Matthews International (NASDAQ:MATW) Hits New 52-Week Low - Time to Sell?

Key Points

• Matthews International shares fell to a new 52-week low of $21.75, trading about 1.3% lower, with the stock well below its 50-day and 200-day moving averages.
• Analyst sentiment has deteriorated, with Zacks Research and Wall Street Zen downgrading the stock to “strong sell” and “sell,” respectively; MarketBeat reports an average rating of “Sell.”
• The company missed quarterly expectations, reporting $0.06 in EPS versus the $0.41 consensus and revenue of $246.02 million versus $264.54 million. It maintained a $0.255 quarterly dividend, while two directors recently purchased shares.

Shares of Matthews International Corporation (NASDAQ:MATW - Get Free Report) hit a new 52-week low on Thursday . The company traded as low as $21.75 and last traded at $21.6550, with a volume of 18035 shares changing hands. The stock had previously closed at $22.32.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Zacks Research cut Matthews International from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. Wall Street Zen lowered Matthews International from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings cut Matthews International from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat, Matthews International presently has an average rating of "Sell".

Matthews International Trading Down 1.3%

The business's 50 day simple moving average is $26.29 and its two-hundred day simple moving average is $26.37. The stock has a market cap of $676.60 million, a P/E ratio of -23.31 and a beta of 1.09. The company has a quick ratio of 1.02, a current ratio of 1.76 and a debt-to-equity ratio of 1.15.

Matthews International (NASDAQ:MATW - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.35). Matthews International had a negative net margin of 2.65% and a positive return on equity of 4.51%. The firm had revenue of $246.02 million during the quarter, compared to the consensus estimate of $264.54 million. As a group, analysts expect that Matthews International Corporation will post 0.53 EPS for the current year.

Matthews International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be given a $0.255 dividend. The ex-dividend date is Monday, August 10th. This represents a $1.02 annualized dividend and a yield of 4.7%. Matthews International's dividend payout ratio (DPR) is currently -109.68%.

Insider Transactions at Matthews International

In other Matthews International news, Director J Michael Nauman acquired 2,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average price of $22.97 per share, for a total transaction of $45,940.00. Following the acquisition, the director directly owned 7,081 shares in the company, valued at $162,650.57. This represents a 39.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Aleta W. Richards acquired 3,000 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price of $23.06 per share, with a total value of $69,180.00. Following the acquisition, the director owned 12,535 shares in the company, valued at $289,057.10. The trade was a 31.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 4.70% of the company's stock.

Hedge Funds Weigh In On Matthews International

A number of hedge funds have recently modified their holdings of the business. Ameriprise Financial Inc. raised its position in Matthews International by 9.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,664,426 shares of the company's stock worth $39,796,000 after purchasing an additional 137,015 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Matthews International by 5.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,614,201 shares of the company's stock valued at $41,677,000 after buying an additional 83,860 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in shares of Matthews International by 9.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,554,105 shares of the company's stock valued at $40,593,000 after buying an additional 136,794 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Matthews International by 2.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,100,957 shares of the company's stock valued at $27,832,000 after buying an additional 25,478 shares during the period. Finally, Private Capital Management LLC raised its position in shares of Matthews International by 201.1% during the fourth quarter. Private Capital Management LLC now owns 1,018,587 shares of the company's stock worth $26,605,000 after acquiring an additional 680,256 shares during the last quarter. Institutional investors and hedge funds own 83.08% of the company's stock.

Matthews International Company Profile

Matthews International Corporation NASDAQ: MATW is a diversified industrial company headquartered in Pittsburgh, Pennsylvania. The company operates through two primary business segments—Brand Solutions and Memorialization—offering a broad range of products and services designed to meet the needs of industrial manufacturers, brand marketers and the funeral industry worldwide.

In its Brand Solutions segment, Matthews International provides engraving and digital printing systems, automated finishing equipment, thermal management products and electronics assembly solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source