by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 708,352 shares of the company’s stock valued at $16,434,000 after purchasing an additional 55,687 shares in the last quarter. Barington Capital Group L.P. grew its position in Matthews International by 18.2% in the third quarter. Barington Capital Group L.P. now owns 455,000 shares of the company’s stock valued at $10,556,000 after acquiring an additional 70,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake 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 worth $9,022,000 after acquiring an additional 14,737 shares in the last quarter. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of Matthews International during the 3rd quarter valued at approximately $2,793,000. Institutional investors own 83.08% of the company’s stock.

Matthews International Stock Down 2.3 %

NASDAQ:MATW opened at $27.77 on Monday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.45 and a quick ratio of 0.91. Matthews International Co. has a one year low of $21.09 and a one year high of $38.45. The firm’s 50 day simple moving average is $26.69 and its 200 day simple moving average is $25.41. The company has a market cap of $849.82 million, a PE ratio of -14.39 and a beta of 1.13.

Matthews International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.60%. This is an increase from Matthews International’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, December 2nd. Matthews International’s payout ratio is currently -51.81%.

Analyst Ratings Changes

Separately, B. Riley cut their target price 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.