Bank of America Corp DE Acquires Shares of 198,026 Matson, Inc. $MATX

Bank of America Corp DE acquired a new position in Matson, Inc. (NYSE:MATX - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 198,026 shares of the shipping company's stock, valued at approximately $38,066,000. Bank of America Corp DE owned about 0.66% of Matson as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Allworth Financial LP purchased a new position in shares of Matson during the 2nd quarter worth approximately $28,000. Global Retirement Partners LLC bought a new position in shares of Matson in the 2nd quarter worth approximately $44,000. SouthState Bank Corp purchased a new position in shares of Matson in the 4th quarter valued at approximately $31,000. EverSource Wealth Advisors LLC boosted its position in shares of Matson by 57.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company's stock valued at $32,000 after purchasing an additional 94 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of Matson during the second quarter valued at approximately $57,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Matson

In other news, EVP Vic S. Angoco, Jr. sold 2,293 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $222.76, for a total transaction of $510,788.68. Following the transaction, the executive vice president owned 12,507 shares in the company, valued at $2,786,059.32. This trade represents a 15.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Peter T. Heilmann sold 5,000 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $220.15, for a total transaction of $1,100,750.00. Following the transaction, the executive vice president owned 20,506 shares of the company's stock, valued at approximately $4,514,395.90. This trade represents a 19.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,462 shares of company stock worth $2,695,832 in the last ninety days. 2.51% of the stock is owned by company insiders.

Matson Stock Up 0.8%

Shares of MATX opened at $234.79 on Tuesday. Matson, Inc. has a 12-month low of $86.97 and a 12-month high of $240.87. The business's 50 day moving average is $218.57 and its 200 day moving average is $193.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $7.02 billion, a PE ratio of 15.69 and a beta of 1.26.

Matson (NYSE:MATX - Get Free Report) last announced its earnings results on Monday, August 3rd. The shipping company reported $4.27 EPS for the quarter, topping analysts' consensus estimates of $3.79 by $0.48. Matson had a return on equity of 16.94% and a net margin of 13.41%.The firm had revenue of $969.40 million during the quarter, compared to analysts' expectations of $893.91 million. During the same quarter in the previous year, the business earned $2.92 EPS. The company's quarterly revenue was up 16.7% on a year-over-year basis. Research analysts expect that Matson, Inc. will post 16.01 earnings per share for the current fiscal year.

Matson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 6th were given a $0.38 dividend. 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 0.6%. The ex-dividend date was Thursday, August 6th. Matson's payout ratio is currently 10.16%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MATX. Zacks Research raised Matson from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Wall Street Zen cut Matson from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. JPMorgan Chase & Co. boosted their target price on Matson from $230.00 to $270.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Weiss Ratings raised Matson from a "hold (c)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Finally, Stephens raised their price target on Matson from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat, Matson has an average rating of "Buy" and a consensus target price of $232.33.

Matson Company Profile

Matson, Inc is a transportation and logistics company that provides ocean shipping and related supply-chain services. Through its Matson Navigation subsidiary, the company transports containerized and non-containerized freight, automobiles, food, household goods, construction materials and other cargo.

Matson operates ocean transportation services connecting the U.S. mainland with Hawaii, Alaska and select destinations in the South Pacific and Micronesia. The company also provides expedited service between China and the United States and maintains logistics operations that support domestic and international freight movement.

Matson Logistics offers intermodal transportation, freight forwarding, warehousing, supply-chain management and other distribution services.

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