Victory Capital Management Inc. Acquires 6,451 Shares of Matson, Inc. (NYSE:MATX)

Key Points

• Victory Capital Management Inc. increased its holdings in Matson, Inc. by 13.8% during the first quarter, acquiring an additional 6,451 shares, bringing their total to 53,081 shares worth approximately $6.8 million.
• The recent insider trading activity includes Director Bradley D. Tilden acquiring 2,752 shares, increasing his ownership by 50.70%, while SVP Laura L. Rascon sold 1,700 shares, representing a 10.36% decrease in her position.
• Matson recently announced a dividend increase to $0.36 per share, up from $0.34, with a dividend yield of 1.32%, highlighting the company’s commitment to returning value to shareholders.

Victory Capital Management Inc. grew its stake in shares of Matson, Inc. (NYSE:MATX - Free Report) by 13.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,081 shares of the shipping company's stock after purchasing an additional 6,451 shares during the period. Victory Capital Management Inc. owned approximately 0.16% of Matson worth $6,803,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Bessemer Group Inc. boosted its position in shares of Matson by 67.7% in the 4th quarter. Bessemer Group Inc. now owns 213 shares of the shipping company's stock worth $29,000 after buying an additional 86 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Matson in the 4th quarter worth about $30,000. Ameriflex Group Inc. purchased a new stake in shares of Matson in the 4th quarter worth about $36,000. Covestor Ltd boosted its position in shares of Matson by 16.3% in the 4th quarter. Covestor Ltd now owns 586 shares of the shipping company's stock worth $79,000 after buying an additional 82 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Matson by 112.2% in the 1st quarter. Parallel Advisors LLC now owns 783 shares of the shipping company's stock worth $100,000 after buying an additional 414 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Matson Stock Down 1.4%

Shares of MATX traded down $1.56 during midday trading on Monday, reaching $107.85. 104,797 shares of the stock were exchanged, compared to its average volume of 410,487. The firm has a 50 day simple moving average of $111.60 and a 200-day simple moving average of $120.53. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. Matson, Inc. has a 12-month low of $91.75 and a 12-month high of $169.12. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 7.10 and a beta of 1.28.

Matson (NYSE:MATX - Get Free Report) last released its earnings results on Monday, May 5th. The shipping company reported $2.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.34 by ($0.16). The business had revenue of $782.00 million during the quarter, compared to analyst estimates of $818.07 million. Matson had a net margin of 14.72% and a return on equity of 20.02%. The business's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the business earned $1.04 EPS. Research analysts forecast that Matson, Inc. will post 13.27 EPS for the current year.

Matson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 7th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Thursday, August 7th. This is an increase from Matson's previous quarterly dividend of $0.34. Matson's dividend payout ratio (DPR) is 9.49%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MATX shares. Stifel Nicolaus cut their target price on shares of Matson from $160.00 to $130.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. Jefferies Financial Group cut Matson from a "buy" rating to a "hold" rating and reduced their target price for the company from $135.00 to $115.00 in a research note on Friday, July 18th. Wall Street Zen lowered Matson from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Finally, Stephens decreased their target price on Matson from $175.00 to $150.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $131.67.

Insider Buying and Selling at Matson

In related news, SVP Laura L. Rascon sold 1,700 shares of Matson stock in a transaction on Tuesday, May 13th. The stock was 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 of the company's stock, valued at $1,738,811.28. The trade was a 10.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Leonard P. Isotoff sold 500 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $111.47, for a total value of $55,735.00. Following the completion of the transaction, the senior vice president directly owned 5,644 shares of the company's stock, valued at approximately $629,136.68. The trade was a 8.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.05% of the company's stock.

About Matson

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.