Primecap Management Co. CA Sells 18,650 Shares of Matson, Inc. (NYSE:MATX)

Key Points

• Primecap Management Co. CA has significantly reduced its stake in Matson, Inc. by 49.2% during the first quarter, now owning around 0.06% of the company valued at approximately $2.47 million.
• Matson recently announced an increase in its quarterly dividend to $0.36 per share, which represents a yield of 1.3% and a positive change from the previous dividend of $0.34.
• Analysts have downgraded Matson's stock ratings, with Stifel Nicolaus lowering the price target from $160.00 to $130.00 and a consensus rating of "Hold" among several firms.

Primecap Management Co. CA cut its stake in shares of Matson, Inc. (NYSE:MATX - Free Report) by 49.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,250 shares of the shipping company's stock after selling 18,650 shares during the quarter. Primecap Management Co. CA owned 0.06% of Matson worth $2,467,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MATX. Bessemer Group Inc. lifted its holdings in shares of Matson by 67.7% in the fourth quarter. Bessemer Group Inc. now owns 213 shares of the shipping company's stock valued at $29,000 after purchasing an additional 86 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Matson in the fourth quarter valued at $30,000. Ameriflex Group Inc. purchased a new stake in shares of Matson during the fourth quarter worth $36,000. Covestor Ltd raised its holdings in shares of Matson by 16.3% during the fourth quarter. Covestor Ltd now owns 586 shares of the shipping company's stock worth $79,000 after acquiring an additional 82 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Matson by 112.2% during the first quarter. Parallel Advisors LLC now owns 783 shares of the shipping company's stock worth $100,000 after acquiring an additional 414 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Matson Stock Performance

Shares of NYSE:MATX traded up $4.10 during midday trading on Tuesday, hitting $107.72. The company's stock had a trading volume of 85,994 shares, compared to its average volume of 412,428. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 7.28 and a beta of 1.22. The stock's 50 day simple moving average is $110.79 and its 200 day simple moving average is $118.19. Matson, Inc. has a fifty-two week low of $91.75 and a fifty-two week high of $169.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.78 and a current ratio of 0.78.

Matson (NYSE:MATX - Get Free Report) last issued 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 return on equity of 18.90% and a net margin of 14.26%. The company had revenue of $830.50 million for the quarter, compared to the consensus estimate of $727.30 million. During the same period last year, the business posted $3.31 earnings per share. The firm's revenue was down 2.0% compared to the same quarter last year. As a group, research analysts anticipate that Matson, Inc. will post 13.27 earnings per share for the current year.

Matson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.3%. This is a boost from Matson's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, August 7th. Matson's dividend payout ratio (DPR) is 9.74%.

Insider Buying and Selling

In related news, SVP Christopher A. Scott sold 1,044 shares of Matson stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $109.94, for a total transaction of $114,777.36. Following the sale, the senior vice president directly owned 13,441 shares of the company's stock, valued at $1,477,703.54. This trade represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Leonard P. Isotoff sold 500 shares of Matson 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 sale, the senior vice president directly owned 5,644 shares in the company, valued at approximately $629,136.68. This trade represents a 8.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.05% of the stock is owned by company insiders.

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.