Matson (NYSE:MATX) Sets New 12-Month High After Strong Earnings

Key Points

• Matson shares hit a new 52-week high after reporting $1.85 EPS, beating estimates by $0.20, though revenue of $757.8M missed the $777.6M consensus; the stock traded as high as $182, up roughly 5%.
• The company announced a quarterly dividend of $0.36 (annualized $1.44) for a yield of about 0.8%, with an ex-dividend/record date of May 7 and payment on June 4.
• Analyst coverage is mixed—MarketBeat shows a consensus Hold and average target of $171, but some firms set targets up to $230—meanwhile insiders sold ~42,550 shares recently and institutional ownership stands near 84.8%.

Matson, Inc. (NYSE:MATX - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $182.00 and last traded at $178.1150, with a volume of 127153 shares traded. The stock had previously closed at $170.83.

The shipping company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.65 by $0.20. The firm had revenue of $757.80 million for the quarter, compared to the consensus estimate of $777.55 million. Matson had a return on equity of 16.63% and a net margin of 13.30%.The business's quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.18 EPS.

Matson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Thursday, May 7th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, May 7th. Matson's payout ratio is presently 10.33%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Zacks Research raised Matson to a "hold" rating in a research report on Wednesday, April 29th. Stephens boosted their target price on Matson from $190.00 to $213.00 and gave the company an "overweight" rating in a research report on Wednesday, January 21st. JPMorgan Chase & Co. initiated coverage on Matson in a research report on Monday, April 27th. They issued an "overweight" rating and a $230.00 target price for the company. Wolfe Research reissued an "outperform" rating and set a $167.00 price objective on shares of Matson in a report on Thursday, January 8th. Finally, Wall Street Zen lowered Matson from a "buy" rating to a "hold" rating in a report on Sunday, March 15th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Matson has an average rating of "Hold" and a consensus target price of $171.00.

Insider Activity

In other Matson news, EVP Peter T. Heilmann sold 13,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $165.46, for a total transaction of $2,150,980.00. Following the sale, the executive vice president owned 32,679 shares in the company, valued at $5,407,067.34. This represents a 28.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Christopher A. Scott sold 2,509 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $155.00, for a total value of $388,895.00. Following the completion of the sale, the senior vice president owned 14,533 shares in the company, valued at $2,252,615. This trade represents a 14.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 42,550 shares of company stock valued at $7,034,602. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Matson

Several large investors have recently modified their holdings of MATX. Millennium Management LLC grew its stake 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 purchasing an additional 269,310 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in Matson in the third quarter worth about $26,415,000. Norges Bank purchased a new stake in Matson in the fourth quarter worth about $17,276,000. Ameriprise Financial Inc. lifted its holdings in Matson by 27.9% in the second quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company's stock worth $65,770,000 after buying an additional 128,994 shares during the period. Finally, Royce & Associates LP purchased a new stake in Matson in the third quarter worth about $9,503,000. 84.76% of the stock is owned by institutional investors.

Matson Stock Up 5.0%

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The company's fifty day simple moving average is $165.32 and its 200 day simple moving average is $139.77. The firm has a market capitalization of $5.46 billion, a PE ratio of 12.93 and a beta of 1.30.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.