Connor Clark & Lunn Investment Management Ltd. Sells 12,277 Shares of Matthews International Corporation (NASDAQ: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. lowered its stake in shares of Matthews International Corporation (NASDAQ:MATW - Free Report) by 10.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 105,427 shares of the company's stock after selling 12,277 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.34% of Matthews International worth $2,345,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. SummerHaven Investment Management LLC boosted its stake in shares of Matthews International by 1.6% in the 1st quarter. SummerHaven Investment Management LLC now owns 32,663 shares of the company's stock worth $726,000 after buying an additional 514 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Matthews International by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,906 shares of the company's stock worth $468,000 after buying an additional 593 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Matthews International by 2.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 25,600 shares of the company's stock worth $569,000 after buying an additional 650 shares during the last quarter. Sterling Capital Management LLC boosted its stake 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 buying an additional 845 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its stake in shares of Matthews International by 3.6% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 31,156 shares of the company's stock worth $862,000 after buying an additional 1,088 shares during the last quarter. Institutional investors and hedge funds own 83.08% of the company's stock.

Matthews International Stock Performance

Shares of NASDAQ:MATW traded down $0.48 during mid-day trading on Friday, reaching $23.77. The company had a trading volume of 174,078 shares, compared to its average volume of 211,975. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 1.35. The firm has a market cap of $731.90 million, a price-to-earnings ratio of -11.21 and a beta of 1.24. The company's 50-day moving average price is $23.82 and its 200-day moving average price is $22.91. Matthews International Corporation has a one year low of $18.50 and a one year high of $32.24.

Matthews International (NASDAQ:MATW - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.05). The company had revenue of $349.40 million during the quarter, compared to the consensus estimate of $321.95 million. Matthews International had a positive return on equity of 9.15% and a negative net margin of 4.01%. As a group, equities research analysts anticipate that Matthews International Corporation will post 1.73 EPS for the current fiscal year.

Matthews International Dividend Announcement

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

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Matthews International from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th.

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.