Matthews International (NASDAQ:MATW) Shares Gap Down After Earnings Miss

Matthews International Co. (NASDAQ:MATW)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $29.47, but opened at $27.09. Matthews International shares last traded at $27.36, with a volume of 138,491 shares trading hands.

The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.12). Matthews International had a negative net margin of 3.32% and a positive return on equity of 13.69%.

Matthews International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, February 10th will be issued a $0.25 dividend. The ex-dividend date is Monday, February 10th. This represents a $1.00 annualized dividend and a dividend yield of 3.77%. Matthews International’s dividend payout ratio (DPR) is presently -51.81%.

Institutional Investors Weigh In On Matthews International

Institutional investors have recently made changes to their positions in the company. Polar Asset Management Partners Inc. bought a new position in shares of Matthews International during the third quarter valued at approximately $2,793,000. State Street Corp lifted its position in shares of Matthews International by 6.8% during the third quarter. State Street Corp now owns 1,208,505 shares of the company’s stock worth $28,037,000 after purchasing an additional 76,911 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Matthews International by 10.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 781,592 shares of the company’s stock worth $21,126,000 after purchasing an additional 73,240 shares during the last quarter. Barington Capital Group L.P. lifted its position in shares of Matthews International by 18.2% during the third quarter. Barington Capital Group L.P. now owns 455,000 shares of the company’s stock worth $10,556,000 after purchasing an additional 70,000 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Matthews International by 120.5% during the third quarter. Jane Street Group LLC now owns 79,861 shares of the company’s stock worth $1,853,000 after purchasing an additional 43,650 shares during the last quarter. Institutional investors own 83.08% of the company’s stock.

Matthews International Stock Performance

The firm has a market capitalization of $822.25 million, a P/E ratio of -13.76 and a beta of 1.14. The firm has a 50-day moving average price of $29.17 and a two-hundred day moving average price of $26.18. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.45 and a quick ratio of 0.91.

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.