Matthews International (NASDAQ:MATW) Shares Up 7.3% – Here’s What Happened

Matthews International Co. (NASDAQ:MATW)’s stock price shot up 7.3% during mid-day trading on Friday . The company traded as high as $27.15 and last traded at $26.79. 58,294 shares were traded during mid-day trading, a decline of 77% from the average session volume of 258,238 shares. The stock had previously closed at $24.97.

Matthews International Trading Up 4.8 %

The firm’s 50-day simple moving average is $28.76 and its 200 day simple moving average is $26.09. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.45 and a quick ratio of 0.91. The firm has a market capitalization of $810.33 million, a price-to-earnings ratio of -13.27 and a beta of 1.14.

Matthews International (NASDAQ:MATW) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.12). Matthews International had a positive return on equity of 12.42% and a negative net margin of 3.48%. Equities analysts expect that Matthews International Co. will post 2 earnings per share for the current year.

Matthews International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, February 10th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, February 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.82%. Matthews International’s payout ratio is currently -50.76%.

Hedge Funds Weigh In On Matthews International

A number of institutional investors have recently added to or reduced their stakes in MATW. Barclays PLC grew its stake in shares of Matthews International by 375.4% during the third quarter. Barclays PLC now owns 52,823 shares of the company’s stock worth $1,225,000 after buying an additional 41,711 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Matthews International by 120.5% during the 3rd quarter. Jane Street Group LLC now owns 79,861 shares of the company’s stock valued at $1,853,000 after acquiring an additional 43,650 shares in the last quarter. Barington Capital Group L.P. grew its position in Matthews International by 18.2% during the 3rd quarter. Barington Capital Group L.P. now owns 455,000 shares of the company’s stock worth $10,556,000 after acquiring an additional 70,000 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Matthews International by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 708,352 shares of the company’s stock worth $16,434,000 after purchasing an additional 55,687 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Matthews International by 0.9% in the third quarter. Geode Capital Management LLC now owns 729,539 shares of the company’s stock valued at $16,929,000 after purchasing an additional 6,536 shares during the last quarter. 83.08% of the stock is currently owned by institutional investors and hedge funds.

About Matthews International

Matthews International Corporation provides brand solutions, memorialization products, and industrial technologies worldwide. It operates through three segments: Memorialization, Industrial Technologies, and SGK Brand Solutions. The Memorialization segment provides bronze and granite memorials, upright granite memorials and monuments, concrete burial vaults, cremation memorialization products, granite benches, flower vases, crypt plates and letters, cremation urns, niche units, cemetery features, and statues, as well as bronze plaques, letters, emblems, vases, lights and photo ceramics, granite monuments, mausoleums, crypts, and flush memorials.