Vanguard Group Inc. Purchases 24,754 Shares of Matthews International Corporation (MATW)

Vanguard Group Inc. increased its position in shares of Matthews International Corporation (NASDAQ:MATW) by 0.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,105,791 shares of the company’s stock after buying an additional 24,754 shares during the quarter. Vanguard Group Inc. owned 9.65% of Matthews International Corporation worth $190,229,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its position in Matthews International Corporation by 5.3% during the second quarter. Sei Investments Co. now owns 20,374 shares of the company’s stock worth $1,248,000 after buying an additional 1,020 shares in the last quarter. Eagle Boston Investment Management Inc. boosted its holdings in Matthews International Corporation by 0.3% during the second quarter. Eagle Boston Investment Management Inc. now owns 170,054 shares of the company’s stock valued at $10,415,000 after purchasing an additional 483 shares in the last quarter. Clarkston Capital Partners LLC boosted its holdings in Matthews International Corporation by 0.5% during the second quarter. Clarkston Capital Partners LLC now owns 1,077,161 shares of the company’s stock valued at $65,976,000 after purchasing an additional 5,245 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Matthews International Corporation by 1.0% during the second quarter. Ameriprise Financial Inc. now owns 180,113 shares of the company’s stock valued at $11,031,000 after purchasing an additional 1,816 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its holdings in Matthews International Corporation by 3.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 7,610 shares of the company’s stock valued at $466,000 after purchasing an additional 270 shares in the last quarter. 78.57% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have weighed in on MATW. Zacks Investment Research raised Matthews International Corporation from a “sell” rating to a “hold” rating in a report on Monday, October 2nd. BidaskClub downgraded Matthews International Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. FBR & Co reaffirmed an “outperform” rating on shares of Matthews International Corporation in a report on Tuesday, July 11th. Finally, Macquarie raised Matthews International Corporation from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Matthews International Corporation presently has a consensus rating of “Hold” and an average price target of $83.50.

Shares of Matthews International Corporation (NASDAQ:MATW) opened at 61.85 on Tuesday. The firm has a market capitalization of $1.99 billion, a P/E ratio of 26.06 and a beta of 1.14. Matthews International Corporation has a 12-month low of $57.40 and a 12-month high of $77.85. The firm’s 50-day moving average price is $61.12 and its 200-day moving average price is $63.91.

Matthews International Corporation (NASDAQ:MATW) last announced its earnings results on Thursday, July 27th. The company reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.01. Matthews International Corporation had a net margin of 5.17% and a return on equity of 16.23%. The company had revenue of $389.63 million for the quarter, compared to analysts’ expectations of $392.03 million. During the same period last year, the firm earned $0.97 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities analysts predict that Matthews International Corporation will post $3.61 earnings per share for the current fiscal year.

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About Matthews International Corporation

Matthews International Corporation is a provider of brand solutions, memorialization products and industrial technologies. The Company operates through three segments: SGK Brand Solutions, Memorialization and Industrial Technologies. The SGK Brand Solutions segment provides brand development, deployment and delivery (consisting of brand management, printing plates and cylinders, pre-media services and imaging services for consumer packaged goods and retail customers, merchandising display systems, and marketing and design services).

Institutional Ownership by Quarter for Matthews International Corporation (NASDAQ:MATW)

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