ProShare Advisors LLC Decreases Stake in Matson, Inc. $MATX

Key Points

• ProShare Advisors LLC cut its Matson stake by 12.3% in the fourth quarter, selling 8,030 shares and ending with 57,053 shares worth about $7.0 million.
• Matson’s latest earnings beat expectations, with EPS of $1.85 topping estimates, though quarterly revenue of $757.8 million came in below forecasts and was down 3.1% year over year.
• The company announced a quarterly dividend of $0.36 per share, payable June 4, while analysts currently rate the stock a Moderate Buy with an average price target of $181.25.

ProShare Advisors LLC reduced its position in Matson, Inc. (NYSE:MATX - Free Report) by 12.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,053 shares of the shipping company's stock after selling 8,030 shares during the period. ProShare Advisors LLC owned approximately 0.18% of Matson worth $7,049,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Matson by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,671,519 shares of the shipping company's stock valued at $453,616,000 after buying an additional 21,516 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Matson by 2.9% during the third quarter. American Century Companies Inc. now owns 1,250,636 shares of the shipping company's stock worth $123,300,000 after purchasing an additional 35,229 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Matson by 27.9% during the second quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company's stock worth $65,770,000 after purchasing an additional 128,994 shares during the last quarter. Millennium Management LLC lifted its position in shares of Matson by 144.9% during the third quarter. Millennium Management LLC now owns 455,133 shares of the shipping company's stock worth $44,872,000 after purchasing an additional 269,310 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Matson during the third quarter worth about $26,415,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MATX. Zacks Research raised shares of Matson to a "hold" rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. began coverage on shares of Matson in a research report on Monday, April 27th. They set an "overweight" rating and a $230.00 price target on the stock. Finally, Wall Street Zen cut shares of Matson from a "buy" rating to a "hold" rating in a research report on Sunday, March 15th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $181.25.

Insider Activity

In related news, SVP Christopher A. Scott sold 1,520 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $181.05, for a total transaction of $275,196.00. Following the sale, the senior vice president owned 9,708 shares in the company, valued at $1,757,633.40. This represents a 13.54% decrease 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, Director Bradley D. Tilden sold 1,594 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $181.85, for a total transaction of $289,868.90. Following the sale, the director owned 7,555 shares in the company, valued at approximately $1,373,876.75. This trade represents a 17.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 62,513 shares of company stock valued at $10,635,702 over the last quarter. Corporate insiders own 2.51% of the company's stock.

Matson Price Performance

MATX opened at $182.47 on Friday. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 13.41 and a beta of 1.30. Matson, Inc. has a fifty-two week low of $86.97 and a fifty-two week high of $190.00. The company's 50-day moving average price is $170.13 and its 200 day moving average price is $147.71. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11.

Matson (NYSE:MATX - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The shipping company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.20. The firm had revenue of $757.80 million for the quarter, compared to analyst estimates of $777.55 million. Matson had a net margin of 12.92% and a return on equity of 15.90%. Matson's quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. As a group, sell-side analysts expect that Matson, Inc. will post 13.96 earnings per share for the current year.

Matson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Thursday, May 7th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, May 7th. This represents a $1.44 annualized dividend and a yield of 0.8%. Matson's dividend payout ratio is 10.58%.

About Matson

Matson, Inc NYSE: MATX is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson's ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.