New York State Teachers Retirement System Cuts Stake in Matson, Inc. (NYSE:MATX)

New York State Teachers Retirement System reduced its stake in Matson, Inc. (NYSE:MATX - Free Report) by 6.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 48,057 shares of the shipping company's stock after selling 3,389 shares during the quarter. New York State Teachers Retirement System owned 0.15% of Matson worth $6,159,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in shares of Matson by 67.7% in the 4th quarter. Bessemer Group Inc. now owns 213 shares of the shipping company's stock worth $29,000 after buying an additional 86 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Matson in the 4th quarter worth about $30,000. Ameriflex Group Inc. purchased a new position in shares of Matson in the 4th quarter worth about $36,000. Covestor Ltd boosted its holdings in shares of Matson by 16.3% in the 4th quarter. Covestor Ltd now owns 586 shares of the shipping company's stock worth $79,000 after buying an additional 82 shares during the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of Matson by 112.2% in the 1st quarter. Parallel Advisors LLC now owns 783 shares of the shipping company's stock worth $100,000 after buying an additional 414 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Matson Price Performance

Shares of MATX traded down $1.69 during midday trading on Friday, hitting $113.07. 149,579 shares of the company traded hands, compared to its average volume of 349,786. The stock has a 50-day moving average of $110.93 and a 200-day moving average of $123.52. Matson, Inc. has a one year low of $91.75 and a one year high of $169.12. The firm has a market cap of $3.69 billion, a P/E ratio of 7.45 and a beta of 1.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86.

Matson (NYSE:MATX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The shipping company reported $2.18 earnings per share for the quarter, missing the consensus estimate of $2.34 by ($0.16). Matson had a net margin of 14.72% and a return on equity of 20.02%. The company had revenue of $782.00 million for the quarter, compared to the consensus estimate of $818.07 million. During the same quarter in the prior year, the company earned $1.04 earnings per share. The company's quarterly revenue was up 8.3% on a year-over-year basis. As a group, sell-side analysts predict that Matson, Inc. will post 13.27 EPS for the current fiscal year.

Matson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 7th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.27%. This is a boost from Matson's previous quarterly dividend of $0.34. The ex-dividend date is Thursday, August 7th. Matson's dividend payout ratio is 9.49%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Stephens cut their price target on shares of Matson from $175.00 to $150.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Stifel Nicolaus lowered their price objective on Matson from $160.00 to $130.00 and set a "hold" rating on the stock in a research note on Tuesday, May 6th. Wall Street Zen cut Matson from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $135.00 price objective on shares of Matson in a research note on Wednesday, June 11th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $138.33.

Insider Buying and Selling

In related news, SVP Laura L. Rascon sold 1,700 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $118.19, for a total value of $200,923.00. Following the transaction, the senior vice president directly owned 14,712 shares in the company, valued at approximately $1,738,811.28. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Leonard P. Isotoff sold 500 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $111.47, for a total transaction of $55,735.00. Following the completion of the transaction, the senior vice president 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 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.