Wedge Capital Management L L P NC Acquires 6,323 Shares of Matthews International Co. (NASDAQ:MATW)

Wedge Capital Management L L P NC grew its holdings in shares of Matthews International Co. (NASDAQ:MATW) by 12.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,936 shares of the company’s stock after acquiring an additional 6,323 shares during the quarter. Wedge Capital Management L L P NC owned about 0.18% of Matthews International worth $1,298,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Point72 DIFC Ltd bought a new stake in shares of Matthews International during the 2nd quarter valued at about $49,000. nVerses Capital LLC bought a new stake in Matthews International in the 2nd quarter worth approximately $110,000. SG Americas Securities LLC bought a new stake in Matthews International in the 2nd quarter worth approximately $112,000. XTX Topco Ltd bought a new stake in Matthews International in the 2nd quarter worth approximately $246,000. Finally, Inspire Investing LLC lifted its position in Matthews International by 20.0% in the 2nd quarter. Inspire Investing LLC now owns 15,590 shares of the company’s stock worth $391,000 after buying an additional 2,598 shares during the last quarter. Institutional investors own 83.08% of the company’s stock.

Matthews International Stock Performance

NASDAQ:MATW opened at $22.30 on Thursday. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.66 and a quick ratio of 1.02. The business has a 50 day moving average of $23.86 and a 200 day moving average of $25.94. The company has a market capitalization of $684.83 million, a price-to-earnings ratio of 21.04 and a beta of 1.07. Matthews International Co. has a 1-year low of $21.09 and a 1-year high of $40.28.

Matthews International (NASDAQ:MATW) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). The company had revenue of $427.83 million during the quarter, compared to analysts’ expectations of $450.03 million. Matthews International had a return on equity of 15.79% and a net margin of 1.43%. During the same period last year, the firm earned $0.74 earnings per share. On average, sell-side analysts predict that Matthews International Co. will post 2.03 earnings per share for the current fiscal year.

Matthews International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were paid a $0.24 dividend. The ex-dividend date was Monday, August 5th. This represents a $0.96 dividend on an annualized basis and a yield of 4.30%. Matthews International’s dividend payout ratio (DPR) is currently 90.57%.

Wall Street Analysts Forecast Growth

Separately, B. Riley dropped their target price on Matthews International from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, September 26th.

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.