Allspring Global Investments Holdings LLC Grows Stock Position in Matthews International Co. (NASDAQ:MATW)

Allspring Global Investments Holdings LLC grew its position in Matthews International Co. (NASDAQ:MATW) by 8.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 708,352 shares of the company’s stock after acquiring an additional 55,687 shares during the quarter. Allspring Global Investments Holdings LLC owned about 2.31% of Matthews International worth $16,434,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in shares of Matthews International in the second quarter valued at approximately $49,000. nVerses Capital LLC purchased a new position in shares of Matthews International in the second quarter valued at approximately $110,000. SG Americas Securities LLC purchased a new position in shares of Matthews International in the second quarter valued at approximately $112,000. XTX Topco Ltd purchased a new position in shares of Matthews International in the second quarter valued at approximately $246,000. Finally, Inspire Investing LLC lifted its position in shares of Matthews International by 12.3% in the first quarter. Inspire Investing LLC now owns 12,992 shares of the company’s stock valued at $404,000 after acquiring an additional 1,428 shares in the last quarter. Hedge funds and other institutional investors own 83.08% of the company’s stock.

Matthews International Stock Performance

Shares of Matthews International stock opened at $22.41 on Friday. Matthews International Co. has a one year low of $21.09 and a one year high of $39.12. The company has a market cap of $688.21 million, a price-to-earnings ratio of 21.14 and a beta of 1.07. 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 business’s 50 day moving average price is $23.46 and its 200 day moving average price is $25.68.

Matthews International (NASDAQ:MATW) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.02). Matthews International had a return on equity of 15.79% and a net margin of 1.43%. The company had revenue of $427.83 million for the quarter, compared to analysts’ expectations of $450.03 million. During the same quarter in the previous year, the business posted $0.74 EPS. On average, research analysts predict that Matthews International Co. will post 2.03 EPS for the current year.

Analysts Set New Price Targets

Separately, B. Riley reduced their price objective 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.

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.