Pinnbrook Capital Management LP Takes $8.81 Million Position in Matson, Inc. $MATX

Pinnbrook Capital Management LP acquired a new stake in Matson, Inc. (NYSE:MATX) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 45,814 shares of the shipping company’s stock, valued at approximately $8,807,000. Pinnbrook Capital Management LP owned about 0.15% of Matson at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Matson in the fourth quarter worth about $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Matson during the 4th quarter valued at about $2,017,000. Bank of America Corp DE raised its stake in shares of Matson by 12.6% in the 1st quarter. Bank of America Corp DE now owns 200,926 shares of the shipping company’s stock valued at $32,940,000 after acquiring an additional 22,516 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Matson by 887.1% in the 1st quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company’s stock valued at $9,441,000 after acquiring an additional 51,752 shares in the last quarter. Finally, Summit Global Investments acquired a new stake in Matson in the 2nd quarter worth approximately $1,398,000. 84.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MATX has been the subject of a number of recent analyst reports. Zacks Research raised Matson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 6th. Wall Street Zen cut shares of Matson from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings upgraded shares of Matson from a “hold (c)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Matson from $230.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Stephens raised their target price on shares of Matson from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $232.33.

Matson Stock Performance

Shares of NYSE MATX opened at $223.14 on Friday. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $230.74. The company has a market cap of $6.67 billion, a P/E ratio of 14.92 and a beta of 1.27. The business’s 50 day moving average is $206.47 and its two-hundred day moving average is $183.63. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Matson (NYSE:MATX) last announced its quarterly earnings data on Monday, August 3rd. The shipping company reported $4.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.48. Matson had a net margin of 13.41% and a return on equity of 16.94%. The business had revenue of $969.40 million for the quarter, compared to the consensus estimate of $893.91 million. During the same quarter last year, the company posted $2.92 earnings per share. Matson’s quarterly revenue was up 16.7% on a year-over-year basis. On average, equities analysts expect that Matson, Inc. will post 16.01 EPS for the current year.

Matson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, August 6th. This is a positive change from Matson’s previous quarterly dividend of $0.36. Matson’s payout ratio is presently 10.16%.

Insider Activity at Matson

In other news, SVP John Warren Sullivan sold 1,917 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $208.49, for a total transaction of $399,675.33. Following the completion of the transaction, the senior vice president owned 7,630 shares of the company’s stock, valued at approximately $1,590,778.70. This represents a 20.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Leonard P. Isotoff sold 1,250 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $208.30, for a total transaction of $260,375.00. Following the completion of the sale, the senior vice president owned 6,527 shares of the company’s stock, valued at approximately $1,359,574.10. The trade was a 16.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 14,169 shares of company stock worth $2,933,211. Insiders own 2.51% of the company’s stock.

Matson Company 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.