California State Teachers Retirement System lessened its holdings in Matson, Inc. (NYSE:MATX) by 10.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,942 shares of the shipping company’s stock after selling 9,267 shares during the period. California State Teachers Retirement System owned about 0.18% of Matson worth $2,281,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in MATX. Riverhead Capital Management LLC boosted its stake in shares of Matson by 89.2% during the second quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock valued at $108,000 after purchasing an additional 1,695 shares in the last quarter. 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 in the last quarter. Virtu KCG Holdings LLC acquired a new stake in shares of Matson during the second quarter valued at about $248,000. State of Alaska Department of Revenue boosted its stake in shares of Matson by 78.8% during the second quarter. State of Alaska Department of Revenue now owns 8,510 shares of the shipping company’s stock valued at $255,000 after purchasing an additional 3,750 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in shares of Matson by 4.0% during the second quarter. Municipal Employees Retirement System of Michigan now owns 10,180 shares of the shipping company’s stock valued at $306,000 after purchasing an additional 390 shares in the last quarter. Hedge funds and other institutional investors own 85.38% of the company’s stock.
A number of brokerages have recently commented on MATX. Wells Fargo & Company reissued an “underperform” rating and set a $22.00 price target on shares of Matson in a research note on Monday, September 25th. Stephens lowered Matson from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $38.00 to $23.00 in a research note on Friday, August 18th. Stifel Nicolaus reissued a “buy” rating and set a $32.00 price target (up from $30.00) on shares of Matson in a research note on Thursday, September 21st. Zacks Investment Research raised Matson from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday, November 7th. Finally, BidaskClub raised Matson from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. One 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’s stock. The stock currently has an average rating of “Hold” and an average target price of $27.25.
In other Matson news, CFO Joel M. Wine purchased 6,100 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were purchased at an average cost of $24.07 per share, with a total value 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Ronald J. Forest sold 16,491 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $29.28, for a total value of $482,856.48. Following the completion of the transaction, the president now directly owns 94,977 shares in the company, valued at $2,780,926.56. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 12,200 shares of company stock worth $292,734. 2.60% of the stock is owned by insiders.
Matson, Inc. (MATX) opened at $27.03 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.56. The company has a market capitalization of $1,166.04, a P/E ratio of 14.16, a P/E/G ratio of 3.13 and a beta of 1.23. Matson, Inc. has a 12 month low of $21.63 and a 12 month high of $40.26.
Matson (NYSE:MATX) last posted its quarterly earnings data on Thursday, November 2nd. The shipping company reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.20. The company had revenue of $543.90 million for the quarter, compared to analyst estimates of $531.61 million. Matson had a return on equity of 17.49% and a net margin of 4.12%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 earnings per share. analysts predict that Matson, Inc. will post 1.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Thursday, November 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Wednesday, November 8th. Matson’s dividend payout ratio is currently 41.24%.
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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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