Wall Street Zen Downgrades Matson (NYSE:MATX) to Hold

Key Points

• Wall Street Zen downgraded Matson to “Hold” from “Buy,” contrasting with the broader analyst consensus of “Buy” and a $232.33 price target.
• Matson reported quarterly EPS of $4.27, beating estimates of $3.79, while revenue rose 16.7% year over year to $969.4 million, above expectations.
• Insiders sold approximately $2.93 million of stock over the past 90 days, while institutional investors own a substantial 84.76% of Matson’s shares.

Matson (NYSE:MATX - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Other analysts also recently issued research reports about the stock. Zacks Research upgraded shares of Matson from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 6th. Stephens upped their price objective on Matson from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. JPMorgan Chase & Co. increased their price objective on Matson from $230.00 to $270.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised Matson from a "hold (c)" rating to a "buy (b-)" rating in a research note 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $232.33.

Matson Price Performance

Shares of NYSE MATX opened at $223.14 on Friday. The firm has a 50-day simple moving average of $206.47 and a 200-day simple moving average of $183.63. 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 stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of 14.92 and a beta of 1.27. Matson has a 52 week low of $86.97 and a 52 week high of $230.74.

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

Insider Activity

In other news, SVP Jennifer C. Tungul sold 402 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $208.49, for a total value of $83,812.98. Following the sale, the senior vice president directly owned 5,852 shares in the company, valued at approximately $1,220,083.48. This trade represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher A. Scott sold 600 shares of Matson stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $219.90, for a total value of $131,940.00. Following the completion of the transaction, the executive vice president owned 9,354 shares of the company's stock, valued at approximately $2,056,944.60. This trade represents a 6.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 14,169 shares of company stock worth $2,933,211 over the last 90 days. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Matson

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Matson during the 2nd quarter worth approximately $952,903,000. Millennium Management LLC raised its holdings in shares of Matson by 144.9% in the 3rd quarter. Millennium Management LLC now owns 455,133 shares of the shipping company's stock valued at $44,872,000 after purchasing an additional 269,310 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Matson during the 3rd quarter worth $26,415,000. Bank of New York Mellon Corp purchased a new stake in shares of Matson during the 2nd quarter worth $50,637,000. Finally, Caisse de depot et placement du Quebec acquired a new position in shares of Matson during the second quarter worth $45,796,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

About Matson

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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