Point72 DIFC Ltd Buys Shares of 1,961 Matthews International Co. (NASDAQ:MATW)

Point72 DIFC Ltd purchased a new position in shares of Matthews International Co. (NASDAQ:MATW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,961 shares of the company’s stock, valued at approximately $49,000.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake 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 during the period. Gamco Investors INC. ET AL increased its stake 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 acquiring an additional 11,650 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Matthews International by 11.1% during the second 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. Bank of New York Mellon Corp lifted its position in Matthews International by 4.3% in the second 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. Finally, ProShare Advisors LLC boosted its holdings in Matthews International by 20.2% in the 1st quarter. ProShare Advisors LLC now owns 266,146 shares of the company’s stock valued at $8,272,000 after purchasing an additional 44,798 shares in the last quarter. Hedge funds and other institutional investors own 83.08% of the company’s stock.

Wall Street Analyst Weigh In

Separately, B. Riley cut their target price on Matthews International from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday.

Matthews International Price Performance

Shares of NASDAQ MATW opened at $22.97 on Friday. The company’s fifty day moving average is $25.20 and its two-hundred day moving average is $26.61. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.02 and a current ratio of 1.66. The firm has a market capitalization of $705.41 million, a P/E ratio of 21.67 and a beta of 1.08. Matthews International Co. has a one year low of $22.47 and a one year high of $40.80.

Matthews International (NASDAQ:MATW) last issued its earnings results on Thursday, August 1st. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). The company had revenue of $427.83 million during the quarter, compared to analysts’ expectations 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 last year, the business posted $0.74 earnings per share. Analysts forecast that Matthews International Co. will post 2.53 EPS for the current fiscal year.

Matthews International Announces Dividend

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

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.