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

Other hedge funds have also recently made changes to their positions in the company. Sterling Capital Management LLC raised its stake in shares of Matthews International by 797.2% during the 4th quarter. Sterling Capital Management LLC now owns 951 shares of the company's stock valued at $26,000 after purchasing an additional 845 shares during the period. Central Pacific Bank Trust Division bought a new stake in shares of Matthews International during the 1st quarter valued at $149,000. Gotham Asset Management LLC bought a new stake in shares of Matthews International during the 4th quarter valued at $260,000. Graham Capital Management L.P. bought a new stake in shares of Matthews International during the 4th quarter valued at $286,000. Finally, Nebula Research & Development LLC raised its stake in shares of Matthews International by 25.9% during the 4th quarter. Nebula Research & Development LLC now owns 14,035 shares of the company's stock valued at $388,000 after purchasing an additional 2,888 shares during the period. 83.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Shares of MATW traded down $0.25 during midday trading on Tuesday, reaching $24.20. The stock had a trading volume of 179,189 shares, compared to its average volume of 209,289. The company's 50-day moving average is $24.07 and its 200 day moving average is $22.72. Matthews International Corporation has a 12-month low of $18.50 and a 12-month high of $32.24. 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 company has a market capitalization of $745.12 million, a price-to-earnings ratio of -11.42 and a beta of 1.24.

Matthews International (NASDAQ:MATW - Get Free Report) last issued its 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). The company had revenue of $349.40 million for the quarter, compared to analysts' expectations of $321.95 million. Matthews International had a negative net margin of 4.01% and a positive return on equity of 9.15%. On average, equities analysts predict that Matthews International Corporation will post 1.73 EPS for the current fiscal year.

Matthews International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given 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 4.1%. Matthews International's dividend payout ratio is currently -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.