Matthews International (NASDAQ:MATW) Share Price Crosses Above 50 Day Moving Average – What’s Next?

Shares of Matthews International Corporation (NASDAQ:MATW) crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $19.76 and traded as high as $19.92. Matthews International shares last traded at $19.90, with a volume of 378,606 shares.

Wall Street Analysts Forecast Growth

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

Matthews International Stock Up 3.2%

The firm’s fifty day moving average is $19.76 and its 200-day moving average is $24.70. The company has a market capitalization of $621.08 million, a P/E ratio of -21.40 and a beta of 1.05. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.02 and a current ratio of 1.76.

Matthews International (NASDAQ:MATW) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.35). The firm had revenue of $246.02 million for the quarter, compared to the consensus estimate of $264.54 million. Matthews International had a positive return on equity of 4.51% and a negative net margin of 2.65%. As a group, equities research analysts predict that Matthews International Corporation will post 0.53 EPS for the current year.

Insider Buying and Selling at Matthews International

In other news, Director Aleta W. Richards purchased 3,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $23.06 per share, with a total value of $69,180.00. Following the completion of the transaction, the director owned 12,535 shares of the company’s stock, valued at $289,057.10. The trade was a 31.46% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director J Nauman purchased 1,900 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were acquired at an average price 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 approximately $199,418.76. This trade represents a 26.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 8,900 shares of company stock valued at $197,914. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Matthews International

Institutional investors and hedge funds have recently made changes to their positions in the business. Inspire Investing LLC raised its position in Matthews International by 25.5% in the 3rd quarter. Inspire Investing LLC now owns 37,817 shares of the company’s stock valued at $726,000 after buying an additional 7,693 shares during the last quarter. SummerHaven Investment Management LLC bought a new position in Matthews International during the 3rd quarter valued at $617,000. Versant Capital Management Inc lifted its stake in Matthews International by 232.6% during the 3rd quarter. Versant Capital Management Inc now owns 1,756 shares of the company’s stock valued at $34,000 after acquiring an additional 1,228 shares in the last quarter. Tidal Investments LLC purchased a new position in Matthews International during the 2nd quarter worth $786,000. Finally, Squarepoint Ops LLC purchased a new position in Matthews International during the 2nd quarter worth $616,000. Institutional investors own 83.08% of the company’s stock.

About Matthews International

Matthews International Corporation is a diversified manufacturing and services company headquartered in Pittsburgh, Pennsylvania. Tracing its origins to 1850, the company provides products and solutions for the memorialization, industrial technology, and brand management markets.

Through its Memorialization business, Matthews supplies bronze and granite memorial products, mausoleums, cremation-related equipment and products, caskets, and other goods and services used by cemeteries, funeral homes, and families.