Charles Schwab Investment Management Inc. Trims Holdings in Matthews International Co. (NASDAQ:MATW)

Charles Schwab Investment Management Inc. lessened its stake in Matthews International Co. (NASDAQ:MATW - Free Report) by 12.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 365,892 shares of the company's stock after selling 50,284 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.20% of Matthews International worth $8,489,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of Matthews International by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 708,352 shares of the company's stock valued at $16,434,000 after purchasing an additional 55,687 shares in the last quarter. Barington Capital Group L.P. lifted its position in Matthews International by 18.1% during the second quarter. Barington Capital Group L.P. now owns 385,000 shares of the company's stock valued at $9,644,000 after buying an additional 59,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Matthews International by 4.3% during the second quarter. Bank of New York Mellon Corp now owns 360,165 shares of the company's stock valued at $9,022,000 after buying an additional 14,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Matthews International by 21.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 78,516 shares of the company's stock valued at $1,822,000 after acquiring an additional 13,620 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Matthews International by 6.9% during the 2nd quarter. Public Sector Pension Investment Board now owns 67,590 shares of the company's stock valued at $1,693,000 after acquiring an additional 4,365 shares in the last quarter. Institutional investors and hedge funds own 83.08% of the company's stock.

Analyst Ratings Changes

Separately, B. Riley lowered their target price on Matthews International from $54.00 to $40.00 and set a "buy" rating for the company in a research note on Thursday, September 26th.

Matthews International Stock Down 2.0 %

MATW stock traded down $0.61 during trading on Wednesday, reaching $30.37. The stock had a trading volume of 290,983 shares, compared to its average volume of 156,705. Matthews International Co. has a 1-year low of $21.09 and a 1-year high of $39.12. The company has a current ratio of 1.45, a quick ratio of 0.91 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $929.38 million, a P/E ratio of -16.05 and a beta of 1.13. The firm has a fifty day moving average price of $24.95 and a 200 day moving average price of $25.33.

Matthews International Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.25 dividend. This is a boost from Matthews International's previous quarterly dividend of $0.24. The ex-dividend date is Monday, December 2nd. This represents a $1.00 annualized dividend and a dividend yield of 3.29%. Matthews International's payout ratio is -51.81%.

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.