Palisade Capital Management LP Sells 55,544 Shares of Matthews International Co. (NASDAQ:MATW)

Palisade Capital Management LP lowered its position in Matthews International Co. (NASDAQ:MATW) by 7.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 647,584 shares of the company’s stock after selling 55,544 shares during the quarter. Palisade Capital Management LP owned 2.11% of Matthews International worth $23,734,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Covestor Ltd boosted its holdings in Matthews International by 15,914.3% during the third quarter. Covestor Ltd now owns 1,121 shares of the company’s stock valued at $43,000 after purchasing an additional 1,114 shares in the last quarter. Smithfield Trust Co boosted its stake in Matthews International by 300.0% in the 4th quarter. Smithfield Trust Co now owns 2,800 shares of the company’s stock valued at $104,000 after buying an additional 2,100 shares in the last quarter. D.A. Davidson & CO. bought a new stake in Matthews International in the third quarter valued at $211,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Matthews International by 17.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,841 shares of the company’s stock worth $214,000 after acquiring an additional 879 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Matthews International by 15.7% during the fourth quarter. Victory Capital Management Inc. now owns 6,027 shares of the company’s stock valued at $221,000 after acquiring an additional 816 shares during the period. Institutional investors own 83.08% of the company’s stock.

Matthews International Price Performance

Shares of Matthews International stock opened at $26.45 on Friday. The stock has a market capitalization of $812.28 million, a price-to-earnings ratio of 24.95 and a beta of 1.11. The firm’s 50-day moving average price is $27.77 and its two-hundred day moving average price is $30.64. The company has a current ratio of 1.82, a quick ratio of 1.12 and a debt-to-equity ratio of 1.64. Matthews International Co. has a 1-year low of $25.42 and a 1-year high of $48.86.

Matthews International (NASDAQ:MATW) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.24. Matthews International had a return on equity of 16.75% and a net margin of 1.77%. The business had revenue of $471.22 million for the quarter, compared to analyst estimates of $469.38 million. On average, equities analysts predict that Matthews International Co. will post 2.53 earnings per share for the current fiscal year.

Matthews International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 20th. Shareholders of record on Monday, May 6th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date was Friday, May 3rd. Matthews International’s dividend payout ratio is presently 90.57%.

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.