Matthews International (NASDAQ:MATW) Shares Pass Above 200 Day Moving Average – Here’s Why

Matthews International Corporation (NASDAQ:MATW)’s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $23.17 and traded as high as $23.27. Matthews International shares last traded at $23.01, with a volume of 594,572 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MATW. Weiss Ratings restated a “sell (d)” rating on shares of Matthews International in a research report on Wednesday, October 8th. Wall Street Zen upgraded Matthews International from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Matthews International Stock Performance

The firm has a market capitalization of $708.50 million, a PE ratio of -10.85 and a beta of 1.30. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.98 and a current ratio of 1.66. The business’s fifty day simple moving average is $23.99 and its 200-day simple moving average is $23.20.

Matthews International (NASDAQ:MATW) last issued its earnings results on Wednesday, February 16th. The company reported $0.68 earnings per share for the quarter. The firm had revenue of $386.66 million during the quarter. Matthews International had a negative net margin of 4.01% and a positive return on equity of 9.15%. As a group, equities research analysts expect that Matthews International Corporation will post 1.73 EPS for the current year.

Hedge Funds Weigh In On Matthews International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in shares of Matthews International by 11.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 370,457 shares of the company’s stock valued at $8,239,000 after buying an additional 38,740 shares in the last quarter. Nuveen LLC bought a new stake in Matthews International during the first quarter worth approximately $2,578,000. Gabelli Funds LLC raised its position in Matthews International by 1.2% during the first quarter. Gabelli Funds LLC now owns 150,648 shares of the company’s stock valued at $3,350,000 after purchasing an additional 1,737 shares during the period. Maven Securities LTD bought a new stake in shares of Matthews International in the 1st quarter valued at approximately $334,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Matthews International by 81.0% in the 1st quarter. Russell Investments Group Ltd. now owns 155,018 shares of the company’s stock valued at $3,448,000 after purchasing an additional 69,356 shares during the last quarter. 83.08% of the stock is owned by institutional investors.

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.