Virtu Financial LLC Grows Stock Position in Matson, Inc. (NYSE:MATX)

Key Points

• Virtu Financial LLC significantly increased its stake in Matson, Inc. by 230.6% during the first quarter, now owning 4,985 shares worth approximately $639,000.
• Matson recently increased its quarterly dividend to $0.36 per share, reflecting a positive change from its previous dividend of $0.34.
• Analysts have mixed opinions on Matson's stock; while four analysts rate it as a "hold," one maintains a "buy" rating with an average price target of $131.67.

Virtu Financial LLC raised its stake in shares of Matson, Inc. (NYSE:MATX - Free Report) by 230.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,985 shares of the shipping company's stock after buying an additional 3,477 shares during the period. Virtu Financial LLC's holdings in Matson were worth $639,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Bessemer Group Inc. increased its stake in shares of Matson by 67.7% in the 4th quarter. Bessemer Group Inc. now owns 213 shares of the shipping company's stock valued at $29,000 after purchasing an additional 86 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of Matson in the 4th quarter valued at about $36,000. Covestor Ltd increased its stake in shares of Matson by 30.4% in the 1st quarter. Covestor Ltd now owns 764 shares of the shipping company's stock valued at $98,000 after purchasing an additional 178 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Matson by 112.2% in the 1st quarter. Parallel Advisors LLC now owns 783 shares of the shipping company's stock valued at $100,000 after purchasing an additional 414 shares in the last quarter. Finally, Curat Global LLC purchased a new position in shares of Matson in the 1st quarter valued at about $104,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MATX. Wall Street Zen lowered Matson from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Jefferies Financial Group restated a "hold" rating and issued a $115.00 price target on shares of Matson in a research note on Friday, August 1st. Stifel Nicolaus cut their price target on Matson from $160.00 to $130.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. Finally, Stephens lowered their price objective on Matson from $175.00 to $150.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $131.67.

Matson Price Performance

MATX stock traded up $0.36 during trading on Friday, hitting $105.01. The stock had a trading volume of 318,898 shares, compared to its average volume of 407,296. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 0.78. Matson, Inc. has a twelve month low of $91.75 and a twelve month high of $169.12. The stock has a market capitalization of $3.34 billion, a P/E ratio of 7.10 and a beta of 1.22. The company's 50-day moving average price is $110.32 and its two-hundred day moving average price is $117.45.

Matson (NYSE:MATX - Get Free Report) last issued its earnings results on Thursday, July 31st. The shipping company reported $2.92 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.74. The business had revenue of $830.50 million for 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 business's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.31 EPS. As a group, research analysts predict that Matson, Inc. will post 13.27 EPS for the current fiscal year.

Matson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, August 7th. This represents a $1.44 annualized dividend and a dividend yield of 1.4%. This is an increase from Matson's previous quarterly dividend of $0.34. Matson's payout ratio is presently 9.74%.

Insider Transactions at Matson

In other news, SVP Leonard P. Isotoff sold 500 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $111.47, for a total transaction of $55,735.00. Following the transaction, the senior vice president directly owned 5,644 shares in the company, valued at $629,136.68. The trade was a 8.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bradley D. Tilden bought 2,752 shares of the stock in a transaction dated Thursday, May 29th. The shares were bought at an average price of $111.76 per share, for a total transaction of $307,563.52. Following the completion of the acquisition, the director owned 8,180 shares in the company, valued at approximately $914,196.80. The trade was a 50.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.05% of the company's stock.

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.