Public Sector Pension Investment Board Buys 22,006 Shares of Matthews International Corporation $MATW

Key Points

• The Public Sector Pension Investment Board increased its stake in Matthews International Corporation by 28.9%, owning a total of 98,245 shares valued at approximately $2.19 million.
• Institutional investors collectively hold 83.08% of Matthews International's stock, with several firms, including Ameriprise Financial and Allspring Global Investments, also increasing their positions in the company.
• Matthews International recently reported a quarterly earnings of $0.28 per share, missing the forecast of $0.33, and announced a dividend of $0.25 per share, yielding approximately 4.3%.

Public Sector Pension Investment Board lifted its stake in Matthews International Corporation (NASDAQ:MATW - Free Report) by 28.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 98,245 shares of the company's stock after purchasing an additional 22,006 shares during the period. Public Sector Pension Investment Board owned 0.32% of Matthews International worth $2,185,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Ameriprise Financial Inc. raised its stake in Matthews International by 10.0% in the fourth quarter. Ameriprise Financial Inc. now owns 1,854,343 shares of the company's stock worth $51,328,000 after buying an additional 168,970 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Matthews International by 19.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 929,753 shares of the company's stock worth $20,352,000 after acquiring an additional 148,161 shares during the period. Palisade Capital Management LP raised its position in shares of Matthews International by 12.0% in the 1st quarter. Palisade Capital Management LP now owns 654,062 shares of the company's stock worth $14,546,000 after acquiring an additional 70,078 shares in the last quarter. Barington Capital Group L.P. lifted its stake in shares of Matthews International by 23.9% in the 4th quarter. Barington Capital Group L.P. now owns 563,962 shares of the company's stock valued at $15,610,000 after purchasing an additional 108,962 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Matthews International by 11.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 370,457 shares of the company's stock valued at $8,239,000 after purchasing an additional 38,740 shares in the last quarter. Hedge funds and other institutional investors own 83.08% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Matthews International from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $40.00.

Matthews International Price Performance

MATW stock opened at $23.52 on Thursday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.98 and a current ratio of 1.66. The firm has a 50 day moving average price of $23.87 and a 200-day moving average price of $22.84. 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 $724.18 million, a price-to-earnings ratio of -11.09 and a beta of 1.24.

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

Matthews International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Monday, August 11th. Matthews International's payout ratio is currently -47.17%.

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.

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