Bank of New York Mellon Corp Buys New Shares in Matson, Inc. $MATX

Key Points

• Bank of New York Mellon acquired 263,418 Matson shares worth approximately $50.6 million, giving it about a 0.87% stake. Institutional investors and hedge funds collectively own 84.76% of the company.
• Matson reported quarterly earnings of $4.27 per share, exceeding expectations of $3.79, while revenue rose 16.7% year over year to $969.4 million. The company also increased its quarterly dividend from $0.36 to $0.38 per share.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $232.33, although insiders sold 15,262 shares worth $3.22 million during the latest quarter.

Bank of New York Mellon Corp bought a new position in shares of Matson, Inc. (NYSE:MATX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 263,418 shares of the shipping company's stock, valued at approximately $50,637,000. Bank of New York Mellon Corp owned approximately 0.87% of Matson at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Danske Bank A S acquired a new position in shares of Matson during the fourth quarter worth about $25,000. SouthState Bank Corp purchased a new position in Matson in the fourth quarter worth approximately $31,000. Headlands Technologies LLC purchased a new position in Matson in the second quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its holdings in Matson by 57.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company's stock worth $32,000 after acquiring an additional 94 shares in the last quarter. Finally, Torren Management LLC acquired a new position in Matson during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Transactions at Matson

In related news, EVP Christopher A. Scott sold 600 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $219.90, for a total transaction of $131,940.00. Following the transaction, the executive vice president owned 9,354 shares in the company, valued at $2,056,944.60. This trade represents a 6.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Leonard P. Isotoff sold 1,250 shares of Matson stock in a transaction that occurred 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 transaction, the senior vice president directly owned 6,527 shares in the company, valued at approximately $1,359,574.10. This trade represents a 16.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 15,262 shares of company stock worth $3,223,716. Insiders own 2.51% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Stephens raised their price objective on shares of Matson from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. JPMorgan Chase & Co. increased their target price on Matson from $230.00 to $270.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Wall Street Zen lowered Matson from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Zacks Research upgraded Matson from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings raised Matson from a "hold (c)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $232.33.

Matson Trading Up 0.3%

Shares of Matson stock opened at $222.37 on Friday. 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 fifty day simple moving average of $208.72 and a 200-day simple moving average of $185.44. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of 14.86 and a beta of 1.27. Matson, Inc. has a 12-month low of $86.97 and a 12-month high of $230.74.

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

Matson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be given a $0.38 dividend. This is a boost from Matson's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. Matson's payout ratio is currently 10.16%.

Matson 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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