Algert Global LLC Reduces Stake in Matson, Inc. $MATX

Key Points

• Algert Global cut its Matson stake by 74.2% in the second quarter, selling 165,360 shares and retaining 57,554 shares valued at approximately $11.1 million.
• Analyst sentiment remains positive, with Matson holding a consensus “Buy” rating and an average price target of $232.33; JPMorgan and Stephens recently raised their targets to $270 and $260, respectively.
• Matson reported strong quarterly results, with EPS of $4.27 and revenue of $969.4 million, both ahead of estimates. The company also raised its quarterly dividend to $0.38 per share, while insiders have sold $3.44 million of stock over the past 90 days.

Algert Global LLC reduced its stake in shares of Matson, Inc. (NYSE:MATX - Free Report) by 74.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,554 shares of the shipping company's stock after selling 165,360 shares during the quarter. Algert Global LLC owned about 0.19% of Matson worth $11,064,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Matson during the 2nd quarter valued at approximately $952,903,000. Vanguard Group Inc. raised its position in Matson by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,671,519 shares of the shipping company's stock worth $453,616,000 after purchasing an additional 21,516 shares during the period. Dimensional Fund Advisors LP raised its position in Matson by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,982,793 shares of the shipping company's stock worth $244,975,000 after purchasing an additional 21,463 shares during the period. Ameriprise Financial Inc. lifted its stake in Matson by 27.9% in the second quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company's stock worth $65,770,000 after purchasing an additional 128,994 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Matson by 144.9% in the third quarter. Millennium Management LLC now owns 455,133 shares of the shipping company's stock worth $44,872,000 after purchasing an additional 269,310 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on MATX. Wall Street Zen lowered Matson from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings upgraded Matson from a "hold (c)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of Matson from $230.00 to $270.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Stephens boosted 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. Finally, Zacks Research upgraded shares of Matson from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $232.33.

Insider Activity at Matson

In other news, SVP Leonard P. Isotoff sold 1,250 shares of the business's 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 transaction, the senior vice president directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter T. Heilmann sold 5,000 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $220.15, for a total value of $1,100,750.00. Following the sale, the executive vice president owned 20,506 shares of the company's stock, valued at $4,514,395.90. This trade represents a 19.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 16,462 shares of company stock valued at $3,444,000 over the last 90 days. Insiders own 2.51% of the company's stock.

Matson Stock Down 0.1%

Shares of Matson stock opened at $222.50 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of 14.87 and a beta of 1.27. The firm's 50-day moving average is $207.56 and its two-hundred day moving average is $184.59. Matson, Inc. has a 1 year low of $86.97 and a 1 year high of $230.74.

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, beating 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 during the quarter, compared to analyst estimates of $893.91 million. During the same quarter in the previous year, the business posted $2.92 EPS. The company's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, research analysts expect that Matson, Inc. will post 16.01 earnings per share for the current fiscal year.

Matson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be issued a dividend of $0.38 per share. This is an increase from Matson's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Thursday, August 6th. Matson's dividend payout ratio (DPR) is currently 10.16%.

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.

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