Summit Global Investments Acquires 1,216 Shares of Matson, Inc. (NYSE:MATX)

Summit Global Investments raised its holdings in Matson, Inc. (NYSE:MATX) by 9.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,354 shares of the shipping company’s stock after purchasing an additional 1,216 shares during the period. Summit Global Investments’ holdings in Matson were worth $1,573,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Advisors Preferred LLC purchased a new position in Matson in the 4th quarter valued at approximately $1,958,000. O Shaughnessy Asset Management LLC lifted its holdings in Matson by 105.0% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 37,379 shares of the shipping company’s stock worth $3,316,000 after purchasing an additional 19,149 shares in the last quarter. Dark Forest Capital Management LP grew its holdings in Matson by 317.4% during the 3rd quarter. Dark Forest Capital Management LP now owns 24,763 shares of the shipping company’s stock valued at $2,197,000 after buying an additional 18,830 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Matson by 25.4% during the third quarter. Envestnet Asset Management Inc. now owns 60,648 shares of the shipping company’s stock valued at $5,381,000 after buying an additional 12,285 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Matson by 178.9% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 9,311 shares of the shipping company’s stock valued at $826,000 after acquiring an additional 5,973 shares during the period. Institutional investors own 84.76% of the company’s stock.

Insider Activity

In other news, SVP Christopher A. Scott sold 1,171 shares of Matson stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $107.83, for a total value of $126,268.93. Following the transaction, the senior vice president now owns 12,958 shares in the company, valued at $1,397,261.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on MATX shares. StockNews.com upgraded shares of Matson from a “hold” rating to a “buy” rating in a research note on Wednesday. Stifel Nicolaus boosted their target price on Matson from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Wednesday.

Matson Price Performance

MATX stock traded up $4.25 during midday trading on Friday, reaching $113.36. The company had a trading volume of 364,363 shares, compared to its average volume of 265,566. The firm has a 50-day moving average price of $108.73 and a 200-day moving average price of $105.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 1.07. The company has a market capitalization of $3.91 billion, a P/E ratio of 13.37 and a beta of 1.12. Matson, Inc. has a 1 year low of $62.71 and a 1 year high of $122.99.

Matson (NYSE:MATX) last released its quarterly earnings results on Tuesday, April 30th. The shipping company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $722.10 million for the quarter, compared to the consensus estimate of $730.44 million. Matson had a return on equity of 12.66% and a net margin of 9.61%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.94 earnings per share. On average, research analysts anticipate that Matson, Inc. will post 8.51 earnings per share for the current fiscal year.

Matson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 9th will be issued a $0.32 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.13%. Matson’s payout ratio is 15.09%.

Matson Company Profile

Matson, Inc, together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia.