Stoneridge Investment Partners LLC cut its position in shares of Matson, Inc. (NYSE:MATX) by 55.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,736 shares of the shipping company’s stock after selling 17,130 shares during the period. Stoneridge Investment Partners LLC’s holdings in Matson were worth $413,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. UBS Asset Management Americas Inc. increased its position in shares of Matson by 6.8% in the first quarter. UBS Asset Management Americas Inc. now owns 13,995 shares of the shipping company’s stock worth $444,000 after buying an additional 890 shares in the last quarter. Comerica Bank increased its position in shares of Matson by 8.7% in the first quarter. Comerica Bank now owns 195,356 shares of the shipping company’s stock worth $6,335,000 after buying an additional 15,559 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Matson by 5.1% in the first quarter. Bank of New York Mellon Corp now owns 686,361 shares of the shipping company’s stock worth $21,799,000 after buying an additional 33,523 shares in the last quarter. Princeton Alpha Management LP acquired a new position in shares of Matson during the first quarter worth $273,000. Finally, First Trust Advisors LP increased its position in shares of Matson by 66.0% in the first quarter. First Trust Advisors LP now owns 52,729 shares of the shipping company’s stock worth $1,675,000 after buying an additional 20,959 shares in the last quarter. Institutional investors own 83.93% of the company’s stock.
Matson, Inc. (MATX) opened at 29.28 on Friday. The firm has a market cap of $1.26 billion, a P/E ratio of 16.82 and a beta of 1.13. Matson, Inc. has a one year low of $27.90 and a one year high of $43.00. The stock has a 50 day moving average price of $29.65 and a 200-day moving average price of $31.55.
Matson (NYSE:MATX) last released its quarterly earnings data on Monday, July 31st. The shipping company reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.11. Matson had a return on equity of 16.10% and a net margin of 3.76%. The business 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 EPS. Matson’s revenue for the quarter was up 9.6% on a year-over-year basis. Analysts predict that Matson, Inc. will post $1.67 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 3rd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Tuesday, August 1st. This is a boost from Matson’s previous quarterly dividend of $0.19. Matson’s payout ratio is 46.24%.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Matson from a “sell” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Wednesday, April 26th. Stephens set a $40.00 target price on Matson and gave the company a “buy” rating in a report on Saturday, June 10th. BidaskClub downgraded Matson from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Finally, TheStreet downgraded Matson from a “b-” rating to a “c+” rating in a report on Monday, May 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $37.00.
In other news, Director Stanley M. Kuriyama bought 3,300 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average price of $29.75 per share, with a total value of $98,175.00. Following the transaction, the director now owns 32,932 shares in the company, valued at $979,727. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director W Blake Baird sold 2,578 shares of Matson stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $29.98, for a total value of $77,288.44. Following the completion of the sale, the director now directly owns 15,583 shares in the company, valued at approximately $467,178.34. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
Matson, Inc is a transportation company in the Marine industry.
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