Equities Analysts Set Expectations for Matthews International Co.’s Q3 2024 Earnings (NASDAQ:MATW)

Matthews International Co. (NASDAQ:MATW) – Equities researchers at B. Riley reduced their Q3 2024 earnings estimates for shares of Matthews International in a research report issued on Thursday, April 18th. B. Riley analyst L. Burke now forecasts that the company will earn $0.75 per share for the quarter, down from their prior estimate of $0.77. B. Riley currently has a “Buy” rating and a $59.00 target price on the stock. The consensus estimate for Matthews International’s current full-year earnings is $2.60 per share. B. Riley also issued estimates for Matthews International’s FY2024 earnings at $2.60 EPS and FY2025 earnings at $2.78 EPS.

Matthews International (NASDAQ:MATW) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.37 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.37. The business had revenue of $449.99 million for the quarter, compared to analyst estimates of $437.77 million. Matthews International had a net margin of 1.77% and a return on equity of 16.44%.

Separately, StockNews.com downgraded shares of Matthews International from a “buy” rating to a “hold” rating in a research note on Friday, February 9th.

Matthews International Price Performance

Shares of NASDAQ:MATW opened at $26.72 on Monday. The company has a market cap of $819.77 million, a price-to-earnings ratio of 25.21 and a beta of 1.12. 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 firm has a 50 day simple moving average of $28.50 and a 200 day simple moving average of $33.02. Matthews International has a one year low of $25.42 and a one year high of $48.86.

Matthews International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 19th. Investors of record on Monday, February 5th were given a dividend of $0.24 per share. The ex-dividend date was Friday, February 2nd. This is an increase from Matthews International’s previous quarterly dividend of $0.13. This represents a $0.96 annualized dividend and a yield of 3.59%. Matthews International’s dividend payout ratio (DPR) is currently 90.57%.

Institutional Investors Weigh In On Matthews International

Hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd boosted its position in Matthews International by 15,914.3% during the 3rd quarter. Covestor Ltd now owns 1,121 shares of the company’s stock worth $43,000 after buying an additional 1,114 shares during the period. Smithfield Trust Co boosted its position in Matthews International by 300.0% during the 4th quarter. Smithfield Trust Co now owns 2,800 shares of the company’s stock worth $104,000 after buying an additional 2,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Matthews International by 39.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,962 shares of the company’s stock worth $193,000 after buying an additional 1,401 shares during the period. D.A. Davidson & CO. acquired a new stake in Matthews International during the 3rd quarter worth approximately $211,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Matthews International by 17.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,841 shares of the company’s stock worth $214,000 after buying an additional 879 shares during the period. 83.08% of the stock is currently owned by institutional investors and hedge funds.

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.