Wall Street Zen lowered shares of Matson (NYSE:MATX – Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.
Several other equities research analysts have also recently commented on the stock. Stephens boosted their price target on shares of Matson from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. raised their price objective on shares of Matson from $230.00 to $270.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Zacks Research raised shares of Matson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Matson from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. Based on data from MarketBeat, Matson presently has an average rating of “Buy” and a consensus price target of $232.33.
View Our Latest Report on MATX
Matson Stock Performance
Matson (NYSE:MATX – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The shipping company reported $4.27 EPS for the quarter, topping analysts’ consensus estimates of $3.79 by $0.48. The company had revenue of $969.40 million for the quarter, compared to the consensus estimate of $893.91 million. Matson had a return on equity of 16.94% and a net margin of 13.41%.The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.92 EPS. Research analysts forecast that Matson will post 16.01 EPS for the current fiscal year.
Matson Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.38 per share. This is a positive change from Matson’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. Matson’s dividend payout ratio (DPR) is currently 10.16%.
Insiders Place Their Bets
In related news, SVP John Warren Sullivan sold 1,917 shares of Matson stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $208.49, for a total value of $399,675.33. Following the transaction, the senior vice president owned 7,630 shares of the company’s stock, valued at approximately $1,590,778.70. This trade represents a 20.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Laura L. Rascon sold 2,800 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $188.53, for a total value of $527,884.00. Following the sale, the senior vice president owned 15,656 shares in the company, valued at approximately $2,951,625.68. The trade was a 15.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,462 shares of company stock worth $3,444,000 over the last three months. Company insiders own 2.51% of the company’s stock.
Institutional Investors Weigh In On Matson
Several hedge funds have recently made changes to their positions in MATX. Danske Bank A S purchased a new position in Matson during the 4th quarter worth approximately $25,000. Allworth Financial LP purchased a new stake in shares of Matson in the second quarter valued at $28,000. Headlands Technologies LLC acquired a new stake in shares of Matson in the second quarter worth $28,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Matson in the third quarter worth $30,000. Finally, SouthState Bank Corp purchased a new position in shares of Matson during the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 84.76% 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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