Zacks Investment Research downgraded shares of Matson, Inc. (NYSE:MATX) from a buy rating to a hold rating in a report released 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. “
Other equities research analysts have also recently issued research reports about the company. Stifel Nicolaus upgraded Matson from a hold rating to a buy rating and set a $30.00 target price on the stock in a report on Friday, August 18th. Stephens cut Matson from an overweight rating to an equal weight rating and lowered their target price for the company from $38.00 to $23.00 in a report on Friday, August 18th. BidaskClub upgraded Matson from a sell rating to a hold rating in a report on Friday, September 22nd. Finally, Wells Fargo & Company reiterated an underperform rating and set a $22.00 target price on shares of Matson in a report on Monday, September 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $27.50.
Shares of Matson (NYSE:MATX) remained flat at $27.75 during trading on Wednesday. The company had a trading volume of 139,635 shares. Matson has a 1-year low of $21.63 and a 1-year high of $42.00. The company has a 50 day moving average of $26.60 and a 200 day moving average of $29.27. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 15.94 and a beta of 1.22.
Matson (NYSE:MATX) last announced its earnings results on Monday, July 31st. The shipping company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. The firm had revenue of $512.50 million for the quarter, compared to analysts’ expectations of $495.19 million. Matson had a return on equity of 16.10% and a net margin of 3.76%. Matson’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. On average, analysts predict that Matson will post $1.68 EPS for the current fiscal year.
In other news, CFO Joel M. Wine bought 6,100 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were acquired at an average cost of $24.07 per share, with a total value of $146,827.00. Following the transaction, the chief financial officer now owns 99,411 shares of the company’s stock, valued at approximately $2,392,822.77. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director W Blake Baird sold 2,578 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $29.98, for a total value of $77,288.44. Following the completion of the transaction, the director now directly owns 15,583 shares in the company, valued at $467,178.34. The disclosure for this sale can be found here. In the last three months, insiders have acquired 12,200 shares of company stock worth $292,734. Corporate insiders own 2.60% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Matson by 83,732.7% in the 1st quarter. BlackRock Inc. now owns 5,978,107 shares of the shipping company’s stock worth $189,865,000 after buying an additional 5,970,976 shares during the period. Vanguard Group Inc. raised its position in shares of Matson by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 3,923,215 shares of the shipping company’s stock worth $117,853,000 after buying an additional 79,971 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of Matson by 9.8% in the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,543,302 shares of the shipping company’s stock worth $46,361,000 after buying an additional 138,348 shares during the period. State Street Corp raised its position in shares of Matson by 1.5% in the 2nd quarter. State Street Corp now owns 1,079,551 shares of the shipping company’s stock worth $32,429,000 after buying an additional 15,869 shares during the period. Finally, Macquarie Group Ltd. raised its position in shares of Matson by 4.5% in the 1st quarter. Macquarie Group Ltd. now owns 865,715 shares of the shipping company’s stock worth $27,495,000 after buying an additional 37,400 shares during the period. 84.13% 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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