Wedge Capital Management L L P NC lessened its holdings in Matson, Inc. (NYSE:MATX – Free Report) by 5.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,392 shares of the shipping company’s stock after selling 4,872 shares during the period. Wedge Capital Management L L P NC’s holdings in Matson were worth $16,223,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Millennium Management LLC raised its position in shares of Matson by 144.9% during the 3rd quarter. Millennium Management LLC now owns 455,133 shares of the shipping company’s stock valued at $44,872,000 after buying an additional 269,310 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Matson in the 3rd quarter valued at approximately $26,415,000. Encompass Capital Advisors LLC purchased a new position in shares of Matson in the 1st quarter worth approximately $32,761,000. Norges Bank bought a new position in shares of Matson during the 4th quarter valued at approximately $17,276,000. Finally, Ameriprise Financial Inc. raised its holdings in Matson by 27.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company’s stock valued at $65,770,000 after buying an additional 128,994 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.
Matson Price Performance
Shares of MATX stock opened at $204.97 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $6.13 billion, a P/E ratio of 13.70 and a beta of 1.27. The company’s 50-day simple moving average is $202.49 and its two-hundred day simple moving average is $180.52. Matson, Inc. has a one year low of $86.97 and a one year high of $230.74.
Matson Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, August 6th. This is an increase from Matson’s previous quarterly dividend of $0.36. Matson’s dividend payout ratio (DPR) is 10.16%.
Analysts Set New Price Targets
A number of research firms have weighed in on MATX. Zacks Research upgraded shares of Matson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 6th. Weiss Ratings raised shares of Matson from a “hold (c)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Stephens upped their target price on Matson from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Wall Street Zen raised Matson from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. boosted their price objective on Matson from $230.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $232.33.
Check Out Our Latest Stock Analysis on Matson
Insider Buying and Selling at Matson
In other news, SVP Christopher A. Scott sold 1,520 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $181.05, for a total transaction of $275,196.00. Following the transaction, the senior vice president owned 9,708 shares of the company’s stock, valued at approximately $1,757,633.40. This represents a 13.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Grace M. Cerocke sold 1,200 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $183.57, for a total value of $220,284.00. Following the transaction, the senior vice president owned 17,986 shares in the company, valued at approximately $3,301,690.02. This represents a 6.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,060 shares of company stock valued at $1,121,012 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.
Matson Company Profile
Matson, Inc (NYSE: MATX) is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson’s ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.
In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.
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