Matson (NYSE:MATX) Stock Bumped Down to "Hold" by Zacks Research

Key Points

• Zacks Research downgraded Matson from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with a $239.25 target price.
• Matson reported quarterly EPS of $4.27, beating estimates of $3.79, while revenue rose 16.7% year over year to $969.4 million.
• Matson shares opened at $224.68, near their 52-week high of $240.87; insiders have sold 12,462 shares worth approximately $2.7 million over the past quarter.

Matson (NYSE:MATX - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

Other research analysts have also issued research reports about the company. Wall Street Zen lowered Matson from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Weiss Ratings raised Matson from a "hold (c)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Freedom Broker initiated coverage on Matson in a research note on Wednesday, September 30th. They set a "buy" rating and a $260.00 price objective on the stock. JPMorgan Chase & Co. lifted 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 lifted their price objective on shares of Matson from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $239.25.

Matson Stock Performance

Shares of Matson stock opened at $224.68 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. Matson has a 1 year low of $86.97 and a 1 year high of $240.87. The firm's 50-day simple moving average is $221.13 and its 200-day simple moving average is $198.46. The firm has a market cap of $6.72 billion, a PE ratio of 15.02 and a beta of 1.30.

Matson (NYSE:MATX - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The shipping company reported $4.27 EPS for the quarter, topping analysts' consensus estimates of $3.79 by $0.48. The business had revenue of $969.40 million during the quarter, compared to the consensus estimate of $893.91 million. Matson had a return on equity of 16.94% and a net margin of 13.41%.The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned $2.92 earnings per share. Equities analysts forecast that Matson will post 16.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Matson news, EVP Vic S. Angoco, Jr. sold 2,293 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $222.76, for a total value of $510,788.68. Following the sale, the executive vice president directly owned 12,507 shares of the company's stock, valued at $2,786,059.32. This trade represents a 15.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Leonard P. Isotoff sold 1,250 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $208.30, for a total value of $260,375.00. Following the completion of the sale, the senior vice president directly owned 6,527 shares in the company, valued at $1,359,574.10. This represents a 16.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 12,462 shares of company stock worth $2,695,832. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Matson

Several institutional investors have recently modified their holdings of MATX. Allworth Financial LP bought a new stake in Matson in the 2nd quarter valued at about $28,000. Global Retirement Partners LLC bought a new position in Matson in the 2nd quarter worth about $44,000. Public Employees Retirement System of Ohio bought a new position in Matson in the 2nd quarter worth about $55,000. Meeder Asset Management Inc. acquired a new stake in shares of Matson in the second quarter valued at approximately $57,000. Finally, Nykredit A S acquired a new stake in shares of Matson in the second quarter valued at approximately $142,000. Institutional investors own 84.76% of the company's stock.

Matson Company Profile

Matson, Inc is a transportation and logistics company that provides ocean shipping and supply chain services. Through its Matson Navigation subsidiary, the company transports containers, vehicles, construction materials, food products and other cargo between the U.S. mainland and the noncontiguous markets of Hawaii, Alaska and Guam, as well as locations in the South Pacific and Micronesia.

Matson also operates ocean transportation services connecting the U.S. West Coast with China and Japan.

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