Benjamin Edwards Inc. purchased a new position in Matson, Inc. (NYSE:MATX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,852 shares of the shipping company's stock, valued at approximately $933,000.
Several other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Matson in the 2nd quarter valued at $952,903,000. Vanguard Group Inc. grew its holdings in shares of Matson by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 3,671,519 shares of the shipping company's stock worth $453,616,000 after buying an additional 21,516 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Matson by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,982,793 shares of the shipping company's stock valued at $244,975,000 after buying an additional 21,463 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Matson by 27.9% in the second quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company's stock valued at $65,770,000 after buying an additional 128,994 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Matson by 144.9% in the third quarter. Millennium Management LLC now owns 455,133 shares of the shipping company's stock worth $44,872,000 after buying an additional 269,310 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Matson
In other Matson news, EVP Peter T. Heilmann sold 5,000 shares of Matson stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $220.15, for a total value of $1,100,750.00. Following the sale, the executive vice president owned 20,506 shares in the company, valued at $4,514,395.90. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher A. Scott sold 600 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $219.90, for a total value of $131,940.00. Following the completion of the transaction, the executive vice president directly owned 9,354 shares in the company, valued at approximately $2,056,944.60. This trade represents a 6.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 15,262 shares of company stock valued at $3,223,716 over the last 90 days. Corporate insiders own 2.51% of the company's stock.
Matson Price Performance
Shares of MATX stock opened at $218.79 on Thursday. The firm's 50-day moving average is $210.85 and its two-hundred day moving average is $187.15. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $230.74. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $6.54 billion, a PE ratio of 14.63 and a beta of 1.26.
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 (EPS) for the quarter, topping analysts' consensus estimates of $3.79 by $0.48. The business had revenue of $969.40 million during the quarter, compared to the consensus estimate of $893.91 million. Matson had a net margin of 13.41% and a return on equity of 16.94%. The business's revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.92 EPS. Analysts predict that Matson, Inc. will post 16.01 earnings per share for the current year.
Matson Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.7%. This is a positive change from Matson's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 6th. Matson's payout ratio is 10.16%.
Analysts Set New Price Targets
A number of research firms recently weighed in on MATX. Wall Street Zen lowered shares of Matson from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. JPMorgan Chase & Co. raised their target price on shares of Matson from $230.00 to $270.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Zacks Research upgraded Matson from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. Weiss Ratings upgraded Matson from a "hold (c)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Finally, Stephens upped their price target on Matson from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $232.33.
Check Out Our Latest Stock Report on Matson
Matson Company Profile
(
Free Report)
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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