Allspring Global Investments Holdings LLC Lowers Holdings in Matson, Inc. (NYSE:MATX)

Allspring Global Investments Holdings LLC decreased its stake in Matson, Inc. (NYSE:MATX - Free Report) by 6.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,605 shares of the shipping company's stock after selling 3,432 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.16% of Matson worth $6,900,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Johnson Investment Counsel Inc. raised its holdings in Matson by 4.5% in the 4th quarter. Johnson Investment Counsel Inc. now owns 1,766 shares of the shipping company's stock worth $238,000 after purchasing an additional 76 shares during the period. Covestor Ltd raised its holdings in Matson by 16.3% in the 4th quarter. Covestor Ltd now owns 586 shares of the shipping company's stock worth $79,000 after purchasing an additional 82 shares during the period. Bessemer Group Inc. raised its holdings in Matson by 67.7% in the 4th quarter. Bessemer Group Inc. now owns 213 shares of the shipping company's stock worth $29,000 after purchasing an additional 86 shares during the period. Hillsdale Investment Management Inc. raised its holdings in Matson by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 28,170 shares of the shipping company's stock worth $3,798,000 after purchasing an additional 100 shares during the period. Finally, Hancock Whitney Corp raised its holdings in Matson by 8.2% in the 4th quarter. Hancock Whitney Corp now owns 1,598 shares of the shipping company's stock worth $215,000 after purchasing an additional 121 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on MATX. Jefferies Financial Group reaffirmed a "buy" rating and issued a $135.00 price target on shares of Matson in a report on Wednesday, June 11th. Stephens reduced their target price on Matson from $175.00 to $150.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Wall Street Zen cut Matson from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus reduced their target price on Matson from $160.00 to $130.00 and set a "hold" rating for the company in a report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Matson currently has an average rating of "Hold" and a consensus target price of $138.33.

Insider Activity at Matson

In related news, Director Bradley D. Tilden purchased 2,752 shares of the business's stock in a transaction that occurred on 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 completion of the acquisition, the director owned 8,180 shares in the company, valued at $914,196.80. This trade represents a 50.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Leonard P. Isotoff sold 500 shares of the 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 completion of the sale, the senior vice president directly owned 5,644 shares of the company's stock, valued at approximately $629,136.68. This represents a 8.14% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.05% of the company's stock.

Matson Price Performance

Shares of Matson stock traded up $2.54 during mid-day trading on Tuesday, reaching $112.84. 491,894 shares of the stock traded hands, compared to its average volume of 349,996. The business has a 50-day moving average of $111.09 and a 200 day moving average of $123.17. Matson, Inc. has a fifty-two week low of $91.75 and a fifty-two week high of $169.12. The stock has a market capitalization of $3.68 billion, a PE ratio of 7.43 and a beta of 1.28. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13.

Matson (NYSE:MATX - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The shipping company reported $2.18 EPS for the quarter, missing the consensus estimate of $2.34 by ($0.16). Matson had a net margin of 14.72% and a return on equity of 20.02%. The company had revenue of $782.00 million during the quarter, compared to analyst estimates of $818.07 million. During the same period in the prior year, the business posted $1.04 EPS. Matson's revenue for the quarter was up 8.3% compared to the same quarter last year. On average, analysts predict that Matson, Inc. will post 13.27 EPS for the current year.

Matson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 7th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Thursday, August 7th. This is a boost from Matson's previous quarterly dividend of $0.34. Matson's dividend payout ratio (DPR) is currently 8.96%.

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.