Polar Asset Management Partners Inc. Buys Shares of 120,394 Matthews International Co. (NASDAQ:MATW)

Polar Asset Management Partners Inc. acquired a new position in shares of Matthews International Co. (NASDAQ:MATW - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 120,394 shares of the company's stock, valued at approximately $2,793,000. Polar Asset Management Partners Inc. owned 0.39% of Matthews International as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Matthews International by 1.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 68,771 shares of the company's stock valued at $2,138,000 after acquiring an additional 1,063 shares during the last quarter. Comerica Bank lifted its holdings in shares of Matthews International by 73.9% during the 1st quarter. Comerica Bank now owns 24,246 shares of the company's stock valued at $754,000 after buying an additional 10,304 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Matthews International in the 2nd quarter worth $112,000. Wedge Capital Management L L P NC boosted its holdings in Matthews International by 11.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 49,613 shares of the company's stock worth $1,243,000 after buying an additional 4,900 shares during the period. Finally, SummerHaven Investment Management LLC lifted its position in shares of Matthews International by 3.5% in the second quarter. SummerHaven Investment Management LLC now owns 16,118 shares of the company's stock worth $404,000 after buying an additional 538 shares in the last quarter. Institutional investors and hedge funds own 83.08% of the company's stock.

Matthews International Stock Performance

Shares of Matthews International stock traded down $0.95 on Friday, reaching $29.50. 114,870 shares of the stock were exchanged, compared to its average volume of 156,311. The firm has a market capitalization of $902.76 million, a price-to-earnings ratio of -15.28 and a beta of 1.13. Matthews International Co. has a twelve month low of $21.09 and a twelve month high of $39.12. The business has a 50 day moving average price of $24.52 and a two-hundred day moving average price of $25.34. The company has a quick ratio of 0.91, a current ratio of 1.45 and a debt-to-equity ratio of 1.76.

Matthews International Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.25 per share. This is a boost from Matthews International's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.00 annualized dividend and a dividend yield of 3.39%. Matthews International's payout ratio is presently -51.81%.

Analyst Ratings Changes

Separately, B. Riley decreased their price objective on shares of 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 Company 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.