Matthews International (NASDAQ:MATW) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Matthews International shares crossed above their 200-day moving average, rising 2.5% to $28.85 after reaching $29.14, compared with the $26.61 moving average.
• The company beat quarterly expectations, reporting $0.37 in EPS versus the $0.17 consensus and revenue of $258.62 million, above estimates of $253.65 million.
• Analyst sentiment remains cautious: ratings include one Hold and one Sell, producing an average “Reduce” rating, despite institutional investors owning 83.08% of the stock.

Matthews International Corporation (NASDAQ:MATW - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $26.61 and traded as high as $29.14. Matthews International shares last traded at $28.85, with a volume of 226,986 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MATW shares. Weiss Ratings lowered shares of Matthews International from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, May 6th. Zacks Research upgraded shares of Matthews International from a "strong sell" rating to a "hold" rating in a research report on Monday, April 6th. Finally, Wall Street Zen cut shares of Matthews International from a "buy" rating to a "hold" rating in a research note on Sunday, May 10th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce".

Matthews International Trading Up 2.5%

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.97 and a current ratio of 1.64. The firm has a market cap of $900.12 million, a price-to-earnings ratio of 93.06 and a beta of 1.08. The business has a fifty day simple moving average of $26.65 and a 200-day simple moving average of $26.61.

Matthews International (NASDAQ:MATW - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.20. The firm had revenue of $258.62 million for the quarter, compared to analyst estimates of $253.65 million. Matthews International had a return on equity of 5.88% and a net margin of 0.80%. As a group, equities analysts forecast that Matthews International Corporation will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Matthews International

Several hedge funds have recently added to or reduced their stakes in the business. UBS Group AG grew its stake in shares of Matthews International by 45.2% in the fourth quarter. UBS Group AG now owns 151,700 shares of the company's stock worth $3,962,000 after purchasing an additional 47,246 shares during the last quarter. Peapack Gladstone Financial Corp bought a new position in Matthews International during the 4th quarter worth $679,000. Allspring Global Investments Holdings LLC raised its position in Matthews International by 2.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,075,479 shares of the company's stock worth $27,887,000 after purchasing an additional 22,046 shares during the last quarter. Forty three Eighteen Advisors LLC acquired a new position in Matthews International during the 4th quarter worth about $1,583,000. Finally, Equitable Trust Co. lifted its holdings in Matthews International by 223.6% during the 4th quarter. Equitable Trust Co. now owns 29,045 shares of the company's stock worth $759,000 after buying an additional 20,070 shares during the period. 83.08% of the stock is currently owned by institutional investors and hedge funds.

About Matthews International

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.

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