Principal Financial Group Inc. Lowers Stock Position in Matthews International Co. (NASDAQ:MATW)

Principal Financial Group Inc. trimmed its holdings in shares of Matthews International Co. (NASDAQ:MATW) by 4.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,186 shares of the company’s stock after selling 7,203 shares during the quarter. Principal Financial Group Inc.’s holdings in Matthews International were worth $3,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of MATW. Semanteon Capital Management LP acquired a new position in Matthews International in the third quarter valued at approximately $459,000. Allspring Global Investments Holdings LLC grew its position in shares of Matthews International by 8.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 708,352 shares of the company’s stock valued at $16,434,000 after purchasing an additional 55,687 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Matthews International by 12.7% in the 3rd quarter. Wedge Capital Management L L P NC now owns 55,936 shares of the company’s stock worth $1,298,000 after acquiring an additional 6,323 shares during the last quarter. Inspire Investing LLC boosted 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 valued at $455,000 after purchasing an additional 4,018 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Matthews International by 226.0% in the third 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 period. Institutional investors and hedge funds own 83.08% of the company’s stock.

Matthews International Price Performance

Shares of NASDAQ MATW opened at $25.53 on Friday. Matthews International Co. has a 1-year low of $21.09 and a 1-year high of $39.12. The company has a market cap of $781.12 million, a price-to-earnings ratio of 30.54 and a beta of 1.06. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.66 and a quick ratio of 1.02. The stock’s 50-day moving average is $23.09 and its two-hundred day moving average is $25.23.

Wall Street Analyst Weigh In

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

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.