Connor Clark & Lunn Investment Management Ltd. Acquires 13,620 Shares of Matthews International Co. (NASDAQ:MATW)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Matthews International Co. (NASDAQ:MATW) by 21.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,516 shares of the company’s stock after acquiring an additional 13,620 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.26% of Matthews International worth $1,822,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State Board of Administration of Florida Retirement System boosted its position in shares of Matthews International by 67.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,202 shares of the company’s stock worth $441,000 after purchasing an additional 5,710 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Matthews International by 2.2% in the first quarter. Vanguard Group Inc. now owns 3,619,317 shares of the company’s stock worth $112,488,000 after acquiring an additional 76,752 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Matthews International by 1.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 68,771 shares of the company’s stock worth $2,138,000 after acquiring an additional 1,063 shares during the last quarter. Comerica Bank increased its holdings in shares of Matthews International by 73.9% during the first quarter. Comerica Bank now owns 24,246 shares of the company’s stock valued at $754,000 after acquiring an additional 10,304 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Matthews International in the 2nd quarter worth about $112,000. Hedge funds and other institutional investors own 83.08% of the company’s stock.

Matthews International Stock Performance

MATW stock opened at $31.54 on Tuesday. The stock’s 50 day simple moving average is $23.26 and its 200 day simple moving average is $25.20. The company has a current ratio of 1.45, a quick ratio of 0.91 and a debt-to-equity ratio of 1.76. Matthews International Co. has a 12-month low of $21.09 and a 12-month high of $39.12. The stock has a market capitalization of $965.06 million, a PE ratio of -16.34 and a beta of 1.06.

Matthews International Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Matthews International’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.17%. Matthews International’s dividend payout ratio (DPR) is -51.81%.

Analyst Upgrades and Downgrades

Separately, B. Riley reduced 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 note 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.