Truist Financial Begins Coverage on Matthews International (NASDAQ:MATW)

Research analysts at Truist Financial assumed coverage on shares of Matthews International (NASDAQ:MATW) in a report issued on Friday. The firm set a “hold” rating and a $24.00 price target on the stock. Truist Financial’s target price would suggest a potential upside of 10.80% from the company’s current price.

MATW has been the subject of a number of other research reports. Weiss Ratings lowered Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday. Zacks Research downgraded Matthews International from a “hold” rating to a “strong sell” rating in a report on Monday, August 10th. Finally, Wall Street Zen lowered shares of Matthews International from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Sell” and a consensus price target of $24.00.

Matthews International Stock Performance

NASDAQ:MATW opened at $21.66 on Friday. The company has a 50-day moving average of $26.21 and a 200-day moving average of $26.34. The firm has a market cap of $676.01 million, a price-to-earnings ratio of -23.29 and a beta of 1.09. 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 has a twelve month low of $21.50 and a twelve month high of $30.93.

Matthews International (NASDAQ:MATW) last released its earnings results on Friday, August 7th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $246.02 million during the quarter, compared to the consensus estimate of $264.54 million. Analysts forecast that Matthews International will post 0.53 earnings per share for the current fiscal year.

Insider Activity

In other Matthews International news, Director Aleta W. Richards bought 3,000 shares of the stock in a transaction on Friday, August 14th. The shares were bought at an average price of $23.06 per share, with a total value of $69,180.00. Following the purchase, the director directly owned 12,535 shares in the company, valued at $289,057.10. The trade was a 31.46% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director J Michael Nauman bought 2,000 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $22.97 per share, for a total transaction of $45,940.00. Following the acquisition, the director directly owned 7,081 shares in the company, valued at $162,650.57. This trade represents a 39.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 4.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Matthews International by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,686 shares of the company’s stock worth $393,000 after buying an additional 780 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Matthews International during the 1st quarter valued at $1,227,000. Intech Investment Management LLC increased its stake in shares of Matthews International by 316.4% in the first quarter. Intech Investment Management LLC now owns 59,502 shares of the company’s stock worth $1,323,000 after acquiring an additional 45,212 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Matthews International by 7.9% in the second quarter. American Century Companies Inc. now owns 64,988 shares of the company’s stock worth $1,554,000 after acquiring an additional 4,742 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Matthews International during the second quarter worth $1,406,000. 83.08% of the stock is owned by hedge funds and other institutional investors.

Matthews International Company Profile

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.