Geode Capital Management LLC Increases Stock Holdings in Matthews International Corporation $MATW

Geode Capital Management LLC boosted its position in shares of Matthews International Corporation (NASDAQ:MATW) by 0.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 743,211 shares of the company’s stock after acquiring an additional 6,873 shares during the period. Geode Capital Management LLC owned 2.40% of Matthews International worth $17,773,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MATW. GAMMA Investing LLC lifted its stake in Matthews International by 55.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,687 shares of the company’s stock worth $40,000 after purchasing an additional 599 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Matthews International by 4,173.1% in the second quarter. Allworth Financial LP now owns 4,615 shares of the company’s stock worth $110,000 after purchasing an additional 4,507 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Matthews International in the second quarter worth $202,000. Simplex Trading LLC raised its position in shares of Matthews International by 613.7% in the second quarter. Simplex Trading LLC now owns 9,236 shares of the company’s stock worth $220,000 after buying an additional 11,034 shares in the last quarter. Finally, Maven Securities LTD bought a new stake in Matthews International during the first quarter valued at $334,000. Institutional investors own 83.08% of the company’s stock.

Matthews International Price Performance

Shares of Matthews International stock opened at $24.54 on Monday. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 1.35. The firm has a market capitalization of $755.70 million, a PE ratio of -11.57 and a beta of 1.30. The business’s 50-day moving average price is $23.88 and its 200-day moving average price is $23.68. Matthews International Corporation has a 12 month low of $18.50 and a 12 month high of $32.00.

Matthews International (NASDAQ:MATW) last released its earnings results on Friday, November 21st. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.28. The company had revenue of $318.84 million during the quarter, compared to the consensus estimate of $290.79 million. Matthews International had a positive return on equity of 9.15% and a negative net margin of 4.01%. Sell-side analysts forecast that Matthews International Corporation will post 1.73 EPS for the current fiscal year.

Matthews International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a dividend of $0.255 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.02 annualized dividend and a dividend yield of 4.2%. This is an increase from Matthews International’s previous quarterly dividend of $0.25. Matthews International’s payout ratio is -129.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Matthews International from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Matthews International in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.

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.