Matson (NYSE:MATX) Sets New 12-Month High - Here's What Happened

Key Points

• Matson shares hit a new 52-week high, reaching as high as $192.53 during Friday trading before last changing hands near $190.64. The move came with moderate volume of about 70,945 shares.
• Recent analyst activity was mixed, but the overall view remains Moderate Buy with a consensus target price of $181.25. JPMorgan initiated coverage with an Overweight rating and a $230 target, while other firms either downgraded or reiterated hold ratings.
• The company recently beat EPS expectations in its latest quarter, reporting $1.85 per share versus $1.65 expected, and it also paid a quarterly dividend of $0.36 per share. However, insiders have sold shares in recent months, including two senior vice presidents reducing their stakes.

Matson, Inc. (NYSE:MATX - Get Free Report) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $192.53 and last traded at $190.6420, with a volume of 70945 shares trading hands. The stock had previously closed at $187.29.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MATX. Wall Street Zen cut Matson from a "buy" rating to a "hold" rating in a research report on Sunday, March 15th. JPMorgan Chase & Co. began coverage on Matson in a research report on Monday, April 27th. They issued an "overweight" rating and a $230.00 price objective for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Matson in a research report on Friday, May 29th. Finally, Zacks Research raised Matson to a "hold" rating in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $181.25.

Matson Stock Performance

The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 14.02 and a beta of 1.29. The company has a fifty day moving average of $175.98 and a two-hundred day moving average of $153.18. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82.

Matson (NYSE:MATX - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The shipping company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.20. The business had revenue of $757.80 million during the quarter, compared to analysts' expectations of $777.55 million. Matson had a return on equity of 15.90% and a net margin of 12.92%.The firm's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $2.18 EPS. As a group, equities research analysts predict that Matson, Inc. will post 13.96 earnings per share for the current fiscal year.

Matson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 7th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Thursday, May 7th. Matson's dividend payout ratio (DPR) is 10.58%.

Insider Activity

In other Matson news, SVP Kuuhaku T. Park sold 2,500 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total transaction of $450,475.00. Following the transaction, the senior vice president owned 10,984 shares in the company, valued at $1,979,206.96. This trade represents a 18.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher A. Scott sold 3,305 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $180.14, for a total value of $595,362.70. Following the transaction, the senior vice president owned 11,228 shares in the company, valued at approximately $2,022,611.92. This trade represents a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 23,672 shares of company stock worth $4,210,279. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Matson

A number of hedge funds have recently added to or reduced their stakes in MATX. Royal Bank of Canada increased its stake in Matson by 8.3% during the 1st quarter. Royal Bank of Canada now owns 41,346 shares of the shipping company's stock worth $5,300,000 after acquiring an additional 3,155 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Matson by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,511 shares of the shipping company's stock worth $2,501,000 after acquiring an additional 863 shares during the period. Millennium Management LLC increased its stake in Matson by 7.1% during the 1st quarter. Millennium Management LLC now owns 102,629 shares of the shipping company's stock worth $13,154,000 after acquiring an additional 6,778 shares during the period. NewEdge Advisors LLC bought a new position in Matson during the 1st quarter worth $78,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Matson by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 24,459 shares of the shipping company's stock worth $3,135,000 after acquiring an additional 2,492 shares during the period. Institutional investors own 84.76% of the company's stock.

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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