Matson, Inc. $MATX Position Increased by Bank of America Corp DE

Key Points

• Bank of America increased its Matson stake by 12.6% in the first quarter, bringing its holdings to 200,926 shares valued at approximately $32.9 million. Institutional investors collectively own 84.76% of the company.
• Matson reported stronger-than-expected quarterly results, with EPS of $4.27 versus the $3.79 consensus and revenue of $969.4 million, up 16.7% year over year.
• Analyst sentiment remains positive, with several firms raising price targets and the stock carrying an average “Buy” rating with a $232.33 target. Matson also raised its quarterly dividend to $0.38 per share.

Bank of America Corp DE boosted its stake in shares of Matson, Inc. (NYSE:MATX - Free Report) by 12.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 200,926 shares of the shipping company's stock after purchasing an additional 22,516 shares during the quarter. Bank of America Corp DE owned approximately 0.66% of Matson worth $32,940,000 at the end of the most recent reporting period.

Other institutional investors have also recently 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 acquired a new stake in shares of Matson in the second quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Matson during the third quarter valued at approximately $30,000. SouthState Bank Corp bought a new stake in shares of Matson during the fourth quarter valued at approximately $31,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Matson by 57.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company's stock worth $32,000 after buying an additional 94 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Matson Price Performance

Shares of NYSE:MATX opened at $217.75 on Friday. The stock has a market cap of $6.51 billion, a price-to-earnings ratio of 14.56 and a beta of 1.27. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $230.74. The stock's 50 day moving average price is $204.18 and its 200 day moving average price is $181.55.

Matson (NYSE:MATX - Get Free Report) last issued 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 analyst estimates 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% on a year-over-year basis. During the same period last year, the company posted $2.92 EPS. Equities research 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 given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 0.7%. This is a boost from Matson's previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 6th. Matson's dividend payout ratio (DPR) is presently 10.16%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MATX shares. JPMorgan Chase & Co. increased their price objective on Matson from $230.00 to $270.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Weiss Ratings raised Matson from a "hold (c)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Stephens boosted their price target on Matson from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Zacks Research raised Matson from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen raised Matson from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $232.33.

Insider Transactions at Matson

In other Matson news, SVP John Warren Sullivan sold 1,917 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $208.49, for a total value of $399,675.33. Following the completion of the sale, the senior vice president directly owned 7,630 shares of the company's stock, valued at approximately $1,590,778.70. This represents a 20.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kuuhaku T. Park sold 1,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $208.49, for a total transaction of $208,490.00. Following the transaction, the senior vice president owned 9,984 shares of the company's stock, valued at approximately $2,081,564.16. This trade represents a 9.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 10,089 shares of company stock valued at $1,975,717 in the last quarter. 2.51% of the stock is owned by company insiders.

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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