Matson, Inc. (NYSE:MATX) Stake Decreased by Covestor Ltd

Covestor Ltd lessened its holdings in shares of Matson, Inc. (NYSE:MATX) by 31.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,052 shares of the shipping company’s stock after selling 478 shares during the period. Covestor Ltd’s holdings in Matson were worth $118,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Edgestream Partners L.P. raised its holdings in shares of Matson by 70.1% during the first quarter. Edgestream Partners L.P. now owns 5,071 shares of the shipping company’s stock valued at $570,000 after buying an additional 2,090 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Matson by 5.7% during the first quarter. Vanguard Group Inc. now owns 3,984,076 shares of the shipping company’s stock valued at $447,810,000 after acquiring an additional 215,452 shares during the period. Jupiter Asset Management Ltd. increased its stake in shares of Matson by 3,509.3% during the first quarter. Jupiter Asset Management Ltd. now owns 188,910 shares of the shipping company’s stock valued at $21,233,000 after acquiring an additional 183,676 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Matson by 25.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 12,793 shares of the shipping company’s stock valued at $1,438,000 after acquiring an additional 2,620 shares during the period. Finally, Advisors Preferred LLC increased its stake in shares of Matson by 10.0% during the first quarter. Advisors Preferred LLC now owns 19,079 shares of the shipping company’s stock valued at $2,124,000 after acquiring an additional 1,727 shares during the period. Institutional investors own 84.76% of the company’s stock.

Matson Price Performance

Matson stock traded down $0.33 during mid-day trading on Tuesday, hitting $128.60. The company’s stock had a trading volume of 99,008 shares, compared to its average volume of 265,040. The stock’s fifty day moving average price is $123.98 and its two-hundred day moving average price is $116.06. Matson, Inc. has a twelve month low of $82.68 and a twelve month high of $133.88. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $4.49 billion, a P/E ratio of 15.20 and a beta of 1.09.

Matson (NYSE:MATX) last posted its quarterly earnings data on Tuesday, April 30th. The shipping company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Matson had a net margin of 9.61% and a return on equity of 12.66%. The firm had revenue of $722.10 million during the quarter, compared to analyst estimates of $730.44 million. During the same quarter last year, the business posted $0.94 EPS. The company’s revenue was up 2.5% on a year-over-year basis. Research analysts forecast that Matson, Inc. will post 10.1 earnings per share for the current year.

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 1st will be paid a $0.34 dividend. This is a positive change from Matson’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $1.36 dividend on an annualized basis and a yield of 1.06%. Matson’s dividend payout ratio (DPR) is currently 15.09%.

Insider Buying and Selling

In related news, SVP John Warren Sullivan sold 893 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $110.60, for a total value of $98,765.80. Following the completion of the transaction, the senior vice president now owns 13,495 shares of the company’s stock, valued at approximately $1,492,547. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP John Warren Sullivan sold 893 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $110.60, for a total value of $98,765.80. Following the completion of the sale, the senior vice president now directly owns 13,495 shares in the company, valued at $1,492,547. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Cox sold 7,843 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.54, for a total transaction of $1,023,825.22. Following the completion of the sale, the chief executive officer now owns 230,397 shares of the company’s stock, valued at $30,076,024.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,180 shares of company stock valued at $5,943,909. Company insiders own 2.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MATX shares. Stephens restated an “overweight” rating and issued a $135.00 price target on shares of Matson in a research report on Friday, May 24th. Stifel Nicolaus lifted their price target on shares of Matson from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Finally, StockNews.com upgraded shares of Matson from a “hold” rating to a “buy” rating in a research report on Wednesday, July 3rd.

About Matson

Matson, Inc, together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia.