Matthews International (NASDAQ:MATW) Shares Cross Below 50 Day Moving Average – Should You Sell?

Shares of Matthews International Corporation (NASDAQ:MATW) crossed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $19.54 and traded as low as $18.86. Matthews International shares last traded at $18.89, with a volume of 436,662 shares.

Wall Street Analyst Weigh In

MATW has been the topic of a number of research analyst reports. Wall Street Zen downgraded Matthews International from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings cut Matthews International from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Zacks Research upgraded Matthews International from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Finally, Truist Financial assumed coverage on Matthews International in a report on Friday, August 21st. They issued a “hold” rating and a $24.00 price objective for the company. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $24.00.

Matthews International Trading Down 4.3%

The company has a debt-to-equity ratio of 1.15, a current ratio of 1.76 and a quick ratio of 1.02. The stock’s 50-day moving average is $19.54 and its two-hundred day moving average is $24.40. The company has a market cap of $589.56 million, a P/E ratio of -20.31 and a beta of 1.08.

Insiders Place Their Bets

In other news, Director J Nauman purchased 1,900 shares of the stock in a transaction dated Thursday, August 20th. The shares were purchased at an average cost of $21.96 per share, with a total value of $41,724.00. Following the acquisition, the director directly owned 9,081 shares of the company’s stock, valued at $199,418.76. This represents a 26.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have acquired 3,900 shares of company stock worth $82,794. 4.70% of the stock is currently owned by insiders.

Institutional Trading of Matthews International

Large investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in Matthews International during the second quarter valued at $38,000. Versant Capital Management Inc boosted its position in Matthews International by 232.6% in the third quarter. Versant Capital Management Inc now owns 1,756 shares of the company’s stock worth $34,000 after purchasing an additional 1,228 shares during the last quarter. Fifth Third Bancorp boosted its position in Matthews International by 40,261.1% in the first quarter. Fifth Third Bancorp now owns 7,265 shares of the company’s stock worth $188,000 after purchasing an additional 7,247 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Matthews International by 9.9% in the first quarter. Janney Montgomery Scott LLC now owns 10,801 shares of the company’s stock worth $279,000 after purchasing an additional 971 shares during the last quarter. Finally, Amundi bought a new stake in shares of Matthews International during the 1st quarter valued at about $287,000. Institutional investors own 83.08% of the company’s stock.

About Matthews International

Matthews International Corporation is a global provider of memorialization products, brand solutions and industrial technologies. Founded in 1850 and headquartered in Pittsburgh, Pennsylvania, the company serves customers in North America and other international markets. Its Memorialization business supplies products and services for cemeteries and funeral homes, including bronze and granite memorials, caskets, cremation equipment and related cemetery products. Matthews’ other businesses support companies with brand development, packaging design and production, printing and supply-chain services, as well as industrial marking, coding, labeling and automation solutions.