Wedge Capital Management L L P NC Purchases 5,748 Shares of Matthews International Co. (NASDAQ:MATW)

Wedge Capital Management L L P NC lifted its position in shares of Matthews International Co. (NASDAQ:MATW) by 24.1% during the 4th quarter, HoldingsChannel reports. The firm owned 29,578 shares of the company’s stock after acquiring an additional 5,748 shares during the period. Wedge Capital Management L L P NC’s holdings in Matthews International were worth $1,084,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Matthews International by 17.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,841 shares of the company’s stock valued at $214,000 after purchasing an additional 879 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Matthews International during the fourth quarter valued at approximately $557,000. Allspring Global Investments Holdings LLC boosted its position in shares of Matthews International by 53.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 470,016 shares of the company’s stock valued at $17,226,000 after purchasing an additional 163,984 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in Matthews International by 1.2% in the fourth quarter. New York State Teachers Retirement System now owns 63,068 shares of the company’s stock worth $2,311,000 after acquiring an additional 735 shares in the last quarter. Finally, Campbell Capital Management Inc. bought a new stake in Matthews International in the fourth quarter worth $4,236,000. 83.08% of the stock is currently owned by institutional investors.

Matthews International Stock Up 2.3 %

MATW stock opened at $27.55 on Friday. Matthews International Co. has a 1-year low of $25.42 and a 1-year high of $48.86. The business has a fifty day moving average price of $28.48 and a 200-day moving average price of $32.89. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.88 and a quick ratio of 1.15. The stock has a market capitalization of $845.23 million, a P/E ratio of 25.99 and a beta of 1.12.

Matthews International (NASDAQ:MATW) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.37 earnings per share for the quarter, hitting the consensus estimate of $0.37. The firm had revenue of $449.99 million during the quarter, compared to analysts’ expectations of $437.77 million. Matthews International had a return on equity of 16.44% and a net margin of 1.77%. Equities analysts forecast that Matthews International Co. will post 2.6 earnings per share for the current fiscal year.

Matthews International Dividend Announcement

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 $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Friday, May 3rd. Matthews International’s payout ratio is 90.57%.

Wall Street Analyst Weigh In

Several research firms have commented on MATW. StockNews.com downgraded Matthews International from a “buy” rating to a “hold” rating in a report on Friday, February 9th. B. Riley dropped their target price on Matthews International from $61.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, February 5th.

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.