Matthews International (NASDAQ:MATW) Sees Strong Trading Volume – Should You Buy?

Matthews International Corporation (NASDAQ:MATW) shares saw unusually-strong trading volume on Friday . 331,063 shares were traded during trading, an increase of 11% from the previous session’s volume of 296,920 shares.The stock last traded at $21.52 and had previously closed at $21.66.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings downgraded Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday. Wall Street Zen cut Matthews International from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Zacks Research downgraded Matthews International from a “hold” rating to a “strong sell” rating in a report on Monday, August 10th. Finally, Truist Financial assumed coverage on Matthews International in a research report on Friday. They issued a “hold” rating and a $24.00 target price on the stock. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Matthews International currently has a consensus rating of “Sell” and a consensus price target of $24.00.

Matthews International Price Performance

The stock has a market cap of $661.96 million, a price-to-earnings ratio of -22.81 and a beta of 1.09. The stock’s 50 day moving average price is $26.21 and its two-hundred day moving average price is $26.34. The company has a quick ratio of 1.02, a current ratio of 1.76 and a debt-to-equity ratio of 1.15.

Matthews International (NASDAQ:MATW) last posted its earnings results on Friday, August 7th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.35). Matthews International had a negative net margin of 2.65% and a positive return on equity of 4.51%. The business had revenue of $246.02 million for the quarter, compared to analyst estimates of $264.54 million. Equities research analysts forecast that Matthews International Corporation will post 0.53 EPS for the current fiscal year.

Matthews International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.255 per share. The ex-dividend date is Monday, August 10th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 4.8%. Matthews International’s dividend payout ratio (DPR) is presently -109.68%.

Insider Activity

In related news, Director J Michael Nauman bought 2,000 shares of the stock in a transaction dated Monday, August 10th. The shares were purchased at an average price of $22.97 per share, for a total transaction of $45,940.00. Following the completion of the purchase, the director directly owned 7,081 shares of the company’s stock, valued at $162,650.57. This represents a 39.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Aleta W. Richards bought 3,000 shares of the stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $23.06 per share, for a total transaction of $69,180.00. Following the purchase, the director directly owned 12,535 shares of the company’s stock, valued at approximately $289,057.10. The trade was a 31.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Matthews International

Hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new position in shares of Matthews International during the 2nd quarter valued at approximately $38,000. US Bancorp DE lifted its stake in shares of Matthews International by 45.9% in the 3rd quarter. US Bancorp DE now owns 2,063 shares of the company’s stock valued at $50,000 after purchasing an additional 649 shares during the period. Potomac Capital Management Inc. purchased a new stake in Matthews International during the fourth quarter worth $59,000. Tripletail Wealth Management LLC boosted its holdings in Matthews International by 206.5% during the fourth quarter. Tripletail Wealth Management LLC now owns 2,820 shares of the company’s stock worth $73,000 after buying an additional 1,900 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Matthews International by 187.1% during the second quarter. Tower Research Capital LLC TRC now owns 2,885 shares of the company’s stock valued at $69,000 after buying an additional 1,880 shares during the period. Institutional investors and hedge funds own 83.08% of the company’s stock.

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.