Bank of New York Mellon Corp Sells 6,538 Shares of Matson, Inc. (NYSE:MATX)

Bank of New York Mellon Corp trimmed its holdings in shares of Matson, Inc. (NYSE:MATX - Free Report) by 2.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 279,919 shares of the shipping company's stock after selling 6,538 shares during the period. Bank of New York Mellon Corp owned 0.85% of Matson worth $35,877,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MATX. Raymond James Financial Inc. acquired a new stake in Matson during the 4th quarter worth approximately $4,328,000. Amundi grew its stake in shares of Matson by 185.6% in the fourth quarter. Amundi now owns 17,188 shares of the shipping company's stock valued at $2,393,000 after buying an additional 11,169 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Matson by 27.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,300 shares of the shipping company's stock valued at $310,000 after buying an additional 500 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of Matson by 1.4% in the fourth quarter. HighTower Advisors LLC now owns 25,572 shares of the shipping company's stock valued at $3,448,000 after buying an additional 343 shares in the last quarter. Finally, Natixis Advisors LLC grew its stake in shares of Matson by 1.3% in the fourth quarter. Natixis Advisors LLC now owns 16,434 shares of the shipping company's stock valued at $2,216,000 after buying an additional 217 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

Insider Buying and Selling

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

Matson Trading Up 0.6%

Shares of Matson stock traded up $0.70 on Wednesday, reaching $110.95. 54,183 shares of the company's stock were exchanged, compared to its average volume of 350,215. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. Matson, Inc. has a 52 week low of $91.75 and a 52 week high of $169.12. The firm's 50-day moving average is $111.67 and its two-hundred day moving average is $122.29. The company has a market capitalization of $3.62 billion, a P/E ratio of 7.30 and a beta of 1.28.

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

Matson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date is Thursday, August 7th. This is an increase from Matson's previous quarterly dividend of $0.34. Matson's dividend payout ratio (DPR) is 9.49%.

Wall Street Analysts Forecast Growth

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

Matson 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.