Connor Clark & Lunn Investment Management Ltd. Sells 12,277 Shares of Matthews International Corporation $MATW

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Matthews International Corporation by 10.4%, selling 12,277 shares, and now owns approximately 0.34% of the company valued at $2,345,000.
• Several other hedge funds have increased their positions in Matthews International, with notable increases including Bank of America Corp DE, which raised its stake by 21.2% in the fourth quarter.
• Matthews International's stock recently reported a 4.4% decline, and the company missed quarterly earnings estimates, reporting $0.28 earnings per share compared to the expected $0.33.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Matthews International Corporation (NASDAQ:MATW - Free Report) by 10.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,427 shares of the company's stock after selling 12,277 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.34% of Matthews International worth $2,345,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MATW. JPMorgan Chase & Co. raised its holdings in shares of Matthews International by 46.7% in the 4th quarter. JPMorgan Chase & Co. now owns 73,771 shares of the company's stock worth $2,042,000 after purchasing an additional 23,492 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Matthews International by 27.6% in the 4th quarter. Wells Fargo & Company MN now owns 19,479 shares of the company's stock worth $539,000 after purchasing an additional 4,217 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Matthews International by 1,718.7% in the 4th quarter. Russell Investments Group Ltd. now owns 85,662 shares of the company's stock worth $2,371,000 after purchasing an additional 80,952 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Matthews International by 13.9% in the 4th quarter. Invesco Ltd. now owns 278,782 shares of the company's stock worth $7,717,000 after purchasing an additional 34,062 shares in the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of Matthews International by 797.2% in the 4th quarter. Sterling Capital Management LLC now owns 951 shares of the company's stock worth $26,000 after purchasing an additional 845 shares in the last quarter. 83.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Matthews International from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $40.00.

Matthews International Stock Up 1.4%

MATW traded up $0.34 on Tuesday, reaching $24.09. 30,088 shares of the company traded hands, compared to its average volume of 239,964. The stock's 50 day moving average price is $23.84 and its 200-day moving average price is $22.83. Matthews International Corporation has a 52-week low of $18.50 and a 52-week high of $32.24. The company has a market cap of $741.73 million, a price-to-earnings ratio of -11.40 and a beta of 1.24. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.66 and a quick ratio of 0.98.

Matthews International (NASDAQ:MATW - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.05). Matthews International had a negative net margin of 4.01% and a positive return on equity of 9.15%. The company had revenue of $349.40 million for the quarter, compared to analysts' expectations of $321.95 million. On average, sell-side analysts expect that Matthews International Corporation will post 1.73 EPS for the current fiscal year.

Matthews International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 11th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.00 dividend on an annualized basis and a yield of 4.2%. Matthews International's payout ratio is presently -47.17%.

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.