Principal Financial Group Inc. Lowers Stock Position in Matson, Inc. $MATX

Principal Financial Group Inc. reduced its position in shares of Matson, Inc. (NYSE:MATX) by 23.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,520 shares of the shipping company’s stock after selling 46,159 shares during the period. Principal Financial Group Inc. owned 0.50% of Matson worth $24,840,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Danske Bank A S purchased a new stake in Matson in the 4th quarter valued at about $25,000. SouthState Bank Corp purchased a new position in shares of Matson in the 4th quarter worth approximately $31,000. Headlands Technologies LLC bought a new position in shares of Matson in the second quarter valued at approximately $28,000. EverSource Wealth Advisors LLC grew its holdings in shares of Matson by 57.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock valued at $32,000 after acquiring an additional 94 shares in the last quarter. Finally, Torren Management LLC bought a new position in shares of Matson in the fourth quarter valued at approximately $34,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. JPMorgan Chase & Co. started coverage on Matson in a report on Monday, April 27th. They set an “overweight” rating and a $230.00 price target on the stock. Zacks Research raised Matson to a “hold” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Matson in a research note on Friday, May 29th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $181.25.

Insider Buying and Selling

In other Matson news, SVP John Warren Sullivan sold 3,331 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $180.14, for a total value of $600,046.34. Following the completion of the transaction, the senior vice president directly owned 9,547 shares of the company’s stock, valued at $1,719,796.58. This trade represents a 25.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Christopher A. Scott sold 3,305 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $180.14, for a total transaction of $595,362.70. Following the transaction, the senior vice president owned 11,228 shares of the company’s stock, valued at $2,022,611.92. This trade represents a 22.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 23,963 shares of company stock valued at $4,349,268 in the last three months. Insiders own 2.51% of the company’s stock.

Matson Stock Performance

NYSE:MATX opened at $218.11 on Tuesday. The business’s fifty day moving average is $194.47 and its 200 day moving average is $172.24. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of 16.03 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. Matson, Inc. has a 52-week low of $86.97 and a 52-week high of $230.74.

Matson (NYSE:MATX) last issued its earnings results on Monday, May 4th. The shipping company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.65 by $0.20. The business had revenue of $757.80 million during the quarter, compared to the consensus estimate of $777.55 million. Matson had a return on equity of 15.90% and a net margin of 12.92%.The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.18 EPS. Research analysts predict that Matson, Inc. will post 14.16 EPS for the current year.

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from Matson’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 6th. Matson’s dividend payout ratio (DPR) is 10.58%.

Matson Profile

Matson, Inc (NYSE: MATX) is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson’s ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.