Matson, Inc. $MATX Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Matson, Inc. by 44.4% during the 2nd quarter, acquiring an additional 23,338 shares, bringing its total to 75,943 shares valued at $8.69 million.
• Institutional investors now own approximately 84.76% of Matson’s stock, with significant increases in holdings from firms like Boston Partners, which boosted its position by 424.8% in the 1st quarter.
• Matson's recent quarterly earnings exceeded expectations, reporting an EPS of $2.92 against analysts’ estimates of $2.18, but revenue showed a 2% decline year-over-year.

Allspring Global Investments Holdings LLC raised its position in Matson, Inc. (NYSE:MATX - Free Report) by 44.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,943 shares of the shipping company's stock after purchasing an additional 23,338 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.23% of Matson worth $8,689,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of MATX. Boston Partners boosted its holdings in Matson by 424.8% in the 1st quarter. Boston Partners now owns 958,170 shares of the shipping company's stock valued at $121,428,000 after purchasing an additional 775,600 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Matson in the 1st quarter valued at approximately $23,325,000. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Matson in the 2nd quarter valued at approximately $14,183,000. Park West Asset Management LLC purchased a new stake in shares of Matson in the 1st quarter valued at approximately $11,535,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Matson by 57.4% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 227,636 shares of the shipping company's stock valued at $29,176,000 after acquiring an additional 83,013 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Matson

In other Matson news, SVP Christopher A. Scott sold 1,044 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $109.94, for a total value of $114,777.36. Following the sale, the senior vice president directly owned 13,441 shares of the company's stock, valued at approximately $1,477,703.54. This represents a 7.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.05% of the company's stock.

Matson Trading Up 0.8%

Shares of NYSE:MATX opened at $94.59 on Monday. Matson, Inc. has a 52 week low of $86.97 and a 52 week high of $169.12. The company's 50 day moving average is $102.00 and its two-hundred day moving average is $106.51. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.01 billion, a PE ratio of 6.40 and a beta of 1.21.

Matson (NYSE:MATX - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The shipping company reported $2.92 EPS for the quarter, beating analysts' consensus estimates of $2.18 by $0.74. Matson had a net margin of 14.26% and a return on equity of 18.90%. The company had revenue of $830.50 million for the quarter, compared to the consensus estimate of $727.30 million. During the same period in the prior year, the firm posted $3.31 EPS. The company's quarterly revenue was down 2.0% compared to the same quarter last year. Equities analysts predict that Matson, Inc. will post 13.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MATX shares. Weiss Ratings reissued a "hold (c+)" rating on shares of Matson in a research note on Wednesday, October 8th. Zacks Research raised shares of Matson from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 16th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $115.00 target price on shares of Matson in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $131.67.

Matson Profile

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.

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