Matthews International (NASDAQ:MATW) Hits New 52-Week High at $42.15

Posted by Defense World Staff on Jun 18th, 2023

Matthews International Co. (NASDAQ:MATW – Get Rating) hit a new 52-week high on Friday . The company traded as high as $42.15 and last traded at $41.79, with a volume of 43279 shares. The stock had previously closed at $41.83.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MATW. TheStreet upgraded Matthews International from a “c” rating to a “b-” rating in a report on Friday, April 28th. B. Riley upped their price objective on Matthews International from $45.00 to $50.00 in a report on Monday, May 1st. Finally, StockNews.com began coverage on Matthews International in a report on Thursday, May 18th. They issued a “buy” rating for the company.

Matthews International Price Performance

The business has a fifty day moving average price of $38.67 and a 200-day moving average price of $36.43. The company has a current ratio of 1.57, a quick ratio of 0.92 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $1.26 billion, a PE ratio of -19.49 and a beta of 1.12.

Matthews International (NASDAQ:MATW – Get Rating) last issued its earnings results on Thursday, April 27th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.12. The company had revenue of $479.58 million during the quarter, compared to analysts’ expectations of $452.38 million. Matthews International had a positive return on equity of 15.29% and a negative net margin of 3.61%. Research analysts expect that Matthews International Co. will post 2.74 EPS for the current fiscal year.

Matthews International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 22nd. Investors of record on Monday, May 8th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.22%. The ex-dividend date was Friday, May 5th. Matthews International’s dividend payout ratio is presently -43.19%.

Institutional Investors Weigh In On Matthews International

Several institutional investors have recently bought and sold shares of MATW. Select Equity Group L.P. boosted its holdings in Matthews International by 843.0% during the 1st quarter. Select Equity Group L.P. now owns 559,716 shares of the company’s stock valued at $20,183,000 after acquiring an additional 500,363 shares during the period. Portolan Capital Management LLC purchased a new stake in Matthews International in the 1st quarter worth approximately $12,209,000. Norges Bank purchased a new stake in Matthews International in the 4th quarter worth approximately $7,460,000. Palisade Capital Management LP lifted its holdings in Matthews International by 24.8% in the 4th quarter. Palisade Capital Management LP now owns 641,734 shares of the company’s stock worth $19,534,000 after buying an additional 127,650 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Matthews International by 13.3% in the 1st quarter. Ameriprise Financial Inc. now owns 1,065,328 shares of the company’s stock worth $38,416,000 after buying an additional 125,465 shares during the period. 81.25% of the stock is currently owned by hedge funds and other institutional investors.

Matthews International Company Profile

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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, emblems, lights, photo ceramics, caskets, and cremation and incineration equipment for the cemetery and funeral home industries.