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

Matthews International (NASDAQ:MATW) had its target price decreased by B. Riley from $54.00 to $40.00 in a research note published on Thursday, Benzinga reports. B. Riley currently has a buy rating on the stock.

Matthews International Stock Performance

Shares of MATW stock opened at $22.97 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64. The stock has a 50 day simple moving average of $25.20 and a 200-day simple moving average of $26.61. The company has a market cap of $705.41 million, a price-to-earnings ratio of 21.67 and a beta of 1.08. Matthews International has a 12-month low of $22.47 and a 12-month high of $40.80.

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

Matthews International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend was Monday, August 5th. Matthews International’s dividend payout ratio (DPR) is 90.57%.

Hedge Funds Weigh In On Matthews International

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Matthews International during the 4th quarter worth $7,200,000. PNC Financial Services Group Inc. lifted its holdings in shares of Matthews International by 267.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 19,269 shares of the company’s stock valued at $706,000 after purchasing an additional 14,030 shares in the last quarter. D.A. Davidson & CO. grew its position in shares of Matthews International by 108.3% in the fourth quarter. D.A. Davidson & CO. now owns 11,290 shares of the company’s stock valued at $414,000 after purchasing an additional 5,870 shares during the last quarter. Gabelli Funds LLC increased its stake in shares of Matthews International by 1.4% during the 4th quarter. Gabelli Funds LLC now owns 142,246 shares of the company’s stock worth $5,213,000 after purchasing an additional 1,896 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Matthews International by 25.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 587,477 shares of the company’s stock worth $18,259,000 after purchasing an additional 117,461 shares during the last quarter. 83.08% of the stock is owned by institutional investors and hedge funds.

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.