Matthews International Co. to Post Q3 2024 Earnings of $0.58 Per Share, B. Riley Forecasts (NASDAQ:MATW)

Matthews International Co. (NASDAQ:MATW) – Equities researchers at B. Riley cut their Q3 2024 earnings per share estimates for shares of Matthews International in a research note issued to investors on Monday, May 6th. B. Riley analyst L. Burke now expects that the company will post earnings of $0.58 per share for the quarter, down from their previous estimate of $0.75. B. Riley has a “Buy” rating and a $59.00 price objective on the stock. The consensus estimate for Matthews International’s current full-year earnings is $2.60 per share. B. Riley also issued estimates for Matthews International’s Q4 2024 earnings at $0.91 EPS and FY2024 earnings at $2.53 EPS.

Separately, StockNews.com lowered shares of Matthews International from a “buy” rating to a “hold” rating in a research note on Friday, February 9th.

Matthews International Stock Performance

Shares of MATW stock opened at $28.69 on Tuesday. Matthews International has a 12 month low of $25.42 and a 12 month high of $48.86. The company’s fifty day simple moving average is $28.32 and its 200-day simple moving average is $32.09. The firm has a market cap of $880.27 million, a PE ratio of 27.07 and a beta of 1.14. The company has a quick ratio of 1.12, a current ratio of 1.82 and a debt-to-equity ratio of 1.64.

Hedge Funds Weigh In On Matthews International

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in Matthews International during the third quarter worth approximately $506,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Matthews International by 39.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,962 shares of the company’s stock valued at $193,000 after acquiring an additional 1,401 shares during the period. Strs Ohio lifted its holdings in Matthews International by 5.5% during the 3rd quarter. Strs Ohio now owns 19,100 shares of the company’s stock valued at $743,000 after purchasing an additional 1,000 shares during the last quarter. Inspire Investing LLC lifted its holdings in Matthews International by 6.7% during the 3rd quarter. Inspire Investing LLC now owns 24,449 shares of the company’s stock valued at $951,000 after purchasing an additional 1,544 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Matthews International by 3.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 306,032 shares of the company’s stock worth $11,908,000 after purchasing an additional 9,330 shares during the period. 83.08% of the stock is owned by institutional investors.

Matthews International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, May 6th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, May 3rd. Matthews International’s dividend payout ratio (DPR) is 90.57%.

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.