Algert Global LLC Cuts Holdings in Matson, Inc. $MATX

Key Points

• Algert Global LLC has reduced its stake in Matson, Inc. by 28.5%, selling 28,716 shares to hold 72,137 shares valued at approximately $9.25 million.
• Matson recently announced an increase in its quarterly dividend from $0.34 to $0.36 per share, with a dividend yield of 1.4%.
• Analysts have lowered target prices for Matson shares, with some now rating the stock as a "hold", amidst a consensus price target of $131.67.

Algert Global LLC reduced its position in Matson, Inc. (NYSE:MATX - Free Report) by 28.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,137 shares of the shipping company's stock after selling 28,716 shares during the quarter. Algert Global LLC owned 0.22% of Matson worth $9,246,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MATX. Bessemer Group Inc. boosted its holdings in Matson by 67.7% during the 4th quarter. Bessemer Group Inc. now owns 213 shares of the shipping company's stock valued at $29,000 after acquiring an additional 86 shares during the period. Ameriflex Group Inc. purchased a new stake in Matson during the 4th quarter valued at about $36,000. Covestor Ltd boosted its holdings in Matson by 30.4% during the 1st quarter. Covestor Ltd now owns 764 shares of the shipping company's stock valued at $98,000 after acquiring an additional 178 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in Matson by 676.8% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 769 shares of the shipping company's stock valued at $99,000 after acquiring an additional 670 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in Matson by 112.2% during the 1st quarter. Parallel Advisors LLC now owns 783 shares of the shipping company's stock valued at $100,000 after acquiring an additional 414 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Matson

In other news, Director Bradley D. Tilden bought 2,752 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was purchased at an average price of $111.76 per share, with a total value of $307,563.52. Following the transaction, the director owned 8,180 shares of the company's stock, valued at approximately $914,196.80. The trade was a 50.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Leonard P. Isotoff sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $111.47, for a total value of $55,735.00. Following the transaction, the senior vice president directly owned 5,644 shares of the company's stock, valued at approximately $629,136.68. This trade represents a 8.14% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.05% of the company's stock.

Matson Stock Up 2.8%

Shares of NYSE:MATX traded up $2.8650 during trading on Friday, hitting $105.7950. The stock had a trading volume of 247,291 shares, compared to its average volume of 410,256. Matson, Inc. has a 12 month low of $91.75 and a 12 month high of $169.12. The company has a market capitalization of $3.36 billion, a PE ratio of 7.15 and a beta of 1.22. The firm's fifty day moving average is $109.46 and its 200 day moving average is $116.61. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.13.

Matson (NYSE:MATX - Get Free Report) last announced its earnings results on Thursday, July 31st. The shipping company reported $2.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.74. Matson had a return on equity of 18.90% and a net margin of 14.26%.The firm had revenue of $830.50 million during the quarter, compared to analyst estimates of $727.30 million. During the same quarter in the prior year, the company earned $3.31 EPS. The business's revenue was down 2.0% compared to the same quarter last year. Analysts anticipate that Matson, Inc. will post 13.27 EPS for the current fiscal year.

Matson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 7th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $1.44 annualized dividend and a dividend yield of 1.4%. This is an increase from Matson's previous quarterly dividend of $0.34. Matson's dividend payout ratio is currently 9.74%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wall Street Zen cut Matson from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. Jefferies Financial Group reiterated a "hold" rating and issued a $115.00 price objective on shares of Matson in a report on Friday, August 1st. Stephens dropped their price objective on Matson from $175.00 to $150.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, Stifel Nicolaus dropped their price objective on Matson from $160.00 to $130.00 and set a "hold" rating for the company in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $131.67.

About Matson

Matson, Inc, together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia.