Matthews International (NASDAQ:MATW) Shares Gap Up to $26.88

Matthews International Co. (NASDAQ:MATW)’s share price gapped up prior to trading on Friday . The stock had previously closed at $26.88, but opened at $29.08. Matthews International shares last traded at $29.48, with a volume of 29,585 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MATW shares. B. Riley lowered their price target on shares of Matthews International from $61.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. StockNews.com cut shares of Matthews International from a “buy” rating to a “hold” rating in a report on Friday, February 9th.

Matthews International Price Performance

The company has a market cap of $877.14 million, a price-to-earnings ratio of 26.97 and a beta of 1.14. The company has a fifty day simple moving average of $28.34 and a two-hundred day simple moving average of $32.29. The company has a quick ratio of 1.15, a current ratio of 1.88 and a debt-to-equity ratio of 1.69.

Matthews International (NASDAQ:MATW) last posted its earnings results on Thursday, February 1st. The company reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. Matthews International had a net margin of 1.77% and a return on equity of 16.67%. The firm had revenue of $449.99 million during the quarter, compared to the consensus estimate of $437.77 million. On average, equities research analysts anticipate that Matthews International Co. will post 2.6 earnings per share for the current fiscal year.

Matthews International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Investors of record on Monday, May 6th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.96 annualized dividend and a dividend yield of 3.36%. Matthews International’s dividend payout ratio is currently 90.57%.

Institutional Investors Weigh In On Matthews International

Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in shares of Matthews International in the third quarter valued at $506,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Matthews International by 39.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,962 shares of the company’s stock worth $193,000 after purchasing an additional 1,401 shares during the last quarter. Strs Ohio boosted its stake in shares of Matthews International by 5.5% during the 3rd quarter. Strs Ohio now owns 19,100 shares of the company’s stock worth $743,000 after purchasing an additional 1,000 shares during the last quarter. Inspire Investing LLC grew its holdings in shares of Matthews International by 6.7% during the third quarter. Inspire Investing LLC now owns 24,449 shares of the company’s stock worth $951,000 after buying an additional 1,544 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Matthews International by 3.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 306,032 shares of the company’s stock valued at $11,908,000 after buying an additional 9,330 shares during the last quarter. Institutional investors and hedge funds own 83.08% of the company’s stock.

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.