Matthews International (NASDAQ:MATW) Shares Cross Above 200 Day Moving Average – Here’s Why

Matthews International Corporation (NASDAQ:MATW)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $23.17 and traded as high as $23.27. Matthews International shares last traded at $23.01, with a volume of 594,572 shares changing hands.

Analyst Ratings Changes

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

Matthews International Price Performance

The business’s fifty day moving average price is $23.99 and its 200 day moving average price is $23.17. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.66 and a quick ratio of 0.98. The stock has a market cap of $708.50 million, a P/E ratio of -10.85 and a beta of 1.30.

Matthews International (NASDAQ:MATW) last released its quarterly earnings data on Wednesday, February 16th. The company reported $0.68 earnings per share (EPS) for the quarter. The business had revenue of $386.66 million during the quarter. Matthews International had a negative net margin of 4.01% and a positive return on equity of 9.15%. Sell-side analysts forecast that Matthews International Corporation will post 1.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MATW. CenterBook Partners LP boosted its holdings in shares of Matthews International by 21.5% during the 3rd quarter. CenterBook Partners LP now owns 140,472 shares of the company’s stock valued at $3,411,000 after acquiring an additional 24,859 shares in the last quarter. Public Sector Pension Investment Board raised its position in Matthews International by 13.9% in the third quarter. Public Sector Pension Investment Board now owns 120,153 shares of the company’s stock valued at $2,917,000 after purchasing an additional 14,659 shares during the last quarter. Rhumbline Advisers raised its position in Matthews International by 5.4% in the third quarter. Rhumbline Advisers now owns 95,621 shares of the company’s stock valued at $2,322,000 after purchasing an additional 4,877 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Matthews International by 14.0% during the third quarter. Smartleaf Asset Management LLC now owns 3,928 shares of the company’s stock valued at $94,000 after purchasing an additional 483 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of Matthews International during the third quarter worth about $84,000. 83.08% of the stock is currently owned by institutional investors.

About Matthews International

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.