Voya Investment Management LLC Sells 3,348 Shares of Matson, Inc. $MATX

Voya Investment Management LLC reduced its holdings in shares of Matson, Inc. (NYSE:MATX - Free Report) by 27.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,916 shares of the shipping company's stock after selling 3,348 shares during the quarter. Voya Investment Management LLC's holdings in Matson were worth $1,143,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Ameriflex Group Inc. purchased a new stake in shares of Matson during the 4th quarter worth approximately $36,000. Brooklyn Investment Group purchased a new position in Matson in the 1st quarter valued at approximately $34,000. State of Wyoming grew its stake in Matson by 495.3% in the 1st quarter. State of Wyoming now owns 381 shares of the shipping company's stock valued at $49,000 after buying an additional 317 shares in the last quarter. NewEdge Advisors LLC purchased a new position in Matson in the 1st quarter valued at approximately $78,000. Finally, Covestor Ltd grew its stake in 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 buying an additional 178 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

Matson Price Performance

Shares of NYSE MATX opened at $105.05 on Wednesday. Matson, Inc. has a 1 year low of $91.75 and a 1 year high of $169.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 0.78. The company's 50-day moving average is $106.12 and its 200 day moving average is $110.70. The stock has a market capitalization of $3.34 billion, a P/E ratio of 7.10 and a beta of 1.21.

Matson (NYSE:MATX - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $830.50 million for the quarter, compared to analysts' expectations of $727.30 million. Matson had a net margin of 14.26% and a return on equity of 18.90%. Matson's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.31 earnings per share. On average, sell-side analysts expect that Matson, Inc. will post 13.27 earnings per share for the current year.

Matson Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 7th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.4%. This is a boost from Matson's previous quarterly dividend of $0.34. The ex-dividend date was Thursday, August 7th. Matson's dividend payout ratio is currently 9.74%.

Insiders Place Their Bets

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 shares were sold at an average price of $109.94, for a total value of $114,777.36. Following the transaction, the senior vice president owned 13,441 shares in the company, valued at approximately $1,477,703.54. This represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.05% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MATX shares. Jefferies Financial Group reiterated a "hold" rating and issued a $115.00 price objective on shares of Matson in a research note on Friday, August 1st. Zacks Research upgraded shares of Matson from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $131.67.

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.

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