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

Shares of Matthews International Co. (NASDAQ:MATW) gapped up prior to trading on Friday . The stock had previously closed at $25.49, but opened at $29.75. Matthews International shares last traded at $31.11, with a volume of 113,004 shares changing hands.

Analysts Set New Price Targets

Separately, B. Riley lowered their price objective on shares of Matthews International from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th.

Matthews International Stock Up 18.5 %

The company has a debt-to-equity ratio of 1.64, a current ratio of 1.66 and a quick ratio of 1.02. The firm has a market capitalization of $924.43 million, a price-to-earnings ratio of 36.14 and a beta of 1.06. The firm’s 50-day moving average price is $23.13 and its 200 day moving average price is $25.23.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Polar Asset Management Partners Inc. purchased a new stake in Matthews International in the third quarter valued at approximately $2,793,000. State Street Corp grew its stake in shares of Matthews International by 6.8% during the 3rd quarter. State Street Corp now owns 1,208,505 shares of the company’s stock valued at $28,037,000 after buying an additional 76,911 shares during the period. Vanguard Group Inc. increased 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 buying an additional 76,752 shares during the last quarter. Barington Capital Group L.P. raised its position in shares of Matthews International by 18.2% in the 3rd quarter. Barington Capital Group L.P. now owns 455,000 shares of the company’s stock worth $10,556,000 after buying an additional 70,000 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Matthews International by 11.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 652,665 shares of the company’s stock valued at $16,349,000 after acquiring an additional 65,188 shares during 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.