Goldman Sachs Group Inc. Cuts Position in Matthews International Corporation $MATW

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Matthews International Corporation (MATW) by 29.2% during the 1st quarter, now owning 159,910 shares valued at approximately $3.56 million.
• Matthews International's stock has been upgraded from a "sell" to a "hold" rating, with a consensus rating of "Buy" and an average price target of $40.00.
• Despite missing quarterly earnings estimates, Matthews International reported revenues of $349.40 million, surpassing analyst expectations of $321.95 million.

Goldman Sachs Group Inc. trimmed its position in shares of Matthews International Corporation (NASDAQ:MATW - Free Report) by 29.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 159,910 shares of the company's stock after selling 66,089 shares during the quarter. Goldman Sachs Group Inc. owned 0.52% of Matthews International worth $3,556,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MATW. Boston Partners lifted its stake in shares of Matthews International by 1,696.7% in the first quarter. Boston Partners now owns 455,475 shares of the company's stock valued at $10,126,000 after buying an additional 430,125 shares in the last quarter. Invenomic Capital Management LP bought a new stake in Matthews International during the 1st quarter worth approximately $4,118,000. Polar Asset Management Partners Inc. raised its stake in shares of Matthews International by 421.5% in the first quarter. Polar Asset Management Partners Inc. now owns 214,808 shares of the company's stock worth $4,777,000 after purchasing an additional 173,614 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Matthews International by 19.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 929,753 shares of the company's stock worth $20,352,000 after purchasing an additional 148,161 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Matthews International in the first quarter valued at approximately $2,578,000. Institutional investors and hedge funds own 83.08% of the company's stock.

Matthews International Price Performance

NASDAQ MATW traded up $0.22 during trading hours on Monday, hitting $25.27. The company had a trading volume of 193,157 shares, compared to its average volume of 193,148. The firm has a 50 day simple moving average of $24.47 and a 200 day simple moving average of $22.73. Matthews International Corporation has a 52 week low of $18.50 and a 52 week high of $32.24. The firm has a market capitalization of $778.06 million, a price-to-earnings ratio of -11.92 and a beta of 1.27. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.98 and a current ratio of 1.66.

Matthews International (NASDAQ:MATW - Get Free Report) last released 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 firm had revenue of $349.40 million during the quarter, compared to the consensus estimate of $321.95 million. Equities research analysts expect that Matthews International Corporation will post 1.73 earnings per share for the current year.

Matthews International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.00 annualized dividend and a dividend yield of 4.0%. Matthews International's dividend payout ratio (DPR) is presently -47.17%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded 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, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $40.00.

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.