Matthews International (NASDAQ:MATW) Shares Gap Up – Should You Buy?

Matthews International Co. (NASDAQ:MATW) shares gapped up before the market opened on Thursday . The stock had previously closed at $29.92, but opened at $31.23. Matthews International shares last traded at $31.18, with a volume of 5,802 shares trading hands.

Analyst Ratings Changes

Separately, B. Riley decreased their target price on Matthews International from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th.

Matthews International Stock Performance

The firm has a 50 day moving average of $24.36 and a 200-day moving average of $25.31. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.91 and a current ratio of 1.45.

Matthews International Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.31%. The ex-dividend date is Monday, December 2nd. This is a boost from Matthews International’s previous quarterly dividend of $0.24. Matthews International’s dividend payout ratio (DPR) is currently -51.81%.

Hedge Funds Weigh In On Matthews International

Several institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its holdings in Matthews International by 7.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,602 shares of the company’s stock valued at $153,000 after buying an additional 471 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in Matthews International by 3.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 16,118 shares of the company’s stock valued at $404,000 after buying an additional 538 shares in the last quarter. KBC Group NV grew its holdings in Matthews International by 63.7% during the 3rd quarter. KBC Group NV now owns 1,937 shares of the company’s stock valued at $45,000 after buying an additional 754 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Matthews International by 6.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,707 shares of the company’s stock valued at $393,000 after buying an additional 1,013 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Matthews International by 1.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 68,771 shares of the company’s stock valued at $2,138,000 after buying an additional 1,063 shares in the last quarter. Hedge funds and other institutional investors own 83.08% of the company’s stock.

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.