Matthews International (NASDAQ:MATW) Shares Gap Down on Disappointing Earnings

Matthews International Corporation (NASDAQ:MATW) shares gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $27.66, but opened at $24.00. Matthews International shares last traded at $24.13, with a volume of 138,086 shares changing hands.

The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.35). The business had revenue of $246.02 million during the quarter, compared to the consensus estimate of $264.54 million. Matthews International had a return on equity of 5.88% and a net margin of 0.80%.

Matthews International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Monday, August 10th. Matthews International’s payout ratio is presently 329.03%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MATW. Wall Street Zen lowered Matthews International from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Weiss Ratings reissued a “sell (d+)” rating on shares of Matthews International in a research report on Monday. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Matthews International has an average rating of “Reduce”.

Institutional Investors Weigh In On Matthews International

Several institutional investors have recently made changes to their positions in the company. Ameriprise Financial Inc. grew its holdings in Matthews International by 9.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,664,426 shares of the company’s stock valued at $39,796,000 after purchasing an additional 137,015 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Matthews International by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,614,201 shares of the company’s stock worth $41,677,000 after purchasing an additional 83,860 shares during the last quarter. Gamco Investors INC. ET AL lifted its stake in Matthews International by 9.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 1,554,105 shares of the company’s stock worth $40,593,000 after purchasing an additional 136,794 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Matthews International by 2.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,100,957 shares of the company’s stock valued at $27,832,000 after buying an additional 25,478 shares during the period. Finally, Private Capital Management LLC boosted its position in shares of Matthews International by 201.1% during the fourth quarter. Private Capital Management LLC now owns 1,018,587 shares of the company’s stock valued at $26,605,000 after buying an additional 680,256 shares during the period. Institutional investors own 83.08% of the company’s stock.

Matthews International Stock Performance

The stock has a market cap of $744.42 million, a P/E ratio of 77.02 and a beta of 1.09. The business has a 50 day moving average price of $26.78 and a 200 day moving average price of $26.60. The company has a quick ratio of 0.97, a current ratio of 1.64 and a debt-to-equity ratio of 1.12.

Matthews International Company Profile

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.