Matthews International (NASDAQ:MATW) Issues Earnings Results, Beats Expectations By $0.28 EPS

Matthews International (NASDAQ:MATW) posted its quarterly earnings data on Thursday. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.28, Zacks reports. Matthews International had a positive return on equity of 9.15% and a negative net margin of 4.01%.

Matthews International Price Performance

Shares of MATW stock traded down $0.19 on Thursday, hitting $24.65. 290,948 shares of the company’s stock were exchanged, compared to its average volume of 240,184. The company has a 50 day moving average of $23.96 and a 200 day moving average of $23.42. The stock has a market cap of $759.00 million, a P/E ratio of -11.63 and a beta of 1.30. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.66 and a quick ratio of 0.98. Matthews International has a 12 month low of $18.50 and a 12 month high of $32.24.

Matthews International Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.255 per share. The ex-dividend date is Monday, December 1st. This represents a $1.02 annualized dividend and a dividend yield of 4.1%. This is an increase from Matthews International’s previous quarterly dividend of $0.25. Matthews International’s dividend payout ratio is currently -47.17%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Boothbay Fund Management LLC lifted its stake in shares of Matthews International by 119.5% in the 2nd quarter. Boothbay Fund Management LLC now owns 40,302 shares of the company’s stock valued at $964,000 after acquiring an additional 21,942 shares during the last quarter. Bank of America Corp DE grew its position in Matthews International by 10.3% during the 2nd quarter. Bank of America Corp DE now owns 258,549 shares of the company’s stock worth $6,182,000 after acquiring an additional 24,156 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Matthews International by 9.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,664,426 shares of the company’s stock worth $39,796,000 after purchasing an additional 137,015 shares in the last quarter. Raymond James Financial Inc. raised its position in Matthews International by 12.8% in the second quarter. Raymond James Financial Inc. now owns 38,774 shares of the company’s stock valued at $927,000 after purchasing an additional 4,389 shares during the last quarter. Finally, Caption Management LLC acquired a new stake in shares of Matthews International during the second quarter valued at about $215,000. Institutional investors own 83.08% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MATW shares. Wall Street Zen raised Matthews International from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Weiss Ratings reiterated 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 presently has a consensus rating of “Sell”.

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.