Pinebridge Investments L.P. lifted its stake in Matson, Inc. (NYSE:MATX) by 79.4% in the fourth quarter, HoldingsChannel reports. The firm owned 75,437 shares of the shipping company’s stock after acquiring an additional 33,394 shares during the quarter. Pinebridge Investments L.P.’s holdings in Matson were worth $2,251,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cornerstone Capital Management Holdings LLC. lifted its position in shares of Matson by 126.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 51,100 shares of the shipping company’s stock worth $1,439,000 after purchasing an additional 28,500 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new stake in shares of Matson in the third quarter worth approximately $713,000. Cubist Systematic Strategies LLC lifted its position in shares of Matson by 257.0% in the third quarter. Cubist Systematic Strategies LLC now owns 16,914 shares of the shipping company’s stock worth $477,000 after purchasing an additional 12,176 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Matson in the fourth quarter worth approximately $4,797,000. Finally, Prudential Financial Inc. lifted its position in shares of Matson by 7.3% in the third quarter. Prudential Financial Inc. now owns 272,205 shares of the shipping company’s stock worth $7,670,000 after purchasing an additional 18,620 shares in the last quarter. 86.25% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently issued reports on MATX shares. Zacks Investment Research raised shares of Matson from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Thursday, January 4th. Seaport Global Securities raised shares of Matson from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Monday, January 29th. BidaskClub lowered shares of Matson from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Stifel Nicolaus reissued a “buy” rating and issued a $38.00 price target (up from $32.00) on shares of Matson in a research report on Monday, January 29th. Finally, Wells Fargo & Co raised shares of Matson from an “underperform” rating to a “market perform” rating in a research report on Monday, January 29th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $32.60.
Matson, Inc. (NYSE MATX) opened at $34.39 on Wednesday. Matson, Inc. has a twelve month low of $21.63 and a twelve month high of $40.32. The company has a market capitalization of $1,481.43, a P/E ratio of 17.99, a P/E/G ratio of 3.23 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.56.
Matson (NYSE:MATX) last released its quarterly earnings data on Monday, February 19th. The shipping company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Matson had a return on equity of 17.49% and a net margin of 4.12%. The firm had revenue of $516.10 million during the quarter, compared to analyst estimates of $504.61 million. During the same quarter in the prior year, the company posted $0.44 EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. analysts expect that Matson, Inc. will post 1.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 8th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, February 7th. This represents a $0.80 dividend on an annualized basis and a yield of 2.33%. Matson’s dividend payout ratio is currently 41.24%.
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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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