Matson, Inc. (MATX) Downgraded to Hold at Zacks Investment Research

Matson, Inc. (NYSE:MATX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Matson, Inc. operates as an ocean transportation and logistics company. It offers shipping services in Hawaii, Guam, and Micronesia islands and expedited service from China to southern California. The company’s logistics services consist of rail intermodal service, long haul and regional highway truckload services, less-than-truckload transportation, specialized hauling, flatbed, and project works, warehousing and distribution services, transloading, cross-dock services, and packaging services, and network analysis and freight management services. Matson, Inc., formerly known as Alexander & Baldwin Holdings, Inc., is headquartered in Honolulu, Hawaii. “

MATX has been the topic of a number of other research reports. BidaskClub cut shares of Matson from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Wells Fargo & Company reiterated an “underperform” rating and set a $22.00 price objective on shares of Matson in a research report on Monday, September 25th. Stephens cut shares of Matson from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $38.00 to $23.00 in a research report on Friday, August 18th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $32.00 price objective (up previously from $30.00) on shares of Matson in a research report on Thursday, September 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $27.50.

Shares of Matson (NYSE:MATX) opened at 27.86 on Wednesday. Matson has a 12 month low of $21.63 and a 12 month high of $42.00. The firm’s 50-day moving average is $26.49 and its 200 day moving average is $29.28. The stock has a market cap of $1.20 billion, a PE ratio of 16.00 and a beta of 1.22.

Matson (NYSE:MATX) last announced its quarterly earnings results 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. Matson had a net margin of 3.76% and a return on equity of 16.10%. The company had revenue of $512.50 million for the quarter, compared to analysts’ expectations of $495.19 million. During the same quarter in the previous year, the business posted $0.42 earnings per share. Matson’s quarterly revenue was up 9.6% on a year-over-year basis. On average, equities analysts predict that Matson will post $1.68 EPS for the current year.

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In related news, Director Jeffrey N. Watanabe bought 4,100 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was purchased at an average cost of $24.07 per share, with a total value of $98,687.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas B. Fargo bought 2,000 shares of the stock in a transaction dated Monday, August 21st. The shares were bought at an average cost of $23.61 per share, with a total value of $47,220.00. The disclosure for this purchase can be found here. Insiders have acquired 12,200 shares of company stock worth $292,734 in the last quarter. Company insiders own 2.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan boosted its stake in shares of Matson by 1.3% during the first quarter. Municipal Employees Retirement System of Michigan now owns 9,790 shares of the shipping company’s stock valued at $311,000 after purchasing an additional 130 shares during the period. Texas Permanent School Fund boosted its stake in shares of Matson by 0.8% during the second quarter. Texas Permanent School Fund now owns 31,479 shares of the shipping company’s stock valued at $946,000 after purchasing an additional 260 shares during the period. Arizona State Retirement System boosted its stake in shares of Matson by 1.8% during the first quarter. Arizona State Retirement System now owns 22,485 shares of the shipping company’s stock valued at $714,000 after purchasing an additional 400 shares during the period. UBS Group AG boosted its stake in shares of Matson by 14.0% during the first quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 495 shares during the period. Finally, Teachers Advisors LLC boosted its stake in shares of Matson by 0.8% during the second quarter. Teachers Advisors LLC now owns 75,128 shares of the shipping company’s stock valued at $2,257,000 after purchasing an additional 609 shares during the period. 84.13% of the stock is owned by hedge funds and other institutional investors.

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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