35,400 Matthews International Corporation $MATW Shares Sold by Skylands Capital LLC

Skylands Capital LLC reduced its holdings in shares of Matthews International Corporation (NASDAQ:MATW) by 84.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,600 shares of the company’s stock after selling 35,400 shares during the period. Skylands Capital LLC’s holdings in Matthews International were worth $127,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in MATW. Dimensional Fund Advisors LP raised its position in Matthews International by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,614,201 shares of the company’s stock worth $41,677,000 after purchasing an additional 83,860 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Matthews International by 2.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,100,957 shares of the company’s stock worth $27,832,000 after purchasing an additional 25,478 shares during the period. Sei Investments Co. lifted its stake in Matthews International by 12.9% during the first quarter. Sei Investments Co. now owns 233,065 shares of the company’s stock worth $6,018,000 after purchasing an additional 26,572 shares during the period. Principal Financial Group Inc. lifted its stake in Matthews International by 3.1% during the first quarter. Principal Financial Group Inc. now owns 151,248 shares of the company’s stock worth $3,905,000 after purchasing an additional 4,522 shares during the period. Finally, Swiss National Bank boosted its holdings in Matthews International by 2.3% during the first quarter. Swiss National Bank now owns 58,396 shares of the company’s stock valued at $1,508,000 after purchasing an additional 1,300 shares in the last quarter. 83.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MATW. Zacks Research upgraded Matthews International from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Wall Street Zen downgraded Matthews International from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings downgraded Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Finally, Truist Financial assumed coverage on Matthews International in a research note on Friday, August 21st. They issued a “hold” rating and a $24.00 price target on the stock. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Matthews International currently has an average rating of “Reduce” and a consensus price target of $24.00.

Matthews International Price Performance

Shares of Matthews International stock opened at $19.23 on Friday. The stock has a market capitalization of $600.17 million, a price-to-earnings ratio of 25.86 and a beta of 1.05. The firm’s 50-day moving average price is $20.15 and its two-hundred day moving average price is $24.47. The company has a current ratio of 1.76, a quick ratio of 1.02 and a debt-to-equity ratio of 1.15. Matthews International Corporation has a 1-year low of $18.42 and a 1-year high of $30.93.

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). The firm had revenue of $246.02 million during the quarter, compared to the consensus estimate of $264.54 million. Matthews International had a negative net margin of 2.65% and a positive return on equity of 4.51%. On average, equities analysts predict that Matthews International Corporation will post 0.53 earnings per share for the current fiscal year.

Matthews International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were issued a dividend of $0.2550 per share. This represents a $1.02 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend was Monday, August 10th. Matthews International’s dividend payout ratio (DPR) is currently -109.68%.

Insiders Place Their Bets

In other Matthews International news, Director J Nauman acquired 1,900 shares of Matthews International stock in a transaction on Thursday, August 20th. The shares were bought at an average price of $21.96 per share, with a total value of $41,724.00. Following the completion of the purchase, the director owned 9,081 shares in the company, valued at $199,418.76. This trade represents a 26.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Aleta Richards acquired 3,000 shares of Matthews International stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $23.06 per share, for a total transaction of $69,180.00. Following the purchase, the director owned 12,535 shares of the company’s stock, valued at approximately $289,057.10. This represents a 31.46% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 8,900 shares of company stock valued at $197,914 over the last ninety days. Insiders own 4.70% of the company’s stock.

About Matthews International

Matthews International Corporation is a diversified manufacturing and services company headquartered in Pittsburgh, Pennsylvania. Tracing its origins to 1850, the company provides products and solutions for the memorialization, industrial technology, and brand management markets.

Through its Memorialization business, Matthews supplies bronze and granite memorial products, mausoleums, cremation-related equipment and products, caskets, and other goods and services used by cemeteries, funeral homes, and families.