Jupiter Topco LLC bought a new position in Matson, Inc. (NYSE:MATX – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 3,395 shares of the shipping company’s stock, valued at approximately $653,000.
Several other large investors have also made changes to their positions in the business. Allworth Financial LP purchased a new stake in shares of Matson during the second quarter worth about $28,000. Global Retirement Partners LLC purchased a new position in Matson in the 2nd quarter worth approximately $44,000. SouthState Bank Corp bought a new position in Matson in the 4th quarter worth approximately $31,000. Headlands Technologies LLC bought a new position in Matson in the 2nd quarter worth approximately $28,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Matson by 57.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock valued at $32,000 after buying an additional 94 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.
Matson Trading Up 0.2%
MATX stock opened at $226.05 on Monday. The firm has a fifty day moving average price of $212.02 and a 200 day moving average price of $188.03. Matson, Inc. has a fifty-two week low of $86.97 and a fifty-two week high of $230.74. The firm has a market cap of $6.76 billion, a PE ratio of 15.11 and a beta of 1.26. 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 Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 6th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Thursday, August 6th. This is a positive change from Matson’s previous quarterly dividend of $0.36. Matson’s payout ratio is 10.16%.
Insider Buying and Selling
In other Matson news, EVP Peter Heilmann sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $220.15, for a total transaction of $1,100,750.00. Following the sale, the executive vice president directly owned 20,506 shares of the company’s stock, valued at $4,514,395.90. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Leonard Isotoff sold 1,250 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $208.30, for a total value of $260,375.00. Following the transaction, the senior vice president directly owned 6,527 shares in the company, valued at approximately $1,359,574.10. This represents a 16.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,462 shares of company stock valued at $2,695,832 in the last quarter. 2.51% of the stock is currently owned by insiders.
Analysts Set New Price Targets
Several research firms have recently commented on MATX. Stephens boosted their target price on shares of Matson from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Weiss Ratings raised shares of Matson from a “hold (c)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Zacks Research upgraded shares of Matson from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Wall Street Zen cut shares of Matson from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, JPMorgan Chase & Co. increased their price objective 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 investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $232.33.
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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