FY2024 Earnings Estimate for Matthews International Co. Issued By B. Riley (NASDAQ:MATW)

Matthews International Co. (NASDAQ:MATWFree Report) – Analysts at B. Riley dropped their FY2024 earnings per share (EPS) estimates for shares of Matthews International in a research note issued to investors on Monday, February 5th. B. Riley analyst L. Burke now expects that the company will earn $2.66 per share for the year, down from their previous forecast of $2.90. B. Riley has a “Buy” rating and a $59.00 price objective on the stock. The consensus estimate for Matthews International’s current full-year earnings is $2.90 per share. B. Riley also issued estimates for Matthews International’s FY2025 earnings at $2.92 EPS.

Matthews International (NASDAQ:MATWGet Free Report) last posted its quarterly earnings results on Thursday, November 16th. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.06. Matthews International had a return on equity of 16.44% and a net margin of 1.77%. The business had revenue of $480.17 million during the quarter, compared to the consensus estimate of $483.00 million.

Separately, StockNews.com cut Matthews International from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st.

Read Our Latest Stock Analysis on MATW

Matthews International Trading Down 7.8 %

MATW stock opened at $28.30 on Tuesday. Matthews International has a 1-year low of $28.25 and a 1-year high of $48.86. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.88 and a quick ratio of 1.15. The company has a market capitalization of $868.24 million, a price-to-earnings ratio of 26.70 and a beta of 1.14. The business has a 50 day simple moving average of $34.99 and a two-hundred day simple moving average of $38.30.

Matthews International Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 19th. Stockholders of record on Monday, February 5th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.39%. This is a boost from Matthews International’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, February 2nd. Matthews International’s dividend payout ratio is 90.57%.

Institutional Trading of Matthews International

Several hedge funds have recently modified their holdings of the company. Phoenix Holdings Ltd. raised its holdings in Matthews International by 198.6% during the 3rd quarter. Phoenix Holdings Ltd. now owns 1,638,573 shares of the company’s stock valued at $63,792,000 after buying an additional 3,299,949 shares during the period. Select Equity Group L.P. raised its holdings in Matthews International by 843.0% during the 1st quarter. Select Equity Group L.P. now owns 559,716 shares of the company’s stock valued at $20,183,000 after buying an additional 500,363 shares during the period. Norges Bank purchased a new stake in Matthews International during the 4th quarter valued at $7,460,000. Allspring Global Investments Holdings LLC raised its holdings in Matthews International by 53.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 470,016 shares of the company’s stock valued at $17,226,000 after buying an additional 163,984 shares during the period. Finally, Palisade Capital Management LP raised its holdings in Matthews International by 24.8% during the 4th quarter. Palisade Capital Management LP now owns 641,734 shares of the company’s stock valued at $19,534,000 after buying an additional 127,650 shares during the period. 76.40% of the stock is owned by hedge funds and other institutional investors.

About Matthews International

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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.

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