Kingsview Wealth Management LLC acquired a new position in Matson, Inc. (NYSE:MATX – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 22,664 shares of the shipping company’s stock, valued at approximately $4,357,000.
A number of other institutional investors have also recently bought and sold shares of MATX. Norges Bank purchased a new stake in Matson during the fourth quarter valued at about $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Matson in the 4th quarter valued at about $2,017,000. Bank of America Corp DE lifted its stake in shares of Matson by 12.6% in the 1st quarter. Bank of America Corp DE now owns 200,926 shares of the shipping company’s stock valued at $32,940,000 after purchasing an additional 22,516 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Matson by 887.1% during the 1st quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company’s stock worth $9,441,000 after purchasing an additional 51,752 shares during the period. Finally, Summit Global Investments purchased a new stake in shares of Matson during the 2nd quarter worth about $1,398,000. Institutional investors own 84.76% of the company’s stock.
Wall Street Analysts Forecast Growth
MATX has been the topic of several research reports. Weiss Ratings upgraded shares of Matson from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Stephens boosted their price objective on shares of Matson from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Wall Street Zen lowered shares of Matson from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Zacks Research raised shares of Matson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Matson from $230.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $232.33.
Insiders Place Their Bets
In other Matson news, SVP Laura L. Rascon sold 2,800 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $188.53, for a total value of $527,884.00. Following the transaction, the senior vice president owned 15,656 shares in the company, valued at $2,951,625.68. The trade was a 15.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Vic S. Angoco, Jr. sold 2,293 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $222.76, for a total transaction of $510,788.68. Following the completion of the transaction, the executive vice president directly owned 12,507 shares of the company’s stock, valued at approximately $2,786,059.32. The trade was a 15.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 15,262 shares of company stock valued at $3,223,716. Corporate insiders own 2.51% of the company’s stock.
Matson Price Performance
MATX stock opened at $224.51 on Friday. The firm has a market cap of $6.71 billion, a P/E ratio of 15.01 and a beta of 1.27. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. Matson, Inc. has a 1 year low of $86.97 and a 1 year high of $230.74. The stock has a 50-day simple moving average of $209.37 and a 200-day simple moving average of $185.71.
Matson (NYSE:MATX – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The shipping company reported $4.27 EPS for the quarter, topping the consensus estimate of $3.79 by $0.48. The firm had revenue of $969.40 million for the quarter, compared to analyst estimates of $893.91 million. Matson had a return on equity of 16.94% and a net margin of 13.41%.Matson’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.92 EPS. On average, equities analysts predict that Matson, Inc. will post 16.01 earnings per share for the current fiscal year.
Matson Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, August 6th. This is an increase from Matson’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. Matson’s dividend payout ratio is presently 10.16%.
Matson 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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