Dimensional Fund Advisors LP Sells 17,963 Shares of Matthews International Co. (NASDAQ:MATW)

Dimensional Fund Advisors LP trimmed its stake in Matthews International Co. (NASDAQ:MATW) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,477,007 shares of the company’s stock after selling 17,963 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.81% of Matthews International worth $36,999,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. boosted its holdings in shares of Matthews International by 15.2% in the 2nd quarter. American Century Companies Inc. now owns 42,213 shares of the company’s stock valued at $1,057,000 after buying an additional 5,573 shares during the last quarter. nVerses Capital LLC acquired a new stake in Matthews International in the second quarter valued at $110,000. Allspring Global Investments Holdings LLC lifted its stake in Matthews International by 11.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 652,665 shares of the company’s stock valued at $16,349,000 after acquiring an additional 65,188 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Matthews International by 4.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 360,165 shares of the company’s stock valued at $9,022,000 after acquiring an additional 14,737 shares during the period. Finally, SummerHaven Investment Management LLC raised its holdings in shares of Matthews International by 3.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 16,118 shares of the company’s stock valued at $404,000 after purchasing an additional 538 shares during the period. Institutional investors and hedge funds own 83.08% of the company’s stock.

Matthews International Stock Performance

NASDAQ:MATW opened at $23.20 on Tuesday. The stock has a 50 day simple moving average of $25.12 and a 200 day simple moving average of $26.54. The stock has a market cap of $712.47 million, a P/E ratio of 21.89 and a beta of 1.08. Matthews International Co. has a 1-year low of $22.47 and a 1-year high of $40.80. The company has a current ratio of 1.66, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64.

Matthews International (NASDAQ:MATW) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.02). The company had revenue of $427.83 million during the quarter, compared to analyst estimates of $450.03 million. Matthews International had a net margin of 1.43% and a return on equity of 15.79%. During the same period in the prior year, the firm earned $0.74 earnings per share. Research analysts anticipate that Matthews International Co. will post 2.53 earnings per share for the current year.

Matthews International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Monday, August 5th. Matthews International’s dividend payout ratio (DPR) is 90.57%.

Analysts Set New Price Targets

Separately, B. Riley lowered their price target 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.

About Matthews International

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.