Wedge Capital Management L L P NC Has $1.91 Million Stake in Matthews International Corporation $MATW

Key Points

• Wedge Capital Management L L P NC increased its stake in Matthews International Corporation by 40.0% during the second quarter, owning 79,765 shares worth approximately $1.91 million.
• Several other institutional investors have also increased their holdings in Matthews International, with Charles Schwab Investment Management and Bank of America raising their stakes by 11.7% and 21.2%, respectively.
• Matthews International reported a quarterly earnings loss of $0.28 per share, falling short of analyst expectations, while revenues reached $349.40 million for the quarter.

Wedge Capital Management L L P NC increased its holdings in Matthews International Corporation (NASDAQ:MATW - Free Report) by 40.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,765 shares of the company's stock after buying an additional 22,797 shares during the period. Wedge Capital Management L L P NC owned 0.26% of Matthews International worth $1,907,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in Matthews International by 11.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 370,457 shares of the company's stock valued at $8,239,000 after acquiring an additional 38,740 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Matthews International by 21.2% in the fourth quarter. Bank of America Corp DE now owns 119,025 shares of the company's stock worth $3,295,000 after purchasing an additional 20,809 shares during the last quarter. Palisade Capital Management LP lifted its holdings in Matthews International by 12.0% in the first quarter. Palisade Capital Management LP now owns 654,062 shares of the company's stock valued at $14,546,000 after buying an additional 70,078 shares during the period. GAMMA Investing LLC lifted its holdings in Matthews International by 3,527.7% in the first quarter. GAMMA Investing LLC now owns 24,197 shares of the company's stock valued at $538,000 after buying an additional 23,530 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of Matthews International during the fourth quarter valued at about $428,000. 83.08% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Matthews International from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $40.00.

Matthews International Trading Up 0.9%

Shares of MATW opened at $25.27 on Tuesday. The firm's 50-day moving average price is $24.47 and its 200-day moving average price is $22.73. 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 current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 1.35. Matthews International Corporation has a 1-year low of $18.50 and a 1-year high of $32.24.

Matthews International (NASDAQ:MATW - Get Free Report) last announced its earnings results 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 business had revenue of $349.40 million for the quarter, compared to the consensus estimate of $321.95 million. Matthews International had a negative net margin of 4.01% and a positive return on equity of 9.15%. Sell-side analysts anticipate 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. Shareholders of record on Monday, August 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Monday, August 11th. Matthews International's dividend payout ratio is currently -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.

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