Gabelli Funds LLC Increases Stake in Matthews International Co. (NASDAQ:MATW)

Gabelli Funds LLC raised its position in Matthews International Co. (NASDAQ:MATW) by 1.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 144,746 shares of the company’s stock after purchasing an additional 2,500 shares during the period. Gabelli Funds LLC owned 0.47% of Matthews International worth $4,499,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MATW. Norges Bank purchased a new position in Matthews International in the 4th quarter valued at $7,200,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Matthews International by 53.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 470,016 shares of the company’s stock worth $17,226,000 after acquiring an additional 163,984 shares during the period. Vanguard Group Inc. raised its holdings in shares of Matthews International by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock worth $112,488,000 after acquiring an additional 76,752 shares during the period. Great Lakes Advisors LLC raised its holdings in shares of Matthews International by 84.2% during the 4th quarter. Great Lakes Advisors LLC now owns 119,765 shares of the company’s stock worth $4,389,000 after acquiring an additional 54,753 shares during the period. Finally, Millrace Asset Group Inc. purchased a new position in shares of Matthews International during the 4th quarter worth $1,701,000. Hedge funds and other institutional investors own 83.08% of the company’s stock.

Matthews International Trading Down 2.4 %

Shares of NASDAQ MATW traded down $0.69 during trading on Friday, hitting $28.10. 141,623 shares of the company were exchanged, compared to its average volume of 175,187. Matthews International Co. has a 12-month low of $23.30 and a 12-month high of $48.86. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.12 and a current ratio of 1.82. The company has a fifty day moving average price of $26.51 and a 200-day moving average price of $28.50. The firm has a market capitalization of $862.95 million, a PE ratio of 26.51 and a beta of 1.11.

Matthews International (NASDAQ:MATW) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.45 by $0.24. Matthews International had a return on equity of 16.75% and a net margin of 1.77%. The business had revenue of $471.22 million for the quarter, compared to analyst estimates of $469.38 million. As a group, equities research analysts expect that Matthews International Co. will post 2.53 EPS for the current year.

Matthews International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Monday, August 5th will be issued a $0.24 dividend. The ex-dividend date is Monday, August 5th. This represents a $0.96 annualized dividend and a yield of 3.42%. Matthews International’s dividend payout ratio (DPR) is currently 90.57%.

Matthews International 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.