Evolve Private Wealth LLC Takes $1.30 Million Position in Matson, Inc. $MATX

Key Points

• Evolve Private Wealth acquired 6,779 Matson shares worth approximately $1.30 million, while institutional investors collectively own 84.76% of the company.
• Analyst sentiment remains positive, with Matson carrying a consensus “Buy” rating and an average price target of $232.33, though one service downgraded the stock to “Hold.”
• Matson exceeded quarterly expectations with $4.27 in EPS and $969.4 million in revenue, while revenue rose 16.7% year over year; the company also increased its quarterly dividend to $0.38 per share. Insiders sold 14,169 shares worth about $2.93 million during the quarter.

Evolve Private Wealth LLC purchased a new position in shares of Matson, Inc. (NYSE:MATX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,779 shares of the shipping company's stock, valued at approximately $1,303,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of Matson by 3.4% in the second quarter. GAMMA Investing LLC now owns 2,402 shares of the shipping company's stock valued at $462,000 after purchasing an additional 80 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of 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 purchasing an additional 94 shares during the last quarter. Bessemer Group Inc. lifted its stake in Matson by 0.3% in the 1st quarter. Bessemer Group Inc. now owns 30,624 shares of the shipping company's stock valued at $5,021,000 after buying an additional 104 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Matson by 0.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 14,749 shares of the shipping company's stock valued at $2,418,000 after buying an additional 107 shares in the last quarter. Finally, Allworth Financial LP acquired a new stake in Matson during the 2nd quarter valued at $28,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MATX has been the topic of several recent research reports. Wall Street Zen downgraded Matson from a "buy" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. boosted their target price on shares of Matson from $230.00 to $270.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Matson from a "hold (c)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Zacks Research raised shares of Matson from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, Stephens boosted their price objective on shares of 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. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $232.33.

Insider Activity at Matson

In other news, EVP Peter T. Heilmann sold 5,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $220.15, for a total value of $1,100,750.00. Following the completion of the sale, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jennifer C. Tungul sold 402 shares of Matson stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $208.49, for a total transaction of $83,812.98. Following the transaction, the senior vice president owned 5,852 shares in the company, valued at $1,220,083.48. The trade was a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 14,169 shares of company stock valued at $2,933,211 over the last quarter. Company insiders own 2.51% of the company's stock.

Matson Stock Performance

NYSE:MATX opened at $223.14 on Monday. The company has a market cap of $6.67 billion, a P/E ratio of 14.92 and a beta of 1.27. The firm's 50 day moving average is $206.47 and its two-hundred day moving average is $183.76. Matson, Inc. has a fifty-two week low of $86.97 and a fifty-two week high of $230.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Matson (NYSE:MATX - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The shipping company reported $4.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.79 by $0.48. The firm had revenue of $969.40 million during the quarter, compared to the consensus estimate of $893.91 million. Matson had a return on equity of 16.94% and a net margin of 13.41%.The firm's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.92 earnings per share. Analysts expect that Matson, Inc. will post 16.01 EPS for the current 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 given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis 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 dividend payout ratio is presently 10.16%.

About Matson

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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