Boston Partners Grows Holdings in Matson, Inc. (NYSE:MATX)

Key Points

• Boston Partners has significantly increased its stake in Matson, Inc. by 424.8% during the first quarter, now holding approximately 2.94% of the company worth $121.4 million.
• Matson has announced a quarterly dividend of $0.36, an increase from the previous $0.34, which reflects the company's commitment to returning value to shareholders.
• The shipping company's earnings report revealed $2.92 earnings per share for the last quarter, surpassing analyst expectations by $0.74, although revenue showed a 2.0% decline year-over-year.

Boston Partners boosted its position in Matson, Inc. (NYSE:MATX - Free Report) by 424.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 958,170 shares of the shipping company's stock after purchasing an additional 775,600 shares during the quarter. Boston Partners owned about 2.94% of Matson worth $121,428,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd raised its position in shares of Matson by 676.8% in 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 last quarter. Russell Investments Group Ltd. grew its stake in Matson by 6.1% in the 1st quarter. Russell Investments Group Ltd. now owns 59,592 shares of the shipping company's stock worth $7,638,000 after acquiring an additional 3,409 shares during the period. Public Sector Pension Investment Board grew its stake in Matson by 44.6% in the 1st quarter. Public Sector Pension Investment Board now owns 119,628 shares of the shipping company's stock worth $15,333,000 after acquiring an additional 36,901 shares during the period. Nuveen LLC acquired a new position in Matson in the 1st quarter valued at $23,325,000. Finally, Virtu Financial LLC lifted its stake in shares of Matson by 230.6% during the 1st quarter. Virtu Financial LLC now owns 4,985 shares of the shipping company's stock worth $639,000 after purchasing an additional 3,477 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Matson Trading Up 0.3%

Shares of NYSE MATX traded up $0.36 during trading on Friday, hitting $105.01. 318,898 shares of the company traded hands, compared to its average volume of 407,296. Matson, Inc. has a 1 year low of $91.75 and a 1 year high of $169.12. The company has a 50-day moving average price of $110.32 and a 200-day moving average price of $117.45. The firm has a market capitalization of $3.34 billion, a P/E ratio of 7.10 and a beta of 1.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.13.

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

Matson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 7th will be issued a $0.36 dividend. The ex-dividend date is Thursday, August 7th. This is a positive change from Matson's previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 1.4%. Matson's payout ratio is 9.74%.

Insider Activity at Matson

In other Matson news, Director Bradley D. Tilden purchased 2,752 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was purchased at an average cost of $111.76 per share, with a total value of $307,563.52. Following the transaction, the director owned 8,180 shares in the company, valued at approximately $914,196.80. This trade represents a 50.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Leonard P. Isotoff sold 500 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $111.47, for a total value of $55,735.00. Following the transaction, the senior vice president owned 5,644 shares in the company, valued at approximately $629,136.68. This represents a 8.14% decrease in their position. The disclosure for this sale can be found here. 2.05% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wall Street Zen downgraded Matson from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group reiterated a "hold" rating and set a $115.00 target price on shares of Matson in a research report on Friday, August 1st. Stephens lowered their price target on Matson from $175.00 to $150.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, Stifel Nicolaus dropped their price objective on shares of Matson from $160.00 to $130.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $131.67.

Matson Company 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.