London Co. of Virginia Lowers Stock Holdings in Matson, Inc. $MATX

Key Points

• London Co. of Virginia trimmed its Matson stake by 3.8% in the fourth quarter, selling 10,087 shares and leaving it with 252,114 shares valued at about $31.1 million.
• Matson reported mixed first-quarter results: EPS of $1.85 beat estimates, but revenue of $757.8 million came in below expectations and was down 3.1% year over year.
• Insider selling and analyst sentiment remain notable, with senior vice presidents selling shares in recent months; analysts currently rate the stock a “Moderate Buy” with an average price target of $181.25.

London Co. of Virginia reduced its stake in Matson, Inc. (NYSE:MATX - Free Report) by 3.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,114 shares of the shipping company's stock after selling 10,087 shares during the period. London Co. of Virginia owned 0.81% of Matson worth $31,149,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Danske Bank A S bought a new position in Matson in the 4th quarter worth about $25,000. Headlands Technologies LLC bought a new position in Matson in the 2nd quarter worth about $28,000. Measured Wealth Private Client Group LLC bought a new position in Matson in the 3rd quarter worth about $30,000. SouthState Bank Corp bought a new position in Matson in the 4th quarter worth about $31,000. Finally, EverSource Wealth Advisors LLC grew its stake in Matson by 57.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company's stock worth $32,000 after acquiring an additional 94 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

Matson Trading Up 0.5%

NYSE MATX opened at $196.23 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 14.42 and a beta of 1.29. The company's 50-day simple moving average is $181.12 and its two-hundred day simple moving average is $158.24. Matson, Inc. has a one year low of $86.97 and a one year high of $203.08.

Matson (NYSE:MATX - Get Free Report) last posted its earnings results on Monday, May 4th. The shipping company reported $1.85 EPS for the quarter, beating analysts' consensus estimates of $1.65 by $0.20. The business had revenue of $757.80 million for the quarter, compared to the consensus estimate of $777.55 million. Matson had a net margin of 12.92% and a return on equity of 15.90%. The company's revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.18 EPS. Equities analysts forecast that Matson, Inc. will post 13.96 EPS for the current fiscal year.

Matson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 7th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $1.44 dividend on an annualized basis and a yield of 0.7%. Matson's dividend payout ratio (DPR) is 10.58%.

Insider Buying and Selling at Matson

In other news, SVP Laura L. Rascon sold 2,800 shares of Matson stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $188.53, for a total value of $527,884.00. Following the transaction, the senior vice president owned 15,656 shares of the company's stock, valued at $2,951,625.68. The trade was a 15.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John Warren Sullivan sold 3,331 shares of Matson stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $180.14, for a total transaction of $600,046.34. Following the completion of the transaction, the senior vice president directly owned 9,547 shares in the company, valued at approximately $1,719,796.58. The trade was a 25.87% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 23,963 shares of company stock worth $4,349,268. 2.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MATX has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Matson from a "buy" rating to a "hold" rating in a research note on Sunday, March 15th. Weiss Ratings restated a "hold (c)" rating on shares of Matson in a research note on Friday, May 29th. JPMorgan Chase & Co. started coverage on shares of Matson in a research note on Monday, April 27th. They issued an "overweight" rating and a $230.00 target price on the stock. Finally, Zacks Research raised shares of Matson to a "hold" rating in a research report on Wednesday, April 29th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Matson has a consensus rating of "Moderate Buy" and an average price target of $181.25.

Matson Profile

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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