Arrowstreet Capital Limited Partnership Trims Stake in Matthews International Corporation $MATW

Key Points

• Arrowstreet Capital cut its Matthews International stake by 56% in the first quarter, selling 52,267 shares and retaining 41,137 shares worth approximately $1.06 million. Institutional investors collectively own 83.08% of the company.
• Matthews International reported quarterly EPS of $0.06, missing the $0.41 consensus estimate, while revenue of $246.02 million also fell short of expectations. Analysts expect $1.09 in full-year EPS, but the stock carries a consensus “Reduce” rating.
• The company declared a quarterly dividend of $0.255 per share, equal to an annualized $1.02 dividend and a 3.7% yield. Shares recently traded at $27.66, up 0.7%, with a market capitalization of about $863 million.

Arrowstreet Capital Limited Partnership cut its position in Matthews International Corporation (NASDAQ:MATW - Free Report) by 56.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,137 shares of the company's stock after selling 52,267 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.13% of Matthews International worth $1,062,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Matthews International by 0.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 81,127 shares of the company's stock valued at $2,121,000 after acquiring an additional 606 shares during the period. US Bancorp DE raised its position in Matthews International by 45.9% in the 3rd 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 last quarter. Smartleaf Asset Management LLC boosted its stake in Matthews International by 25.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,445 shares of the company's stock worth $84,000 after purchasing an additional 689 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Matthews International by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,686 shares of the company's stock worth $393,000 after purchasing an additional 780 shares during the period. Finally, Illinois Municipal Retirement Fund grew its position in Matthews International by 5.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 15,969 shares of the company's stock worth $412,000 after purchasing an additional 786 shares during the last quarter. Hedge funds and other institutional investors own 83.08% of the company's stock.

Matthews International Trading Up 0.7%

Shares of Matthews International stock opened at $27.66 on Friday. Matthews International Corporation has a 52-week low of $21.95 and a 52-week high of $30.93. The company has a quick ratio of 0.97, a current ratio of 1.64 and a debt-to-equity ratio of 1.12. The company's 50-day simple moving average is $26.78 and its 200-day simple moving average is $26.60. The firm has a market cap of $863.05 million, a price-to-earnings ratio of 89.23 and a beta of 1.09.

Matthews International (NASDAQ:MATW - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.35). The firm had revenue of $246.02 million during the quarter, compared to analyst estimates of $264.54 million. Matthews International had a net margin of 0.80% and a return on equity of 5.88%. As a group, equities research analysts anticipate that Matthews International Corporation will post 1.09 earnings per share for the current year.

Matthews International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, August 10th. Matthews International's dividend payout ratio is 329.03%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MATW shares. Wall Street Zen downgraded shares of Matthews International from a "buy" rating to a "hold" rating in a research note on Sunday, May 10th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Matthews International in a research note on Monday. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Matthews International has a consensus rating of "Reduce".

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.

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