Allspring Global Investments Holdings LLC Has $6.90 Million Position in Matson, Inc. (NYSE:MATX)

Allspring Global Investments Holdings LLC lessened its holdings in Matson, Inc. (NYSE:MATX - Free Report) by 6.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MATX. JPMorgan Chase & Co. raised its stake in shares of Matson by 12.6% during the fourth quarter. JPMorgan Chase & Co. now owns 323,124 shares of the shipping company's stock valued at $43,570,000 after acquiring an additional 36,156 shares during the last quarter. SG Americas Securities LLC bought a new position in Matson during the 1st quarter worth $507,000. Boston Partners raised its position in Matson by 5.0% during the 4th quarter. Boston Partners now owns 182,570 shares of the shipping company's stock worth $24,707,000 after purchasing an additional 8,704 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Matson during the 4th quarter worth about $4,328,000. Finally, Ameriprise Financial Inc. increased its position in Matson by 73.9% during the 4th quarter. Ameriprise Financial Inc. now owns 416,473 shares of the shipping company's stock valued at $56,157,000 after purchasing an additional 177,000 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Matson Stock Down 1.5%

Matson stock opened at $113.07 on Friday. The company has a market capitalization of $3.69 billion, a PE ratio of 7.45 and a beta of 1.28. Matson, Inc. has a 12-month low of $91.75 and a 12-month high of $169.12. The firm's fifty day moving average is $110.93 and its 200 day moving average is $123.62. 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 released its quarterly earnings data on Monday, May 5th. The shipping company reported $2.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.34 by ($0.16). Matson had a return on equity of 20.02% and a net margin of 14.72%. The company had revenue of $782.00 million for the quarter, compared to the consensus estimate of $818.07 million. During the same period last year, the company earned $1.04 EPS. Matson's revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, sell-side analysts predict 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. Investors of record on Thursday, August 7th will be issued a $0.36 dividend. This is a boost from Matson's previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Thursday, August 7th. Matson's dividend payout ratio (DPR) is currently 8.96%.

Wall Street Analyst Weigh In

MATX has been the topic of a number of recent analyst reports. Stephens dropped their price target on shares of Matson from $175.00 to $150.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Wall Street Zen lowered shares of Matson from a "buy" rating to a "hold" rating in a report on Wednesday, May 7th. Jefferies Financial Group reaffirmed a "buy" rating and set a $135.00 price target on shares of Matson in a research report on Wednesday, June 11th. Finally, Stifel Nicolaus lowered their price objective on Matson from $160.00 to $130.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Matson presently has a consensus rating of "Hold" and an average target price of $138.33.

Insider Activity at Matson

In other Matson news, SVP Laura L. Rascon sold 1,700 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $118.19, for a total transaction of $200,923.00. Following the transaction, the senior vice president owned 14,712 shares in the company, valued at approximately $1,738,811.28. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bradley D. Tilden bought 2,752 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were acquired at an average cost of $111.76 per share, with a total value of $307,563.52. Following the completion of the transaction, the director owned 8,180 shares of the company's stock, valued at $914,196.80. This represents a 50.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.05% of the stock is currently owned by insiders.

Matson Company Profile

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.

Want to see what other hedge funds are holding MATX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Matson, Inc. (NYSE:MATX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.