DAVENPORT & Co LLC Sells 2,500 Shares of Matthews International Co. (NASDAQ:MATW)

Posted by Defense World Staff on Oct 8th, 2023

DAVENPORT & Co LLC cut its position in Matthews International Co. (NASDAQ:MATW – Free Report) by 25.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,500 shares of the company’s stock after selling 2,500 shares during the quarter. DAVENPORT & Co LLC’s holdings in Matthews International were worth $320,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MATW. US Bancorp DE grew its stake in shares of Matthews International by 92.3% in the first quarter. US Bancorp DE now owns 854 shares of the company’s stock valued at $28,000 after buying an additional 410 shares in the last quarter. Citigroup Inc. grew its stake in shares of Matthews International by 7.0% in the first quarter. Citigroup Inc. now owns 30,240 shares of the company’s stock valued at $979,000 after buying an additional 1,976 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Matthews International by 53.3% in the first quarter. MetLife Investment Management LLC now owns 16,919 shares of the company’s stock valued at $547,000 after buying an additional 5,885 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Matthews International by 13.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,199 shares of the company’s stock valued at $880,000 after buying an additional 3,306 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Matthews International by 0.3% in the first quarter. BlackRock Inc. now owns 5,406,300 shares of the company’s stock valued at $174,948,000 after buying an additional 14,222 shares in the last quarter. 76.40% of the stock is owned by institutional investors.

Matthews International Stock Up 2.8 %

MATW opened at $39.21 on Friday. Matthews International Co. has a fifty-two week low of $22.17 and a fifty-two week high of $48.86. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.92 and a current ratio of 1.63. The company has a market capitalization of $1.19 billion, a P/E ratio of -20.21 and a beta of 1.18. The stock has a fifty day moving average of $41.48 and a 200-day moving average of $40.63.

Matthews International (NASDAQ:MATW – Get Free Report) last posted its earnings results on Thursday, July 27th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Matthews International had a positive return on equity of 16.84% and a negative net margin of 3.20%. The company had revenue of $471.91 million during the quarter, compared to the consensus estimate of $464.30 million. On average, equities analysts expect that Matthews International Co. will post 2.82 EPS for the current year.

Matthews International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 21st. Stockholders of record on Monday, August 7th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Friday, August 4th. Matthews International’s dividend payout ratio is currently -47.42%.

Insider Transactions at Matthews International

In other news, Director Aleta W. Richards bought 1,090 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was bought at an average price of $45.60 per share, with a total value of $49,704.00. Following the completion of the acquisition, the director now owns 1,090 shares of the company’s stock, valued at $49,704. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.50% of the company’s stock.

Analyst Upgrades and Downgrades

MATW has been the subject of several analyst reports. TheStreet cut shares of Matthews International from a “b-” rating to a “c+” rating in a research note on Wednesday, August 23rd. StockNews.com assumed coverage on Matthews International in a report on Thursday. They set a “buy” rating for the company. Finally, B. Riley raised their price target on Matthews International from $50.00 to $64.00 and gave the company a “buy” rating in a report on Monday, July 31st.

View Our Latest Research Report on MATW

Matthews International Company Profile

(Free Report)

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.