Matthews International (NASDAQ:MATW) Shares Down 3.9% – Here’s Why

Matthews International Corporation (NASDAQ:MATW) shares fell 3.9% during mid-day trading on Friday . The stock traded as low as $26.42 and last traded at $26.34. 41,436 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 245,268 shares. The stock had previously closed at $27.40.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Matthews International in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Matthews International Stock Down 5.0%

The business’s fifty day moving average is $24.36 and its two-hundred day moving average is $24.12. The stock has a market cap of $801.88 million, a price-to-earnings ratio of -32.99 and a beta of 1.20. The company has a quick ratio of 0.91, a current ratio of 1.48 and a debt-to-equity ratio of 1.46.

Matthews International (NASDAQ:MATW) last posted its quarterly earnings data 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. Matthews International had a positive return on equity of 8.65% and a negative net margin of 1.63%.The business had revenue of $318.84 million for the quarter, compared to analyst estimates of $290.79 million. Equities analysts forecast that Matthews International Corporation will post 1.73 earnings per share for the current fiscal year.

Matthews International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a $0.255 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Matthews International’s previous quarterly dividend of $0.25. Matthews International’s payout ratio is currently -129.11%.

Hedge Funds Weigh In On Matthews International

Large investors have recently bought and sold shares of the business. Private Capital Management LLC purchased a new position in shares of Matthews International during the third quarter worth approximately $8,215,000. Prelude Capital Management LLC raised its position in Matthews International by 86.6% in the 3rd quarter. Prelude Capital Management LLC now owns 93,643 shares of the company’s stock valued at $2,274,000 after purchasing an additional 43,461 shares during the last quarter. Millennium Management LLC purchased a new stake in Matthews International in the 3rd quarter valued at $871,000. Cannell Capital LLC grew its position in Matthews International by 7.9% during the 3rd quarter. Cannell Capital LLC now owns 267,369 shares of the company’s stock worth $6,492,000 after purchasing an additional 19,542 shares during the last quarter. Finally, Boothbay Fund Management LLC raised its holdings in shares of Matthews International by 39.8% in the third quarter. Boothbay Fund Management LLC now owns 56,361 shares of the company’s stock valued at $1,368,000 after buying an additional 16,059 shares during the last quarter. Hedge funds and other institutional investors own 83.08% of the company’s stock.

Matthews International Company Profile

Matthews International Corporation (NASDAQ:MATW) is a diversified industrial company headquartered in Pittsburgh, Pennsylvania. The company operates through two primary business segments—Brand Solutions and Memorialization—offering a broad range of products and services designed to meet the needs of industrial manufacturers, brand marketers and the funeral industry worldwide.

In its Brand Solutions segment, Matthews International provides engraving and digital printing systems, automated finishing equipment, thermal management products and electronics assembly solutions.