Matthews International (NASDAQ:MATW) Given New $40.00 Price Target at B. Riley

Matthews International (NASDAQ:MATW) had its price objective cut by equities researchers at B. Riley from $54.00 to $40.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s target price suggests a potential upside of 74.83% from the company’s previous close.

Matthews International Price Performance

NASDAQ:MATW traded up $0.39 on Thursday, hitting $22.88. The company had a trading volume of 33,077 shares, compared to its average volume of 153,431. The firm has a 50 day moving average of $25.38 and a two-hundred day moving average of $26.69. The stock has a market capitalization of $702.64 million, a price-to-earnings ratio of 21.58 and a beta of 1.08. Matthews International has a 52 week low of $22.47 and a 52 week high of $40.80. The company has a current ratio of 1.66, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64.

Matthews International (NASDAQ:MATW) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). The firm had revenue of $427.83 million for the quarter, compared to analyst estimates of $450.03 million. Matthews International had a net margin of 1.43% and a return on equity of 15.79%. During the same period in the previous year, the business posted $0.74 earnings per share. On average, research analysts anticipate that Matthews International will post 2.53 earnings per share for the current year.

Hedge Funds Weigh In On Matthews International

A number of institutional investors and hedge funds have recently modified their holdings of MATW. Vanguard Group Inc. increased its position in Matthews International by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock valued at $112,488,000 after buying an additional 76,752 shares in the last quarter. Gamco Investors INC. ET AL raised its position in shares of Matthews International by 1.1% during the first quarter. Gamco Investors INC. ET AL now owns 1,072,951 shares of the company’s stock worth $33,347,000 after purchasing an additional 11,650 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Matthews International by 11.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 652,665 shares of the company’s stock worth $16,349,000 after purchasing an additional 65,188 shares in the last quarter. Barington Capital Group L.P. grew its position in Matthews International by 18.1% in the 2nd quarter. Barington Capital Group L.P. now owns 385,000 shares of the company’s stock valued at $9,644,000 after purchasing an additional 59,000 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Matthews International by 4.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 360,165 shares of the company’s stock valued at $9,022,000 after purchasing an additional 14,737 shares during the period. 83.08% of the stock is currently owned by institutional investors.

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.