Verdence Capital Advisors LLC Takes $389,000 Position in Matson, Inc. $MATX

Key Points

• Verdence Capital Advisors LLC has acquired a new position in Matson, Inc., purchasing 3,495 shares valued at approximately $389,000 in the second quarter of 2023.
• Matson's stock saw a recent increase of 2.0%, with a current trading price of $94.84 and a market cap of $3.01 billion.
• Analysts have a consensus rating of "Hold" on Matson's stock with an average price target of $131.67, indicating cautious optimism for future performance.

Verdence Capital Advisors LLC bought a new stake in Matson, Inc. (NYSE:MATX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,495 shares of the shipping company's stock, valued at approximately $389,000.

A number of other institutional investors also recently modified their holdings of MATX. Brooklyn Investment Group bought a new stake in shares of Matson in the first quarter valued at about $34,000. State of Wyoming boosted its position in shares of Matson by 495.3% in the first quarter. State of Wyoming now owns 381 shares of the shipping company's stock valued at $49,000 after acquiring an additional 317 shares during the period. IFP Advisors Inc boosted its position in shares of Matson by 42.6% in the second quarter. IFP Advisors Inc now owns 442 shares of the shipping company's stock valued at $49,000 after acquiring an additional 132 shares during the period. NewEdge Advisors LLC bought a new stake in shares of Matson in the first quarter valued at about $78,000. Finally, Covestor Ltd boosted its position in shares of Matson by 30.4% in the first quarter. Covestor Ltd now owns 764 shares of the shipping company's stock valued at $98,000 after acquiring an additional 178 shares during the period. Institutional investors own 84.76% of the company's stock.

Insider Activity

In other news, SVP Christopher A. Scott sold 1,044 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $109.94, for a total value of $114,777.36. Following the completion of the transaction, the senior vice president owned 13,441 shares of the company's stock, valued at $1,477,703.54. This represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.05% of the stock is owned by corporate insiders.

Matson Stock Up 2.0%

Shares of NYSE MATX opened at $94.84 on Thursday. The stock has a 50-day moving average price of $102.57 and a two-hundred day moving average price of $107.23. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $169.12. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.01 billion, a price-to-earnings ratio of 6.41 and a beta of 1.21.

Matson (NYSE:MATX - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The shipping company reported $2.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.74. Matson had a return on equity of 18.90% and a net margin of 14.26%.The company had revenue of $830.50 million during the quarter, compared to the consensus estimate of $727.30 million. During the same quarter in the prior year, the firm posted $3.31 earnings per share. The firm's revenue was down 2.0% compared to the same quarter last year. As a group, analysts forecast that Matson, Inc. will post 13.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MATX. Jefferies Financial Group reaffirmed a "hold" rating and set a $115.00 price objective on shares of Matson in a research report on Friday, August 1st. Zacks Research raised shares of Matson from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Matson in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average 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.

Want to see what other hedge funds are holding MATX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Matson, Inc. (NYSE:MATX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.