VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.38 Million in Matson, Inc. $MATX

Key Points

• The Virginia Retirement Systems acquired 12,400 shares of Matson, Inc. for approximately $1.38 million in the second quarter, indicating growing interest among institutional investors.
• Matson reported an earnings per share (EPS) of $2.92 for the quarter, surpassing analysts' expectations and demonstrating resilience despite a 2.0% year-over-year revenue decline.
• Analysts have assigned Matson a consensus rating of "hold," with an average target price of $131.67, reflecting mixed expectations for the company's future performance.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position 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. The firm acquired 12,400 shares of the shipping company's stock, valued at approximately $1,381,000.

A number of other institutional investors have also recently made changes to their positions in the business. Ethic Inc. boosted its position in shares of Matson by 2.7% in the 1st quarter. Ethic Inc. now owns 4,092 shares of the shipping company's stock worth $537,000 after purchasing an additional 108 shares in the last quarter. Hohimer Wealth Management LLC raised its stake in Matson by 5.2% in the 1st quarter. Hohimer Wealth Management LLC now owns 2,192 shares of the shipping company's stock worth $281,000 after acquiring an additional 109 shares during the last quarter. Xponance Inc. raised its stake in Matson by 4.3% in the 1st quarter. Xponance Inc. now owns 2,767 shares of the shipping company's stock worth $355,000 after acquiring an additional 113 shares during the last quarter. Cerity Partners LLC raised its stake in Matson by 4.6% in the 1st quarter. Cerity Partners LLC now owns 2,637 shares of the shipping company's stock worth $338,000 after acquiring an additional 117 shares during the last quarter. Finally, Hancock Whitney Corp raised its stake in Matson by 8.3% in the 1st quarter. Hancock Whitney Corp now owns 1,730 shares of the shipping company's stock worth $222,000 after acquiring an additional 132 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Matson Stock Performance

Shares of MATX stock opened at $93.29 on Thursday. The stock has a market cap of $2.97 billion, a PE ratio of 6.31 and a beta of 1.21. The business has a 50-day simple moving average of $101.22 and a 200-day simple moving average of $106.22. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.13. Matson, Inc. has a 52-week low of $86.97 and a 52-week high of $169.12.

Matson (NYSE:MATX - Get Free Report) last issued 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. The business had revenue of $830.50 million during the quarter, compared to analysts' expectations of $727.30 million. Matson had a return on equity of 18.90% and a net margin of 14.26%.The company's revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.31 EPS. On average, equities analysts expect that Matson, Inc. will post 13.27 EPS for the current year.

Insider Buying and Selling at Matson

In related news, SVP Christopher A. Scott sold 1,044 shares of Matson stock in a transaction dated 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 in the company, valued at $1,477,703.54. The trade was a 7.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.05% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MATX shares. Zacks Research upgraded Matson from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 16th. Weiss Ratings restated a "hold (c+)" rating on shares of Matson in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $115.00 target price on shares of Matson in a research note on Friday, August 1st. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Matson presently has a consensus rating of "Hold" and an average target price 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.

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