Primecap Management Co. CA Has $2.47 Million Position in 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 reduced its position in Matson, Inc. (NYSE:MATX - Free Report) by 49.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,250 shares of the shipping company's stock after selling 18,650 shares during the quarter. Primecap Management Co. CA owned approximately 0.06% of Matson worth $2,467,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Leigh Baldwin & CO. LLC acquired a new stake in Matson in the fourth quarter worth approximately $34,897,000. Ameriprise Financial Inc. lifted its position in shares of Matson by 73.9% during the 4th quarter. Ameriprise Financial Inc. now owns 416,473 shares of the shipping company's stock valued at $56,157,000 after acquiring an additional 177,000 shares during the last quarter. GAMMA Investing LLC raised its stake in Matson by 14,218.7% during the 1st quarter. GAMMA Investing LLC now owns 175,977 shares of the shipping company's stock valued at $22,555,000 after purchasing an additional 174,748 shares during the period. Silvercrest Asset Management Group LLC acquired a new position in shares of Matson in the fourth quarter worth $20,204,000. Finally, First Trust Advisors LP increased its stake in shares of Matson by 21.5% in the fourth quarter. First Trust Advisors LP now owns 663,245 shares of the shipping company's stock worth $89,432,000 after acquiring an additional 117,545 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Matson Stock Down 2.4%

MATX traded down $2.70 during midday trading on Friday, hitting $107.38. The company had a trading volume of 413,308 shares, compared to its average volume of 400,503. Matson, Inc. has a 52 week low of $91.75 and a 52 week high of $169.12. The company has a quick ratio of 0.86, a current ratio of 0.78 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 7.26 and a beta of 1.22. The stock's 50 day moving average price is $110.95 and its 200 day moving average price is $118.56.

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

Matson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 7th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $1.44 annualized dividend and a dividend yield of 1.3%. This is a positive change from Matson's previous quarterly dividend of $0.34. Matson's dividend payout ratio is 9.74%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Matson

In other Matson news, SVP Leonard P. Isotoff sold 500 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $111.47, for a total transaction of $55,735.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Laura L. Rascon sold 1,700 shares of Matson stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $118.19, for a total transaction of $200,923.00. Following the completion of the sale, the senior vice president owned 14,712 shares of the company's stock, valued at $1,738,811.28. This represents a 10.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,244 shares of company stock valued at $371,435. 2.05% of the stock is currently owned by company insiders.

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.