Matthews International Corporation (NASDAQ:MATW) Sees Large Decrease in Short Interest

Matthews International Corporation (NASDAQ:MATW) was the target of a significant decline in short interest during the month of December. As of December 31st, there was short interest totaling 2,110,917 shares, a decline of 24.4% from the December 15th total of 2,792,325 shares. Based on an average daily volume of 265,802 shares, the days-to-cover ratio is presently 7.9 days. Approximately 7.1% of the company’s stock are short sold. Approximately 7.1% of the company’s stock are short sold. Based on an average daily volume of 265,802 shares, the days-to-cover ratio is presently 7.9 days.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Matthews International in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Matthews International has a consensus rating of “Sell”.

Matthews International Trading Down 4.6%

NASDAQ:MATW opened at $27.36 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 0.91 and a debt-to-equity ratio of 1.46. The firm’s 50 day moving average is $26.03 and its 200 day moving average is $24.82. Matthews International has a 12 month low of $18.50 and a 12 month high of $31.94. The stock has a market capitalization of $842.69 million, a PE ratio of -34.63 and a beta of 1.18.

Matthews International (NASDAQ:MATW) last posted its quarterly earnings results on Friday, November 21st. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate 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 8.65% and a negative net margin of 1.63%. Sell-side analysts expect that Matthews International will post 1.73 earnings per share for the current year.

Matthews International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a dividend of $0.255 per share. This is a positive change from Matthews International’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.02 dividend on an annualized basis and a yield of 3.7%. Matthews International’s payout ratio is currently -129.11%.

Hedge Funds Weigh In On Matthews International

A number of large investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Matthews International by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,686 shares of the company’s stock valued at $393,000 after purchasing an additional 780 shares during the period. Jane Street Group LLC bought a new position in shares of Matthews International in the first quarter worth approximately $1,227,000. Intech Investment Management LLC lifted its position in Matthews International by 316.4% during the first quarter. Intech Investment Management LLC now owns 59,502 shares of the company’s stock valued at $1,323,000 after purchasing an additional 45,212 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Matthews International by 11,737.7% in the 2nd quarter. UMB Bank n.a. now owns 26,043 shares of the company’s stock worth $623,000 after buying an additional 25,823 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its position in Matthews International by 40.0% in the second quarter. Wedge Capital Management L L P NC now owns 79,765 shares of the company’s stock worth $1,907,000 after acquiring an additional 22,797 shares in the last quarter. 83.08% of the stock is currently owned by institutional investors.

About Matthews International

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.