Matthews International (NASDAQ:MATW) Reaches New 52-Week Low – Here’s What Happened

Matthews International Corporation (NASDAQ:MATW) shares hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $18.69 and last traded at $18.7320, with a volume of 35222 shares changing hands. The stock had previously closed at $18.95.

Analyst Ratings Changes

Several brokerages recently weighed in on MATW. Zacks Research downgraded Matthews International from a “hold” rating to a “strong sell” rating in a research report on Monday, August 10th. Truist Financial assumed coverage on Matthews International in a research report on Friday, August 21st. They issued a “hold” rating and a $24.00 target price on the stock. Wall Street Zen downgraded Matthews International from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings cut shares of Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 17th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Sell” and an average price target of $24.00.

Matthews International Trading Up 1.5%

The business’s 50 day simple moving average is $23.00 and its two-hundred day simple moving average is $25.26. The stock has a market cap of $600.01 million, a P/E ratio of -20.54 and a beta of 1.04. 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 announced its quarterly earnings results on Friday, August 7th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.35). Matthews International had a positive return on equity of 4.51% and a negative net margin of 2.65%.The company had revenue of $246.02 million for the quarter, compared to analyst estimates of $264.54 million. As a group, analysts expect that Matthews International Corporation will post 0.53 EPS for the current year.

Matthews International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 10th were issued a $0.2550 dividend. 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 is presently -109.68%.

Insider Activity

In other news, Director J Nauman bought 2,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was purchased at an average cost of $22.97 per share, for a total transaction of $45,940.00. Following the completion of the transaction, the director owned 7,081 shares of the company’s stock, valued at $162,650.57. This trade represents a 39.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Aleta Richards purchased 3,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were purchased at an average cost of $23.06 per share, for a total transaction of $69,180.00. Following the completion of the purchase, the director directly 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 acquired 8,900 shares of company stock valued at $197,914 over the last quarter. Corporate insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MATW. Tidal Investments LLC bought a new position in Matthews International in the 2nd quarter valued at approximately $786,000. Squarepoint Ops LLC bought a new stake in Matthews International during the 2nd quarter worth approximately $616,000. Public Employees Retirement System of Ohio bought a new stake in Matthews International during the 2nd quarter worth approximately $38,000. Amundi acquired a new position in Matthews International in the 1st quarter valued at approximately $287,000. Finally, Quantinno Capital Management LP increased its position in Matthews International by 37.9% in the 1st quarter. Quantinno Capital Management LP now owns 12,612 shares of the company’s stock valued at $326,000 after acquiring an additional 3,468 shares during the period. Institutional investors own 83.08% of the company’s stock.

About Matthews International

Matthews International Corporation (NASDAQ:MATW) is a global provider of products and services for memorialization, industrial automation and identification, and brand development. Founded in Pittsburgh in 1850, the company has built a diverse portfolio serving funeral homes, cemeteries, manufacturers, consumer brands, and other commercial customers.

Through its Memorialization businesses, Matthews supplies products and services used in burial and cremation, including mausoleums, cremation systems, caskets, urns, bronze memorials, cemetery products, and related software and operational services.