Matson, Inc. (NYSE:MATX) Shares Bought by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management increased its stake in Matson, Inc. by 212.8%, acquiring an additional 7,980 shares and holding a total of 11,730 shares valued at approximately $1.5 million.
• Analysts have downgraded Matson's stock, with Stifel Nicolaus reducing its price target from $160.00 to $130.00 and Jefferies Financial Group lowering it from $135.00 to $115.00, resulting in a current consensus rating of "Hold."
• Matson recently declared a quarterly dividend of $0.36 per share, an increase from its previous dividend of $0.34, representing a 1.34% dividend yield.

Picton Mahoney Asset Management boosted its holdings in shares of Matson, Inc. (NYSE:MATX - Free Report) by 212.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,730 shares of the shipping company's stock after acquiring an additional 7,980 shares during the period. Picton Mahoney Asset Management's holdings in Matson were worth $1,504,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Matson by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 4,025,208 shares of the shipping company's stock worth $542,759,000 after buying an additional 11,357 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Matson by 8.3% in the fourth quarter. Capital Research Global Investors now owns 753,414 shares of the shipping company's stock worth $101,590,000 after purchasing an additional 58,027 shares during the period. First Trust Advisors LP boosted its position in shares of Matson by 21.5% during 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. Northern Trust Corp boosted its position in shares of Matson by 14.5% during the fourth quarter. Northern Trust Corp now owns 484,432 shares of the shipping company's stock worth $65,321,000 after acquiring an additional 61,204 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Matson by 73.9% during the fourth quarter. Ameriprise Financial Inc. now owns 416,473 shares of the shipping company's stock worth $56,157,000 after acquiring an additional 177,000 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Matson

In related news, Director Bradley D. Tilden purchased 2,752 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average price of $111.76 per share, with a total value of $307,563.52. Following the purchase, the director owned 8,180 shares of the company's stock, valued at $914,196.80. The trade was a 50.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Laura L. Rascon sold 1,700 shares of Matson stock in a transaction on Tuesday, May 13th. The shares were 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 directly owned 14,712 shares in the company, valued at $1,738,811.28. This represents a 10.36% decrease in their position. The disclosure for this sale can be found here. 2.05% of the stock is owned by corporate insiders.

Matson Stock Performance

MATX traded down $0.85 during trading on Wednesday, reaching $106.59. 422,719 shares of the company's stock were exchanged, compared to its average volume of 332,626. Matson, Inc. has a 1 year low of $91.75 and a 1 year high of $169.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $3.48 billion, a P/E ratio of 7.02 and a beta of 1.28. The company's fifty day simple moving average is $111.24 and its 200-day simple moving average is $120.24.

Matson (NYSE:MATX - Get Free Report) last posted its 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). The firm had revenue of $782.00 million for the quarter, compared to analysts' expectations of $818.07 million. Matson had a net margin of 14.72% and a return on equity of 20.02%. Matson's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the firm earned $1.04 earnings per share. As a group, research analysts predict that Matson, Inc. will post 13.27 earnings per share for the current fiscal year.

Matson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.35%. This is a positive change from Matson's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, August 7th. Matson's payout ratio is 8.96%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group downgraded shares of Matson from a "buy" rating to a "hold" rating and decreased their price target for the company from $135.00 to $115.00 in a research note on Friday, July 18th. Stifel Nicolaus reduced their target price on shares of 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 downgraded shares of Matson from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Stephens reduced their target price on shares of Matson from $175.00 to $150.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Four 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 stock currently has an average rating of "Hold" and a consensus price target of $131.67.

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.