Matthews International (NASDAQ:MATW) Shares Gap Down Following Analyst Downgrade

Shares of Matthews International Corporation (NASDAQ:MATW) gapped down prior to trading on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $28.69, but opened at $26.84. Matthews International shares last traded at $26.1650, with a volume of 9,887 shares traded.

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Matthews International in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell”.

Institutional Investors Weigh In On Matthews International

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Matthews International by 55.1% during the second quarter. GAMMA Investing LLC now owns 1,687 shares of the company’s stock valued at $40,000 after purchasing an additional 599 shares during the last quarter. US Bancorp DE raised its position in shares of Matthews International by 45.9% in the third quarter. US Bancorp DE now owns 2,063 shares of the company’s stock valued at $50,000 after purchasing an additional 649 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Matthews International during the 3rd quarter valued at approximately $59,000. Tower Research Capital LLC TRC boosted its holdings in Matthews International by 187.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,885 shares of the company’s stock worth $69,000 after buying an additional 1,880 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in Matthews International by 51.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,080 shares of the company’s stock worth $74,000 after buying an additional 1,048 shares during the period. Hedge funds and other institutional investors own 83.08% of the company’s stock.

Matthews International Price Performance

The business’s 50 day moving average is $26.20 and its two-hundred day moving average is $24.86. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.91 and a current ratio of 1.48. The firm has a market capitalization of $870.71 million, a PE ratio of -35.41 and a beta of 1.18.

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

Matthews International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, December 1st. This is a boost from Matthews International’s previous quarterly dividend of $0.25. Matthews International’s payout ratio is presently -129.11%.

About Matthews International

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.