Raymond James Financial Inc. boosted its stake in shares of Matson, Inc. (NYSE:MATX - Free Report) by 91.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 61,500 shares of the shipping company's stock after buying an additional 29,400 shares during the quarter. Raymond James Financial Inc. owned approximately 0.19% of Matson worth $7,883,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Ameriflex Group Inc. bought a new position in Matson during the fourth quarter valued at about $36,000. Covestor Ltd grew its position in Matson by 30.4% during the first quarter. Covestor Ltd now owns 764 shares of the shipping company's stock valued at $98,000 after buying an additional 178 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Matson by 676.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 769 shares of the shipping company's stock valued at $99,000 after buying an additional 670 shares during the period. Parallel Advisors LLC grew its position in Matson by 112.2% during the first quarter. Parallel Advisors LLC now owns 783 shares of the shipping company's stock valued at $100,000 after buying an additional 414 shares during the period. Finally, Curat Global LLC bought a new position in Matson during the first quarter valued at about $104,000. Institutional investors own 84.76% of the company's stock.
Insider Buying and Selling
In other Matson news, SVP Christopher A. Scott sold 1,044 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $109.94, for a total value of $114,777.36. Following the completion of the transaction, the senior vice president owned 13,441 shares in the company, valued at $1,477,703.54. This trade represents a 7.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.05% of the stock is currently owned by corporate insiders.
Matson Stock Performance
Shares of NYSE MATX traded up $1.17 during midday trading on Friday, hitting $105.56. The company's stock had a trading volume of 277,114 shares, compared to its average volume of 320,277. The stock has a fifty day moving average price of $108.07 and a 200 day moving average price of $113.62. Matson, Inc. has a one year low of $91.75 and a one year high of $169.12. 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 firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 7.14 and a beta of 1.21.
Matson (NYSE:MATX - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The shipping company reported $2.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $727.30 million. During the same quarter in the previous year, the firm posted $3.31 earnings per share. The company's quarterly revenue was down 2.0% compared to the same quarter last year. On average, research analysts forecast that Matson, Inc. will post 13.27 EPS for the current fiscal year.
Matson Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 7th were paid a $0.36 dividend. The ex-dividend date was Thursday, August 7th. This represents a $1.44 annualized dividend and a yield of 1.4%. This is an increase from Matson's previous quarterly dividend of $0.34. Matson's dividend payout ratio is 9.74%.
Wall Street Analysts Forecast Growth
Separately, Jefferies Financial Group restated a "hold" rating and set a $115.00 price target on shares of Matson in a research report on Friday, August 1st. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $131.67.
Read Our Latest Research Report on MATX
About Matson
(
Free Report)
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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