Thrivent Financial for Lutherans Reduces Stock Holdings in Matthews International Co. (NASDAQ:MATW)

Thrivent Financial for Lutherans trimmed its holdings in shares of Matthews International Co. (NASDAQ:MATW) by 5.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,028 shares of the company’s stock after selling 1,466 shares during the quarter. Thrivent Financial for Lutherans owned 0.08% of Matthews International worth $557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MATW. Allspring Global Investments Holdings LLC grew its stake in Matthews International by 11.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 652,665 shares of the company’s stock valued at $16,349,000 after purchasing an additional 65,188 shares during the last quarter. Barington Capital Group L.P. grew its stake in Matthews International by 18.1% during the 2nd quarter. Barington Capital Group L.P. now owns 385,000 shares of the company’s stock valued at $9,644,000 after purchasing an additional 59,000 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Matthews International during the 2nd quarter valued at about $1,437,000. Deerfield Management Company L.P. Series C grew its stake in Matthews International by 364.1% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 57,723 shares of the company’s stock valued at $1,446,000 after purchasing an additional 45,285 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in Matthews International by 201.1% during the 2nd quarter. Marshall Wace LLP now owns 45,732 shares of the company’s stock valued at $1,146,000 after purchasing an additional 30,543 shares during the last quarter. 83.08% of the stock is currently owned by hedge funds and other institutional investors.

Matthews International Stock Up 4.2 %

Shares of MATW opened at $31.18 on Thursday. Matthews International Co. has a 52 week low of $21.09 and a 52 week high of $39.12. The company has a quick ratio of 0.91, a current ratio of 1.45 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $954.11 million, a price-to-earnings ratio of -16.16 and a beta of 1.13. The stock’s 50-day moving average price is $24.36 and its 200-day moving average price is $25.31.

Matthews International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.25 dividend. This is an increase from Matthews International’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, December 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.21%. Matthews International’s dividend payout ratio is presently -51.81%.

Analysts Set New Price Targets

Separately, B. Riley dropped their price target on Matthews International from $54.00 to $40.00 and set a “buy” rating on the stock in a research note 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.