Vic Angoco Jr Sells 2,293 Shares of Matson (NYSE:MATX) Stock

Key Points

• Matson EVP Vic Angoco Jr. sold 2,293 shares at an average price of $222.76, totaling $510,788.68. His remaining stake fell 15.49% to 12,507 shares.
• Matson reported strong quarterly results, with EPS of $4.27 beating estimates of $3.79 and revenue rising 16.7% year over year to $969.4 million. The stock traded near its 52-week high at $223.13.
• The company increased its quarterly dividend to $0.38 per share, while analysts maintained a broadly positive outlook with a consensus “Buy” rating and an average price target of $232.33.

Matson, Inc. (NYSE:MATX - Get Free Report) EVP Vic Angoco, Jr. sold 2,293 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $222.76, for a total value of $510,788.68. Following the completion of the sale, the executive vice president owned 12,507 shares in the company, valued at approximately $2,786,059.32. This represents a 15.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Matson Price Performance

NYSE MATX traded up $0.33 during mid-day trading on Monday, hitting $223.13. The stock had a trading volume of 428,944 shares, compared to its average volume of 289,303. The company has a 50 day simple moving average of $206.47 and a 200 day simple moving average of $183.76. The company has a market cap of $6.67 billion, a price-to-earnings ratio of 14.92 and a beta of 1.27. Matson, Inc. has a 52-week low of $86.97 and a 52-week high of $230.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Matson (NYSE:MATX - Get Free Report) last posted its earnings results on Monday, August 3rd. The shipping company reported $4.27 earnings per share for the quarter, beating the consensus estimate of $3.79 by $0.48. Matson had a return on equity of 16.94% and a net margin of 13.41%.The company had revenue of $969.40 million for the quarter, compared to analyst estimates of $893.91 million. During the same quarter in the prior year, the company earned $2.92 earnings per share. Matson's revenue was up 16.7% compared to the same quarter last year. Equities analysts forecast that Matson, Inc. will post 16.01 EPS for the current fiscal year.

Matson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. This is a positive change from Matson's previous quarterly dividend of $0.36. Matson's dividend payout ratio is currently 10.16%.

Institutional Trading of Matson

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Matson in the 2nd quarter valued at about $952,903,000. California State Teachers Retirement System lifted its holdings in shares of Matson by 14,734.1% during the 2nd quarter. California State Teachers Retirement System now owns 1,706,810 shares of the shipping company's stock worth $328,100,000 after acquiring an additional 1,695,304 shares during the period. Millennium Management LLC boosted its position in shares of Matson by 144.9% in the third quarter. Millennium Management LLC now owns 455,133 shares of the shipping company's stock worth $44,872,000 after acquiring an additional 269,310 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Matson in the third quarter worth approximately $26,415,000. Finally, Bank of New York Mellon Corp purchased a new stake in Matson in the second quarter valued at approximately $50,637,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MATX shares. Wall Street Zen cut shares of Matson from a "buy" rating to a "hold" rating in a research note on Saturday. Stephens upped their target price on Matson from $240.00 to $260.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. increased their target price on Matson from $230.00 to $270.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Weiss Ratings raised Matson from a "hold (c)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Finally, Zacks Research upgraded Matson from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $232.33.

Matson Company Profile

Matson, Inc NYSE: MATX is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson's ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.

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