KBC Group NV Buys Shares of 34,780 Matson, Inc. $MATX

KBC Group NV purchased a new stake in Matson, Inc. (NYSE:MATX) in the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 34,780 shares of the shipping company’s stock, valued at approximately $5,702,000.

Several other hedge funds have also made changes to their positions in the company. Royal Bank of Canada lifted its holdings in Matson by 8.3% in the first quarter. Royal Bank of Canada now owns 41,346 shares of the shipping company’s stock valued at $5,300,000 after acquiring an additional 3,155 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Matson by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,511 shares of the shipping company’s stock worth $2,501,000 after acquiring an additional 863 shares during the last quarter. Millennium Management LLC raised its position in Matson by 7.1% in the first quarter. Millennium Management LLC now owns 102,629 shares of the shipping company’s stock valued at $13,154,000 after purchasing an additional 6,778 shares during the period. NewEdge Advisors LLC purchased a new position in shares of Matson during the 1st quarter worth $78,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Matson by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 24,459 shares of the shipping company’s stock worth $3,135,000 after purchasing an additional 2,492 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insiders Place Their Bets

In related news, SVP John Warren Sullivan sold 3,331 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $180.14, for a total transaction of $600,046.34. Following the sale, the senior vice president directly owned 9,547 shares of the company’s stock, valued at $1,719,796.58. This represents a 25.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Christopher A. Scott sold 3,305 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $180.14, for a total transaction of $595,362.70. Following the sale, the senior vice president owned 11,228 shares in the company, valued at approximately $2,022,611.92. This trade represents a 22.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 23,963 shares of company stock valued at $4,349,268. 2.51% of the stock is owned by company insiders.

Matson Price Performance

MATX stock opened at $213.44 on Friday. The business’s fifty day moving average price is $196.58 and its 200 day moving average price is $174.19. Matson, Inc. has a 12-month low of $86.97 and a 12-month high of $230.74. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $6.46 billion, a PE ratio of 15.68 and a beta of 1.28.

Matson (NYSE:MATX) last announced its earnings results on Monday, May 4th. The shipping company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.20. The company had revenue of $757.80 million during the quarter, compared to analysts’ expectations of $777.55 million. Matson had a return on equity of 15.90% and a net margin of 12.92%.Matson’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the business posted $2.18 EPS. On average, sell-side analysts anticipate that Matson, Inc. will post 14.16 EPS for the current year.

Matson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be given a dividend of $0.38 per share. This is a boost from Matson’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. Matson’s dividend payout ratio is currently 10.58%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. started coverage on shares of Matson in a report on Monday, April 27th. They issued an “overweight” rating and a $230.00 price objective on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Matson in a research note on Friday, May 29th. Finally, Zacks Research raised shares of Matson to a “hold” rating in a research report on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $181.25.

About Matson

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.