PNC Financial Services Group Inc. Sells 3,135 Shares of Matson, Inc. $MATX

PNC Financial Services Group Inc. reduced its stake in shares of Matson, Inc. (NYSE:MATX) by 29.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,574 shares of the shipping company’s stock after selling 3,135 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Matson were worth $1,242,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Danske Bank A S bought a new stake in Matson during the 4th quarter valued at about $25,000. SouthState Bank Corp purchased a new stake in Matson in the 4th quarter valued at about $31,000. Headlands Technologies LLC purchased a new stake in Matson in the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its stake in Matson by 57.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock worth $32,000 after acquiring an additional 94 shares in the last quarter. Finally, Torren Management LLC bought a new position in Matson in the 4th quarter worth about $34,000. 84.76% of the stock is currently owned by institutional investors.

Matson Stock Down 0.7%

NYSE:MATX opened at $202.30 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82. Matson, Inc. has a 1-year low of $86.97 and a 1-year high of $230.74. The company has a 50-day moving average of $199.17 and a 200 day moving average of $177.01. The firm has a market cap of $6.12 billion, a PE ratio of 14.86 and a beta of 1.28.

Matson (NYSE:MATX) last posted 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. Matson had a net margin of 12.92% and a return on equity of 15.90%. The business had revenue of $757.80 million for the quarter, compared to the consensus estimate of $777.55 million. During the same quarter last year, the firm posted $2.18 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, research analysts anticipate that Matson, Inc. will post 14.16 EPS for the current fiscal year.

Matson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be paid 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 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, August 6th. Matson’s payout ratio is 10.58%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Zacks Research raised shares of Matson to a “hold” rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. initiated coverage on Matson in a research note on Monday, April 27th. They issued an “overweight” rating and a $230.00 price objective on the stock. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Matson in a report on Friday, May 29th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Matson presently has an average rating of “Moderate Buy” and a consensus price target of $203.33.

Insider Activity at Matson

In other Matson news, SVP Laura L. Rascon sold 2,800 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $188.53, for a total transaction of $527,884.00. Following the completion of the sale, the senior vice president owned 15,656 shares in the company, valued at $2,951,625.68. This represents a 15.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kuuhaku T. Park sold 2,500 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $180.19, for a total value of $450,475.00. Following the sale, the senior vice president directly owned 10,984 shares in the company, valued at $1,979,206.96. This trade represents a 18.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,963 shares of company stock valued at $4,349,268 over the last quarter. 2.51% of the stock is owned by insiders.

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.