Matthews International (NASDAQ:MATW) Stock Price Down 5.5% – Here’s What Happened

Shares of Matthews International Co. (NASDAQ:MATW) were down 5.5% on Tuesday . The stock traded as low as $29.82 and last traded at $29.82. Approximately 42,356 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 155,622 shares. The stock had previously closed at $31.54.

Analyst Ratings Changes

Separately, B. Riley cut their price objective on Matthews International from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th.

Matthews International Stock Performance

The company has a 50-day simple moving average of $23.67 and a two-hundred day simple moving average of $25.27. The company has a quick ratio of 0.91, a current ratio of 1.45 and a debt-to-equity ratio of 1.76. The firm has a market cap of $928.71 million, a PE ratio of -15.73 and a beta of 1.06.

Matthews International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.25 dividend. The ex-dividend date is Monday, December 2nd. This is a positive change from Matthews International’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.29%. Matthews International’s payout ratio is presently -49.74%.

Institutional Trading of Matthews International

Several hedge funds have recently made changes to their positions in MATW. Vanguard Group Inc. raised its stake in shares of Matthews International by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock valued at $112,488,000 after buying an additional 76,752 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of 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 valued at $2,138,000 after buying an additional 1,063 shares during the period. Comerica Bank raised its stake in shares of Matthews International by 73.9% during the 1st quarter. Comerica Bank now owns 24,246 shares of the company’s stock valued at $754,000 after purchasing an additional 10,304 shares during the period. SG Americas Securities LLC bought a new stake in shares of Matthews International during the 2nd quarter valued at $112,000. Finally, Wedge Capital Management L L P NC lifted its holdings in Matthews International by 11.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 49,613 shares of the company’s stock worth $1,243,000 after purchasing an additional 4,900 shares in the last quarter. 83.08% of the stock is currently owned by institutional investors.

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.