Matthews International Corporation (NASDAQ:MATW) Sees Large Drop in Short Interest

Matthews International Corporation (NASDAQ:MATW) was the target of a significant drop in short interest during the month of December. As of December 31st, there was short interest totaling 2,110,917 shares, a drop of 24.4% from the December 15th total of 2,792,325 shares. Approximately 7.1% of the shares of the company are short sold. Based on an average trading volume of 265,802 shares, the short-interest ratio is currently 7.9 days. Based on an average trading volume of 265,802 shares, the short-interest ratio is currently 7.9 days. Approximately 7.1% of the shares of the company are short sold.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Matthews International in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Matthews International currently has an average rating of “Sell”.

Institutional Trading of Matthews International

Several institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in Matthews International by 55.1% in the second quarter. GAMMA Investing LLC now owns 1,687 shares of the company’s stock valued at $40,000 after acquiring an additional 599 shares during the period. US Bancorp DE lifted its holdings in shares of Matthews International by 45.9% during the third quarter. US Bancorp DE now owns 2,063 shares of the company’s stock valued at $50,000 after acquiring an additional 649 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Matthews International in the 3rd quarter valued at $59,000. Tower Research Capital LLC TRC grew its holdings in shares of Matthews International by 187.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,885 shares of the company’s stock worth $69,000 after purchasing an additional 1,880 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Matthews International by 51.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,080 shares of the company’s stock worth $74,000 after purchasing an additional 1,048 shares in the last quarter. Institutional investors and hedge funds own 83.08% of the company’s stock.

Matthews International Price Performance

Shares of MATW stock traded down $1.33 during mid-day trading on Friday, reaching $27.36. The company’s stock had a trading volume of 264,984 shares, compared to its average volume of 202,325. The firm’s 50-day moving average is $25.95 and its two-hundred day moving average is $24.81. The company has a market cap of $842.69 million, a P/E ratio of 21.71 and a beta of 1.18. Matthews International has a 1-year low of $18.50 and a 1-year high of $31.94. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.91 and a current ratio of 1.48.

Matthews International (NASDAQ:MATW) last issued its earnings results on Friday, November 21st. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.28. The business had revenue of $318.84 million for the quarter, compared to analyst estimates of $290.79 million. Matthews International had a negative net margin of 1.63% and a positive return on equity of 8.65%. On average, research analysts predict that Matthews International will post 1.73 earnings per share for the current year.

Matthews International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a $0.255 dividend. The ex-dividend date was Monday, December 1st. This represents a $1.02 annualized dividend and a dividend yield of 3.7%. This is an increase from Matthews International’s previous quarterly dividend of $0.25. Matthews International’s dividend payout ratio is currently -129.11%.

About Matthews International

Matthews International Corporation (NASDAQ:MATW) is a diversified industrial company headquartered in Pittsburgh, Pennsylvania. The company operates through two primary business segments—Brand Solutions and Memorialization—offering a broad range of products and services designed to meet the needs of industrial manufacturers, brand marketers and the funeral industry worldwide.

In its Brand Solutions segment, Matthews International provides engraving and digital printing systems, automated finishing equipment, thermal management products and electronics assembly solutions.