Tidal Investments LLC Lowers Stock Holdings in Matson, Inc. $MATX

Key Points

• Tidal Investments reduced its Matson stake by 26.3% in the second quarter, selling 7,249 shares and retaining 20,314 shares valued at approximately $3.9 million.
• Institutional ownership remains high at 84.76%, with major investors including BlackRock and California State Teachers’ Retirement System making significant additions to their positions.
• Matson exceeded quarterly earnings and revenue expectations, while analysts maintained an overall “Buy” rating with an average price target of $232.33; the company also increased its quarterly dividend to $0.38 per share.

Tidal Investments LLC lowered its position in shares of Matson, Inc. (NYSE:MATX - Free Report) by 26.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,314 shares of the shipping company's stock after selling 7,249 shares during the period. Tidal Investments LLC owned about 0.07% of Matson worth $3,905,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MATX. BlackRock Inc. purchased a new position in shares of Matson during the 2nd quarter valued at about $952,903,000. California State Teachers Retirement System boosted its stake in Matson by 14,734.1% in the second quarter. California State Teachers Retirement System now owns 1,706,810 shares of the shipping company's stock worth $328,100,000 after buying an additional 1,695,304 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Matson during the second quarter valued at approximately $50,637,000. Caisse de depot et placement du Quebec bought a new position in Matson during the second quarter valued at approximately $45,796,000. Finally, Bank of America Corp DE grew its position in Matson by 12.6% during the first quarter. Bank of America Corp DE now owns 200,926 shares of the shipping company's stock valued at $32,940,000 after acquiring an additional 22,516 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MATX. JPMorgan Chase & Co. boosted their price objective on shares of Matson from $230.00 to $270.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Stephens increased their target price on shares of Matson from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Weiss Ratings raised shares of Matson from a "hold (c)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. Wall Street Zen lowered shares of Matson from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, Zacks Research upgraded Matson from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $232.33.

Insider Buying and Selling

In other news, EVP Peter T. Heilmann sold 5,000 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $220.15, for a total value of $1,100,750.00. Following the completion of the sale, the executive vice president directly owned 20,506 shares of the company's stock, valued at approximately $4,514,395.90. This trade represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Kuuhaku T. Park sold 1,000 shares of Matson stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $208.49, for a total transaction of $208,490.00. Following the sale, the senior vice president directly owned 9,984 shares in the company, valued at $2,081,564.16. The trade was a 9.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,462 shares of company stock valued at $2,695,832 over the last three months. Insiders own 2.51% of the company's stock.

Matson Stock Performance

Shares of NYSE:MATX opened at $236.59 on Tuesday. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $237.42. The company has a market cap of $7.07 billion, a price-to-earnings ratio of 15.81 and a beta of 1.26. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $215.43 and a 200-day moving average price of $190.67.

Matson (NYSE:MATX - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The shipping company reported $4.27 earnings per share for the quarter, topping the consensus estimate of $3.79 by $0.48. The business had revenue of $969.40 million during the quarter, compared to analysts' expectations of $893.91 million. Matson had a return on equity of 16.94% and a net margin of 13.41%.The business's revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $2.92 EPS. As a group, equities analysts anticipate that Matson, Inc. will post 16.01 EPS for the current year.

Matson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 6th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This is a positive change from Matson's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 0.6%. Matson's payout ratio is 10.16%.

Matson Company Profile

Matson, Inc is a transportation and logistics company that provides ocean shipping and related supply-chain services. Through its Matson Navigation subsidiary, the company transports containerized and non-containerized freight, automobiles, food, household goods, construction materials and other cargo.

Matson operates ocean transportation services connecting the U.S. mainland with Hawaii, Alaska and select destinations in the South Pacific and Micronesia. The company also provides expedited service between China and the United States and maintains logistics operations that support domestic and international freight movement.

Matson Logistics offers intermodal transportation, freight forwarding, warehousing, supply-chain management and other distribution services.

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