The Manufacturers Life Insurance Company Grows Stock Holdings in Matthews International Co. (NASDAQ:MATW)

The Manufacturers Life Insurance Company increased its stake in shares of Matthews International Co. (NASDAQ:MATW) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,707 shares of the company’s stock after purchasing an additional 1,013 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.05% of Matthews International worth $393,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Texas Permanent School Fund Corp increased its holdings in Matthews International by 2.0% during the first quarter. Texas Permanent School Fund Corp now owns 26,853 shares of the company’s stock valued at $835,000 after buying an additional 533 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in Matthews International by 3.5% during the second quarter. SummerHaven Investment Management LLC now owns 16,118 shares of the company’s stock valued at $404,000 after buying an additional 538 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Matthews International by 1.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 68,771 shares of the company’s stock valued at $2,138,000 after buying an additional 1,063 shares during the last quarter. Inspire Investing LLC increased its holdings in Matthews International by 12.3% during the first quarter. Inspire Investing LLC now owns 12,992 shares of the company’s stock valued at $404,000 after buying an additional 1,428 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in Matthews International during the second quarter valued at approximately $49,000. 83.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, B. Riley reduced their price objective on shares of Matthews International from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, September 26th.

Matthews International Price Performance

Shares of NASDAQ:MATW opened at $22.30 on Thursday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.02 and a current ratio of 1.66. The firm has a fifty day moving average price of $23.86 and a 200 day moving average price of $25.94. Matthews International Co. has a fifty-two week low of $21.09 and a fifty-two week high of $40.28. The firm has a market cap of $684.83 million, a price-to-earnings ratio of 21.00 and a beta of 1.07.

Matthews International (NASDAQ:MATW) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.02). Matthews International had a net margin of 1.43% and a return on equity of 15.79%. The business had revenue of $427.83 million for the quarter, compared to the consensus estimate of $450.03 million. During the same quarter last year, the business earned $0.74 EPS. As a group, sell-side analysts expect that Matthews International Co. will post 2.03 earnings per share for the current fiscal year.

Matthews International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.30%. The ex-dividend date was Monday, August 5th. Matthews International’s dividend payout ratio is currently 90.57%.

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.