Public Sector Pension Investment Board Has $1.51 Million Position in Matthews International Co. (NASDAQ:MATW)

Public Sector Pension Investment Board trimmed its holdings in shares of Matthews International Co. (NASDAQ:MATW) by 4.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,890 shares of the company’s stock after selling 2,700 shares during the period. Public Sector Pension Investment Board owned about 0.21% of Matthews International worth $1,505,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its position in Matthews International by 8.5% during 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 during the last quarter. Barington Capital Group L.P. boosted its holdings in shares of Matthews International by 18.1% in the 2nd quarter. Barington Capital Group L.P. now owns 385,000 shares of the company’s stock valued at $9,644,000 after buying an additional 59,000 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Matthews International by 4.3% in the second quarter. Bank of New York Mellon Corp now owns 360,165 shares of the company’s stock valued at $9,022,000 after buying an additional 14,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Matthews International by 21.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 78,516 shares of the company’s stock worth $1,822,000 after buying an additional 13,620 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C raised its position in Matthews International by 364.1% during the second quarter. Deerfield Management Company L.P. Series C now owns 57,723 shares of the company’s stock worth $1,446,000 after acquiring an additional 45,285 shares in the last quarter. Institutional investors own 83.08% of the company’s stock.

Analysts Set New Price Targets

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 report on Thursday, September 26th.

Matthews International Price Performance

Shares of NASDAQ MATW opened at $29.50 on Friday. Matthews International Co. has a twelve month low of $21.09 and a twelve month high of $39.12. The company has a market cap of $902.76 million, a PE ratio of -15.28 and a beta of 1.13. The business’s 50 day moving average price is $24.65 and its two-hundred day moving average price is $25.35. 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 firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.25 per share. This is an increase 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 yield of 3.39%. Matthews International’s dividend payout ratio (DPR) is currently -51.81%.

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.