Allspring Global Investments Holdings LLC Acquires 55,687 Shares of Matthews International Co. (NASDAQ:MATW)

Allspring Global Investments Holdings LLC raised its stake in shares of Matthews International Co. (NASDAQ:MATW - Free Report) by 8.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 708,352 shares of the company's stock after buying an additional 55,687 shares during the period. Allspring Global Investments Holdings LLC owned 2.31% of Matthews International worth $16,434,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Wedge Capital Management L L P NC boosted its position in Matthews International by 12.7% during the third quarter. Wedge Capital Management L L P NC now owns 55,936 shares of the company's stock worth $1,298,000 after purchasing an additional 6,323 shares during the period. Inspire Investing LLC raised its holdings in Matthews International by 25.8% in the 3rd quarter. Inspire Investing LLC now owns 19,608 shares of the company's stock worth $455,000 after acquiring an additional 4,018 shares during the period. SG Americas Securities LLC lifted its position in Matthews International by 226.0% during the 3rd quarter. SG Americas Securities LLC now owns 14,577 shares of the company's stock worth $338,000 after acquiring an additional 10,105 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Matthews International during the second quarter valued at about $49,000. Finally, Barington Capital Group L.P. lifted its position in shares of Matthews International by 18.1% during the 2nd quarter. Barington Capital Group L.P. now owns 385,000 shares of the company's stock worth $9,644,000 after purchasing an additional 59,000 shares during the last quarter. Institutional investors and hedge funds own 83.08% of the company's stock.

Wall Street Analyst Weigh In

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

Matthews International Stock Performance

Shares of MATW traded up $0.41 during trading hours on Friday, reaching $22.82. 121,520 shares of the company traded hands, compared to its average volume of 153,624. Matthews International Co. has a 1-year low of $21.09 and a 1-year high of $39.12. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.02 and a current ratio of 1.66. The stock has a market cap of $698.29 million, a P/E ratio of 27.32 and a beta of 1.07. The stock's fifty day moving average is $23.46 and its 200 day moving average is $25.68.

Matthews International (NASDAQ:MATW - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $0.56 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.02). The firm had revenue of $427.83 million during the quarter, compared to analyst estimates of $450.03 million. Matthews International had a net margin of 1.43% and a return on equity of 15.79%. During the same quarter in the previous year, the company posted $0.74 earnings per share. Equities research analysts anticipate that Matthews International Co. will post 2.03 earnings per share for the current fiscal year.

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.