Strs Ohio Buys 6,000 Shares of Matson, Inc. $MATX

Key Points

• Strs Ohio boosted its Matson stake by 222.2% in the first quarter, buying 6,000 additional shares and bringing its total holdings to 8,700 shares worth about $1.43 million.
• Matson reported better-than-expected quarterly earnings of $1.85 per share, though revenue came in below estimates and declined 3.1% year over year. Analysts expect the shipping company to earn 13.96 per share for the full year.
• The company raised its quarterly dividend to $0.38 per share from $0.36, while Wall Street currently views the stock as a Moderate Buy with a consensus price target of $181.25.

Strs Ohio increased its stake in Matson, Inc. (NYSE:MATX - Free Report) by 222.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,700 shares of the shipping company's stock after acquiring an additional 6,000 shares during the quarter. Strs Ohio's holdings in Matson were worth $1,426,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Matson during the 4th quarter valued at about $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Matson in the fourth quarter worth approximately $2,017,000. Tudor Investment Corp ET AL lifted its stake in Matson by 2,944.7% in the third quarter. Tudor Investment Corp ET AL now owns 57,850 shares of the shipping company's stock valued at $5,703,000 after buying an additional 55,950 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Matson by 97.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 79,767 shares of the shipping company's stock worth $9,868,000 after buying an additional 39,370 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Matson by 887.1% during the 1st quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company's stock worth $9,441,000 after buying an additional 51,752 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

Matson Stock Performance

NYSE MATX opened at $198.60 on Wednesday. The company has a market cap of $6.01 billion, a P/E ratio of 14.59 and a beta of 1.28. The company has a fifty day simple moving average of $188.71 and a 200 day simple moving average of $166.74. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. Matson, Inc. has a 12-month low of $86.97 and a 12-month high of $207.88.

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. Matson had a net margin of 12.92% and a return on equity of 15.90%. The firm had revenue of $757.80 million for the quarter, compared to the consensus estimate of $777.55 million. During the same quarter in the prior year, the company posted $2.18 earnings per share. The business's revenue was down 3.1% on a year-over-year basis. Sell-side analysts predict that Matson, Inc. will post 13.96 earnings per share for the current fiscal year.

Matson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be issued a $0.38 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Matson's previous quarterly dividend of $0.36. Matson's dividend payout ratio (DPR) is currently 10.58%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. started coverage on shares of Matson in a research report on Monday, April 27th. They set an "overweight" rating and a $230.00 target price on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Matson in a research note on Friday, May 29th. Zacks Research upgraded shares of Matson to a "hold" rating in a report on Wednesday, April 29th. Finally, Wall Street Zen downgraded Matson from a "buy" rating to a "hold" rating in a research note on Sunday, March 15th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $181.25.

Insiders Place Their Bets

In related news, SVP Kuuhaku T. Park sold 2,500 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $180.19, for a total value of $450,475.00. Following the transaction, the senior vice president owned 10,984 shares of the company's stock, valued at approximately $1,979,206.96. This trade represents a 18.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter T. Heilmann sold 7,173 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total value of $1,292,502.87. Following the sale, the executive vice president directly owned 25,506 shares of the company's stock, valued at $4,595,926.14. This represents a 21.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,963 shares of company stock worth $4,349,268 in the last 90 days. Company insiders own 2.51% of the company's stock.

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.

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