Matson, Inc. $MATX Position Trimmed by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue reduced its Matson stake by 31.9% in the third quarter, selling 5,699 shares and retaining 12,160 shares valued at approximately $2.67 million. Institutional investors and hedge funds collectively own 84.76% of the company.
• Analyst sentiment remains broadly positive, with five Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $249.25. JPMorgan raised its target to $310, while Zacks Research and Wall Street Zen downgraded the stock to Hold.
• Matson reported stronger-than-expected quarterly results, earning $4.27 per share versus the $3.79 consensus estimate and generating $969.4 million in revenue, up 16.7% year over year. The stock opened at $234.78, near its 52-week high of $240.87, while company insiders have sold $2.7 million of shares over the past 90 days.

State of Alaska Department of Revenue decreased its holdings in shares of Matson, Inc. (NYSE:MATX - Free Report) by 31.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,160 shares of the shipping company's stock after selling 5,699 shares during the quarter. State of Alaska Department of Revenue's holdings in Matson were worth $2,669,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new position in Matson in the second quarter valued at approximately $28,000. Global Retirement Partners LLC acquired a new stake in Matson during the second quarter worth approximately $44,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Matson during the 2nd quarter worth approximately $55,000. Meeder Asset Management Inc. purchased a new stake in shares of Matson during the 2nd quarter worth approximately $57,000. Finally, Fortitude Family Office LLC lifted its position in shares of Matson by 1,063.4% during the 3rd quarter. Fortitude Family Office LLC now owns 477 shares of the shipping company's stock worth $105,000 after buying an additional 436 shares during the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Matson

In other news, SVP Leonard P. Isotoff sold 1,250 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $208.30, for a total transaction of $260,375.00. Following the transaction, the senior vice president directly owned 6,527 shares in the company, valued at approximately $1,359,574.10. This trade represents a 16.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter T. Heilmann sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $220.15, for a total transaction of $1,100,750.00. Following the transaction, the executive vice president owned 20,506 shares in the company, valued at approximately $4,514,395.90. This trade represents a 19.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,462 shares of company stock valued at $2,695,832 over the last 90 days. 2.51% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MATX shares. Zacks Research cut shares of Matson from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. JPMorgan Chase & Co. increased their target price on shares of Matson from $270.00 to $310.00 and gave the company an "overweight" rating in a research report on Tuesday, October 13th. Freedom Broker began coverage on shares of Matson in a research note on Wednesday, September 30th. They set a "buy" rating and a $260.00 price target on the stock. Wall Street Zen lowered shares of Matson from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Finally, Stephens boosted their price target 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. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $249.25.

Matson Stock Down 0.1%

Matson stock opened at $234.78 on Monday. The company has a market capitalization of $7.02 billion, a P/E ratio of 15.69 and a beta of 1.30. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. Matson, Inc. has a fifty-two week low of $92.64 and a fifty-two week high of $240.87. The stock has a 50-day simple moving average of $225.10 and a 200-day simple moving average of $202.45.

Matson (NYSE:MATX - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The shipping company reported $4.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.79 by $0.48. The firm had revenue of $969.40 million for 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 last year, the business posted $2.92 EPS. Equities research analysts expect that Matson, Inc. will post 16.01 earnings per share for the current year.

Matson Company Profile

Matson, Inc is a transportation and logistics company that provides ocean shipping and supply chain services. Through its Matson Navigation subsidiary, the company transports containers, vehicles, construction materials, food products and other cargo between the U.S. mainland and the noncontiguous markets of Hawaii, Alaska and Guam, as well as locations in the South Pacific and Micronesia.

Matson also operates ocean transportation services connecting the U.S. West Coast with China and Japan.

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