Potential Price Increase for Matthews International Corporation (MATW) After Recent Insider Activity


In a filing, Matthews International Corporation revealed its Director Richards Aleta W. acquired Company’s shares for reported $49704.0 on Aug 09. In the deal valued at $45.60 per share,1,090 shares were bought. As a result of this transaction, Richards Aleta W. now holds 1,090 shares worth roughly $ 46150.600000000006.

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Then, BARTOLACCI JOSEPH C sold 10,000 shares, generating $301,700 in total proceeds. Upon selling the shares at $30.17, the President and CEO now owns 345,117 shares.

Sidoti initiated its Matthews International Corporation [MATW] rating to a Buy in a research note published on Friday, August 31, 2021; the price target was $60. PT values the company’s stock at a premium of 29.43 to its Friday closing price.

Price Performance Review of MATW

On Friday, Matthews International Corporation [NASDAQ:MATW] saw its stock jump 0.38% to $42.34. On the same session, the stock had its day’s lowest price of $41.73, but rose to a high of $42.5746. Over the last five days, the stock has gained 3.02%. Matthews International Corporation shares have risen nearly 39.09% since the year began. Nevertheless, the stocks have risen 69.29% over the past one year. While a 52-week high of $48.86 was reached on 07/27/23, a 52-week low of $22.12 was recorded on 01/03/23. SMA at 50 days reached $44.44, while 200 days put it at $38.22. A total of 0.13 million shares were traded, compared to the trading of 98900.0 shares in the previous session.

Levels Of Support And Resistance For MATW Stock

The 24-hour chart illustrates a support level at 41.86, which if violated will result in even more drops to 41.37. On the upside, there is a resistance level at 42.70. A further resistance level may holdings at 43.06. The Relative Strength Index (RSI) on the 14-day chart is 44.02, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.56, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 54.38%. Stochastics %K at 54.66% indicates the stock is a holding.

How much short interest is there in Matthews International Corporation?

A steep rise in short interest was recorded in Matthews International Corporation stocks on Aug 14, 2023, growing by 20360.0 shares to a total of 0.51 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 0.49 million shares. There was a rise of 4.01%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.47% of the overall stock float, the days-to-cover ratio (short ratio) rose to 5.07.

Matthews International Corporation [MATW] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 4,523,815 shares, or roughly 14.85% of the outstanding MATW shares. In other words, the investor’s shares have fallen by -59,832 from its previous 13-F filing of 4583647.0. Additionally, The Vanguard Group, Inc. decreased -1.30% of its stake after which the total value it holdings stand at $159,498,599, while Dimensional Fund Advisors LP added 0.09% of its stake to hold $66.23 million in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 11,298 shares of Matthews International Corporation, while GAMCO Asset Management, Inc. bought -15,550 shares. At present, Aristotle Capital Boston LLC is holding 1,055,635 shares valued at $48.45 million. Threadneedle Asset Management Ltd owned 793,565 shares of the company at the time of its most recent 13F filing, worth $36.42 million.

According to FactSet, Matthews International Corporation’s share price will average $57.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 35.14 percent from its previous closing price of $42.18. Analysts expect Matthews International Corporation stock to reach the higher price of $64.00, while the lowest price estimate is $50.00. However, 2 analysts have rated MATW stock as a Buy in their predictions for 2023.


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