B. Riley Trims Matthews International (NASDAQ:MATW) Target Price to $40.00

Matthews International (NASDAQ:MATW) had its target price trimmed by B. Riley from $54.00 to $40.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Matthews International Stock Performance

MATW opened at $22.97 on Thursday. The stock’s 50 day simple moving average is $25.20 and its 200-day simple moving average is $26.58. The company has a current ratio of 1.66, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64. The stock has a market cap of $705.41 million, a PE ratio of 21.67 and a beta of 1.08. Matthews International has a 1 year low of $22.47 and a 1 year high of $40.80.

Matthews International (NASDAQ:MATW) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). Matthews International had a net margin of 1.43% and a return on equity of 15.79%. The business had revenue of $427.83 million during the quarter, compared to analyst estimates of $450.03 million. During the same quarter in the prior year, the company posted $0.74 EPS. Sell-side analysts forecast that Matthews International will post 2.53 EPS for the current year.

Matthews International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Monday, August 5th. Matthews International’s dividend payout ratio is 90.57%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its position in shares of Matthews International by 25.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 587,477 shares of the company’s stock worth $18,259,000 after purchasing an additional 117,461 shares in the last quarter. ProShare Advisors LLC grew its position in Matthews International by 20.2% during the 1st quarter. ProShare Advisors LLC now owns 266,146 shares of the company’s stock worth $8,272,000 after acquiring an additional 44,798 shares during the last quarter. Norges Bank acquired a new stake in Matthews International during the 4th quarter valued at $7,200,000. Barington Capital Group L.P. raised its position in Matthews International by 18.1% in the 2nd quarter. Barington Capital Group L.P. now owns 385,000 shares of the company’s stock valued at $9,644,000 after purchasing an additional 59,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Matthews International by 1.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 68,771 shares of the company’s stock worth $2,138,000 after purchasing an additional 1,063 shares in the last quarter. 83.08% of the stock is currently owned by institutional investors and hedge funds.

Matthews International Company Profile

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.