Matthews International (NASDAQ:MATW) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Matthews International Corporation (NASDAQ:MATW) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $24.30 and traded as high as $27.01. Matthews International shares last traded at $26.86, with a volume of 190,519 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Matthews International in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Matthews International Stock Performance

The company has a current ratio of 1.48, a quick ratio of 0.91 and a debt-to-equity ratio of 1.46. The firm’s fifty day moving average price is $24.80 and its 200-day moving average price is $24.30. The firm has a market cap of $827.29 million, a price-to-earnings ratio of -34.00 and a beta of 1.20.

Matthews International (NASDAQ:MATW) last announced its quarterly earnings results on Friday, November 21st. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.22 by $0.28. Matthews International had a negative net margin of 1.63% and a positive return on equity of 8.65%. The firm had revenue of $318.84 million for the quarter, compared to analyst estimates of $290.79 million. Analysts expect that Matthews International Corporation will post 1.73 earnings per share for the current year.

Matthews International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.8%. This is an increase from Matthews International’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, December 1st. Matthews International’s payout ratio is presently -129.11%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in Matthews International during the first quarter worth approximately $2,578,000. American Century Companies Inc. grew its position in shares of Matthews International by 14.1% during the first quarter. American Century Companies Inc. now owns 60,246 shares of the company’s stock worth $1,340,000 after acquiring an additional 7,450 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Matthews International by 4.3% in the 1st quarter. Hsbc Holdings PLC now owns 23,151 shares of the company’s stock valued at $514,000 after acquiring an additional 950 shares during the period. Gabelli Funds LLC increased its holdings in shares of Matthews International by 1.2% in the 1st quarter. Gabelli Funds LLC now owns 150,648 shares of the company’s stock valued at $3,350,000 after acquiring an additional 1,737 shares during the period. Finally, Invenomic Capital Management LP purchased a new stake in Matthews International in the 1st quarter valued at $4,118,000. Hedge funds and other institutional investors own 83.08% of the company’s stock.

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.