Matthews International (NASDAQ:MATW) Stock Price Down 5.5% – Here’s What Happened

Shares of Matthews International Co. (NASDAQ:MATW) dropped 5.5% on Tuesday . The stock traded as low as $29.82 and last traded at $29.82. Approximately 42,356 shares changed hands during trading, a decline of 73% from the average daily volume of 155,622 shares. The stock had previously closed at $31.54.

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 on the stock in a research report on Thursday, September 26th.

Matthews International Trading Down 4.4 %

The business’s 50-day moving average is $23.41 and its two-hundred day moving average is $25.22. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.45 and a quick ratio of 0.91. The firm has a market cap of $922.84 million, a P/E ratio of -15.73 and a beta of 1.06.

Matthews International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.32%. This is an increase from Matthews International’s previous quarterly dividend of $0.24. Matthews International’s payout ratio is currently -51.81%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. KBC Group NV raised its stake in shares of Matthews International by 63.7% during the 3rd quarter. KBC Group NV now owns 1,937 shares of the company’s stock worth $45,000 after purchasing an additional 754 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Matthews International in the second quarter valued at $49,000. nVerses Capital LLC bought a new position in shares of Matthews International in the 2nd quarter valued at about $110,000. SG Americas Securities LLC acquired a new position in shares of Matthews International during the 2nd quarter worth about $112,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of Matthews International by 7.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,602 shares of the company’s stock valued at $153,000 after purchasing an additional 471 shares during the period. 83.08% of the stock is currently owned by institutional investors.

Matthews International Company 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.