20,000 Shares in Matson, Inc. $MATX Acquired by Hodges Capital Management Inc.

Key Points

• Hodges Capital Management disclosed a new stake in Matson, buying 20,000 shares valued at about $3.28 million in the first quarter. The position represents roughly 0.07% of the shipping company.
• Matson reported better-than-expected earnings for the latest quarter, posting $1.85 EPS versus the $1.65 consensus estimate, though revenue of $757.8 million came in slightly below expectations and was down 3.1% year over year.
• The company raised its quarterly dividend to $0.38 per share from $0.36, and the stock was trading near its 52-week high after opening at $203.53, even as recent insider sales and mixed analyst ratings kept sentiment split.

Hodges Capital Management Inc. acquired a new stake in shares of Matson, Inc. (NYSE:MATX - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 20,000 shares of the shipping company's stock, valued at approximately $3,279,000. Hodges Capital Management Inc. owned approximately 0.07% of Matson as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Matson during the fourth quarter valued at $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Matson in the 4th quarter worth about $2,017,000. Tudor Investment Corp ET AL boosted its stake in Matson by 2,944.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 57,850 shares of the shipping company's stock worth $5,703,000 after purchasing an additional 55,950 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Matson by 97.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 79,767 shares of the shipping company's stock worth $9,868,000 after purchasing an additional 39,370 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Matson by 887.1% during the 1st quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company's stock valued at $9,441,000 after purchasing an additional 51,752 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Matson Stock Down 0.5%

Matson stock opened at $203.53 on Tuesday. Matson, Inc. has a one year low of $86.97 and a one year high of $207.88. The stock has a fifty day moving average of $188.18 and a 200 day moving average of $166.21. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $6.16 billion, a PE ratio of 14.90 and a beta of 1.28.

Matson (NYSE:MATX - Get Free Report) last announced its earnings results on Monday, May 4th. The shipping company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.20. Matson had a return on equity of 15.90% and a net margin of 12.92%.The business had revenue of $757.80 million for the quarter, compared to analysts' expectations of $777.55 million. During the same period last year, the firm posted $2.18 earnings per share. The business's revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts predict that Matson, Inc. will post 13.96 EPS for the current year.

Matson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.7%. This is a positive change from Matson's previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 6th. Matson's dividend payout ratio (DPR) is presently 10.58%.

Analyst Ratings Changes

Several research analysts have issued reports on MATX shares. JPMorgan Chase & Co. initiated coverage on shares of Matson in a report on Monday, April 27th. They issued an "overweight" rating and a $230.00 target price for the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Matson in a report on Friday, May 29th. Wall Street Zen downgraded shares of Matson from a "buy" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Zacks Research upgraded shares of Matson to a "hold" rating in a report on Wednesday, April 29th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $181.25.

Insider Activity at Matson

In other Matson news, SVP Christopher A. Scott sold 1,520 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $181.05, for a total transaction of $275,196.00. Following the completion of the sale, the senior vice president directly owned 9,708 shares of the company's stock, valued at approximately $1,757,633.40. This represents a 13.54% 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 Kuuhaku T. Park sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total transaction of $450,475.00. Following the completion of the transaction, the senior vice president owned 10,984 shares in the company, valued at $1,979,206.96. The trade was a 18.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,963 shares of company stock valued at $4,349,268 in the last three months. Corporate insiders own 2.51% of the company's stock.

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.

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