BidaskClub lowered shares of Matson, Inc. (NYSE:MATX) from a sell rating to a strong sell rating in a research report released on Wednesday.
Several other analysts also recently commented on MATX. Stephens set a $40.00 price target on shares of Matson and gave the company a buy rating in a research report on Saturday, June 10th. Stifel Nicolaus upgraded shares of Matson from a hold rating to a buy rating and set a $30.00 price objective for the company in a research report on Friday, August 18th. Zacks Investment Research upgraded shares of Matson from a hold rating to a buy rating and set a $33.00 price objective for the company in a research report on Thursday, August 3rd. Wells Fargo & Company downgraded shares of Matson from a market perform rating to an underperform rating and set a $22.00 price objective for the company. in a research report on Friday, August 18th. Finally, TheStreet downgraded shares of Matson from a b- rating to a c+ rating in a research report on Monday, May 22nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $27.00.
Matson (NYSE:MATX) traded up 0.50% during midday trading on Wednesday, reaching $24.14. 176,095 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $29.06 and its 200-day moving average is $31.00. Matson has a 12-month low of $21.63 and a 12-month high of $43.00. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 13.87 and a beta of 1.13.
Matson (NYSE:MATX) last issued its quarterly earnings data on Monday, July 31st. The shipping company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.11. The business had revenue of $512.50 million during the quarter, compared to the consensus estimate of $495.19 million. Matson had a net margin of 3.76% and a return on equity of 16.10%. The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 EPS. On average, equities analysts forecast that Matson will post $1.68 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 3rd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, August 1st. This represents a $0.80 dividend on an annualized basis and a yield of 3.33%. This is an increase from Matson’s previous quarterly dividend of $0.19. Matson’s dividend payout ratio is presently 46.24%.
In other news, Director W Blake Baird sold 2,578 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $29.98, for a total transaction of $77,288.44. Following the transaction, the director now directly owns 15,583 shares of the company’s stock, valued at approximately $467,178.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Joel M. Wine purchased 6,100 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were bought at an average cost of $24.07 per share, for a total transaction of $146,827.00. Following the completion of the purchase, the chief financial officer now owns 99,411 shares in the company, valued at $2,392,822.77. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 12,200 shares of company stock valued at $292,734. 2.60% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Riverhead Capital Management LLC boosted its stake in shares of Matson by 89.2% in the second quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock worth $108,000 after buying an additional 1,695 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Matson during the first quarter worth approximately $119,000. UBS Group AG boosted its stake in shares of Matson by 14.0% in the first quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock worth $127,000 after buying an additional 495 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Matson by 10.9% in the first quarter. Bank of Montreal Can now owns 4,419 shares of the shipping company’s stock worth $140,000 after buying an additional 434 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in shares of Matson by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 4,760 shares of the shipping company’s stock worth $151,000 after buying an additional 110 shares during the last quarter. 83.61% of the stock is currently owned by institutional investors and hedge funds.
Matson Company Profile
Matson, Inc, through its subsidiaries, operates as an ocean cargo carrier. The company operates in two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean transportation services to the domestic economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia and in the South Pacific.
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