Russell Investments Group Ltd. Boosts Position in Matthews International Corporation $MATW

Key Points

• Russell Investments Group Ltd. increased its stake in Matthews International Corporation by 81.0% during Q1, owning 155,018 shares valued at about $3.45 million.
• The stock price of Matthews International has risen by 5.2%, with a current market cap of $768.54 million and a P/E ratio of -11.77.
• Matthews International recently announced a quarterly dividend of $0.25, representing an annualized dividend yield of 4.0%.

Russell Investments Group Ltd. raised its holdings in Matthews International Corporation (NASDAQ:MATW - Free Report) by 81.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 155,018 shares of the company's stock after purchasing an additional 69,356 shares during the period. Russell Investments Group Ltd. owned about 0.50% of Matthews International worth $3,448,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MATW. Public Sector Pension Investment Board increased its position in Matthews International by 28.9% in the 1st quarter. Public Sector Pension Investment Board now owns 98,245 shares of the company's stock worth $2,185,000 after purchasing an additional 22,006 shares during the last quarter. Nuveen LLC acquired a new stake in Matthews International in the 1st quarter valued at $2,578,000. Charles Schwab Investment Management Inc. raised its position in Matthews International by 11.7% in the 1st 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 during the last quarter. PNC Financial Services Group Inc. increased 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 valued at $569,000 after buying an additional 650 shares during the period. Finally, New York State Common Retirement Fund grew its stake in shares of Matthews International by 15.2% during the first quarter. New York State Common Retirement Fund now owns 224,879 shares of the company's stock worth $5,001,000 after purchasing an additional 29,720 shares during the period. 83.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Matthews International Stock Up 1.6%

Matthews International stock traded up $0.38 during trading on Friday, reaching $24.57. The stock had a trading volume of 203,689 shares, compared to its average volume of 209,345. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 1.35. Matthews International Corporation has a 52-week low of $18.50 and a 52-week high of $32.24. The business has a 50 day moving average price of $24.25 and a 200 day moving average price of $22.72. The stock has a market cap of $756.51 million, a PE ratio of -11.59 and a beta of 1.24.

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

Matthews International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, August 11th. Matthews International's payout ratio is presently -47.17%.

Matthews International 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.