Connor Clark & Lunn Investment Management Ltd. acquired a new position in Matson, Inc. (NYSE:MATX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 8,121 shares of the shipping company's stock, valued at approximately $1,561,000.
Several other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Matson during the second quarter valued at approximately $952,903,000. Vanguard Group Inc. boosted its stake in shares of Matson by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 3,671,519 shares of the shipping company's stock worth $453,616,000 after acquiring an additional 21,516 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Matson by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,982,793 shares of the shipping company's stock valued at $244,975,000 after acquiring an additional 21,463 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Matson by 27.9% in the 2nd quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company's stock worth $65,770,000 after purchasing an additional 128,994 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Matson by 144.9% in the 3rd quarter. Millennium Management LLC now owns 455,133 shares of the shipping company's stock worth $44,872,000 after purchasing an additional 269,310 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.
Matson Stock Performance
Shares of NYSE MATX opened at $224.51 on Friday. The firm has a fifty day moving average price of $209.37 and a 200-day moving average price of $185.71. 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 stock has a market cap of $6.71 billion, a PE ratio of 15.01 and a beta of 1.27. Matson, Inc. has a 1 year low of $86.97 and a 1 year high of $230.74.
Matson (NYSE:MATX - Get Free Report) last released its 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 company had revenue of $969.40 million for the quarter, compared to analysts' expectations of $893.91 million. During the same quarter in the previous year, the company earned $2.92 EPS. Matson's revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts anticipate that Matson, Inc. will post 16.01 earnings per share for the current fiscal year.
Matson Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be issued a dividend of $0.38 per share. This is a boost from Matson's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. Matson's payout ratio is 10.16%.
Insider Buying and Selling at Matson
In other news, 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 value of $1,100,750.00. Following the completion of the transaction, the executive vice president owned 20,506 shares of the company's stock, valued at $4,514,395.90. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christopher A. Scott sold 600 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $219.90, for a total value of $131,940.00. Following the sale, the executive vice president owned 9,354 shares of the company's stock, valued at $2,056,944.60. This represents a 6.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 15,262 shares of company stock valued at $3,223,716. 2.51% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
MATX has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised 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. Wall Street Zen cut Matson from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Weiss Ratings upgraded Matson from a "hold (c)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Zacks Research raised Matson from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, Stephens lifted their price objective 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 assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Matson has a consensus rating of "Buy" and an average price target of $232.33.
Read Our Latest Research Report on MATX
About Matson
(
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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