Matthews International (NASDAQ:MATW) Shares Cross Below 50 Day Moving Average – Should You Sell?

Matthews International Corporation (NASDAQ:MATW) shares passed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $19.54 and traded as low as $18.86. Matthews International shares last traded at $18.89, with a volume of 436,662 shares.

Analyst Ratings Changes

A number of research firms recently issued reports on MATW. Weiss Ratings downgraded shares of Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 17th. Truist Financial began coverage on shares of Matthews International in a report on Friday, August 21st. They set a “hold” rating and a $24.00 target price for the company. Zacks Research upgraded shares of Matthews International from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen downgraded shares of Matthews International from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $24.00.

Matthews International Price Performance

The firm has a 50 day moving average of $19.54 and a 200-day moving average of $24.40. The company has a market cap of $589.56 million, a P/E ratio of -20.31 and a beta of 1.08. The company has a current ratio of 1.76, a quick ratio of 1.02 and a debt-to-equity ratio of 1.15.

Insiders Place Their Bets

In other Matthews International news, Director J Nauman bought 1,900 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average cost of $21.96 per share, with a total value of $41,724.00. Following the completion of the acquisition, the director owned 9,081 shares in the company, valued at $199,418.76. This trade represents a 26.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders purchased 3,900 shares of company stock worth $82,794. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Matthews International

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in Matthews International by 5.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,614,201 shares of the company’s stock valued at $41,677,000 after acquiring an additional 83,860 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Matthews International by 2.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,100,957 shares of the company’s stock worth $27,832,000 after acquiring an additional 25,478 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Matthews International by 12.9% in the 1st quarter. Sei Investments Co. now owns 233,065 shares of the company’s stock worth $6,018,000 after acquiring an additional 26,572 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Matthews International by 3.1% in the 1st quarter. Principal Financial Group Inc. now owns 151,248 shares of the company’s stock worth $3,905,000 after acquiring an additional 4,522 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Matthews International by 33.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 132,536 shares of the company’s stock worth $2,543,000 after acquiring an additional 33,003 shares during the last quarter. Institutional investors own 83.08% of the company’s stock.

Matthews International Company Profile

Matthews International Corporation is a global provider of memorialization products, brand solutions and industrial technologies. Founded in 1850 and headquartered in Pittsburgh, Pennsylvania, the company serves customers in North America and other international markets. Its Memorialization business supplies products and services for cemeteries and funeral homes, including bronze and granite memorials, caskets, cremation equipment and related cemetery products. Matthews’ other businesses support companies with brand development, packaging design and production, printing and supply-chain services, as well as industrial marking, coding, labeling and automation solutions.