Envestnet Asset Management Inc. Acquires 7,920 Shares of Matson, Inc. (NYSE:MATX)

Envestnet Asset Management Inc. increased its position in shares of Matson, Inc. (NYSE:MATX - Free Report) by 8.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 96,669 shares of the shipping company's stock after purchasing an additional 7,920 shares during the period. Envestnet Asset Management Inc. owned approximately 0.29% of Matson worth $12,390,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bessemer Group Inc. increased its stake in Matson by 67.7% during the 4th quarter. Bessemer Group Inc. now owns 213 shares of the shipping company's stock valued at $29,000 after purchasing an additional 86 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Matson during the fourth quarter worth $30,000. Ameriflex Group Inc. acquired a new position in Matson during the fourth quarter worth $36,000. Covestor Ltd raised its position in Matson by 16.3% during the fourth quarter. Covestor Ltd now owns 586 shares of the shipping company's stock worth $79,000 after acquiring an additional 82 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Matson by 112.2% in the first quarter. Parallel Advisors LLC now owns 783 shares of the shipping company's stock valued at $100,000 after buying an additional 414 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Matson

In other news, SVP Leonard P. Isotoff sold 500 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $111.47, for a total transaction of $55,735.00. Following the completion of the transaction, the senior vice president directly owned 5,644 shares of the company's stock, valued at $629,136.68. This represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Laura L. Rascon sold 1,700 shares of the company's stock in a transaction dated 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. This represents a 10.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.05% of the stock is owned by insiders.

Matson Price Performance

NYSE:MATX traded up $2.22 during mid-day trading on Tuesday, reaching $106.72. 127,849 shares of the stock were exchanged, compared to its average volume of 351,771. The business has a fifty day moving average price of $112.23 and a 200 day moving average price of $121.39. The firm has a market capitalization of $3.48 billion, a PE ratio of 7.03 and a beta of 1.28. Matson, Inc. has a 1-year low of $91.75 and a 1-year high of $169.12. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13.

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

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, August 7th. This is a positive change from Matson's previous quarterly dividend of $0.34. Matson's dividend payout ratio (DPR) is presently 9.49%.

Analyst Ratings Changes

MATX has been the topic of a number of research analyst reports. Stephens cut their price objective on shares of Matson from $175.00 to $150.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Wall Street Zen downgraded shares of Matson from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Stifel Nicolaus dropped their target price on shares of Matson from $160.00 to $130.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $115.00 price target (down previously from $135.00) on shares of Matson in a report on Friday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $131.67.

About Matson

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.