Matthews International (NASDAQ:MATW) Share Price Crosses Above 50 Day Moving Average – What’s Next?

Matthews International Corporation (NASDAQ:MATW)’s share price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $19.76 and traded as high as $19.92. Matthews International shares last traded at $19.90, with a volume of 378,606 shares traded.

Wall Street Analyst Weigh In

Several research firms have commented on MATW. Truist Financial assumed coverage on shares of Matthews International in a research note on Friday, August 21st. They issued a “hold” rating and a $24.00 price objective for the company. Weiss Ratings cut shares of Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Zacks Research upgraded Matthews International from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Finally, Wall Street Zen lowered Matthews International from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $24.00.

Matthews International Trading Up 3.2%

The stock has a market capitalization of $621.08 million, a PE ratio of -21.40 and a beta of 1.05. The firm has a 50-day moving average price of $19.76 and a 200-day moving average price of $24.70. 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 (NASDAQ:MATW) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.35). The company had revenue of $246.02 million during the quarter, compared to analysts’ expectations of $264.54 million. Matthews International had a positive return on equity of 4.51% and a negative net margin of 2.65%. As a group, equities analysts forecast that Matthews International Corporation will post 0.53 EPS for the current fiscal year.

Insider Activity

In related news, Director Aleta Richards bought 3,000 shares of the company’s stock in a transaction on 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 in the company, valued at $289,057.10. The trade was a 31.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director J Nauman bought 1,900 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was bought at an average price of $21.96 per share, for a total transaction of $41,724.00. Following the completion of the purchase, the director owned 9,081 shares of the company’s stock, valued at approximately $199,418.76. The trade was a 26.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 8,900 shares of company stock worth $197,914. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Matthews International

Institutional investors and hedge funds have recently bought and sold shares of the company. Inspire Investing LLC increased its position in Matthews International by 25.5% in the third quarter. Inspire Investing LLC now owns 37,817 shares of the company’s stock worth $726,000 after buying an additional 7,693 shares during the last quarter. SummerHaven Investment Management LLC bought a new stake in shares of Matthews International in the third quarter valued at $617,000. Versant Capital Management Inc raised its stake in shares of Matthews International by 232.6% in the third quarter. Versant Capital Management Inc now owns 1,756 shares of the company’s stock valued at $34,000 after buying an additional 1,228 shares during the period. Tidal Investments LLC bought a new stake in shares of Matthews International in the second quarter valued at $786,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Matthews International during the 2nd quarter valued at $616,000. 83.08% of the stock is owned by institutional investors.

Matthews International Company Profile

Matthews International Corporation is a diversified manufacturing and services company headquartered in Pittsburgh, Pennsylvania. Tracing its origins to 1850, the company provides products and solutions for the memorialization, industrial technology, and brand management markets.

Through its Memorialization business, Matthews supplies bronze and granite memorial products, mausoleums, cremation-related equipment and products, caskets, and other goods and services used by cemeteries, funeral homes, and families.