Matson (NYSE:MATX) Posts Quarterly Earnings Results, Beats Estimates By $0.48 EPS

Matson (NYSE:MATX) issued its quarterly earnings data on Monday. The shipping company reported $4.27 earnings per share for the quarter, topping the consensus estimate of $3.79 by $0.48, Zacks reports. Matson had a net margin of 12.92% and a return on equity of 15.90%.

Matson Stock Performance

Shares of NYSE MATX traded up $4.85 during trading on Monday, hitting $207.44. The company had a trading volume of 328,612 shares, compared to its average volume of 289,375. The stock has a 50 day simple moving average of $199.17 and a 200 day simple moving average of $177.33. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. Matson has a 12 month low of $86.97 and a 12 month high of $230.74. The firm has a market capitalization of $6.28 billion, a P/E ratio of 15.24 and a beta of 1.27.

Matson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be given a $0.38 dividend. The ex-dividend date is Thursday, August 6th. This is a positive change from Matson’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. Matson’s dividend payout ratio (DPR) is currently 10.58%.

Insider Activity

In related news, EVP Peter T. Heilmann sold 7,173 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total transaction of $1,292,502.87. Following the completion of the transaction, the executive vice president directly owned 25,506 shares in the company, valued at approximately $4,595,926.14. The trade was a 21.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kuuhaku T. Park sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total transaction of $450,475.00. Following the completion of the sale, the senior vice president directly owned 10,984 shares of the company’s stock, valued at $1,979,206.96. This represents a 18.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 23,963 shares of company stock worth $4,349,268. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Matson

Several institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC lifted its holdings in shares of Matson by 144.9% in the third quarter. Millennium Management LLC now owns 455,133 shares of the shipping company’s stock worth $44,872,000 after buying an additional 269,310 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Matson during the third quarter valued at $26,415,000. Ameriprise Financial Inc. grew its stake in Matson by 27.9% during the second quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company’s stock valued at $65,770,000 after acquiring an additional 128,994 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in Matson by 79.3% in the 2nd quarter. Qube Research & Technologies Ltd now owns 216,645 shares of the shipping company’s stock valued at $24,123,000 after acquiring an additional 95,796 shares during the last quarter. Finally, Loomis Sayles & Co. L P bought a new position in shares of Matson during the 4th quarter valued at about $11,212,000. 84.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Zacks Research upgraded shares of Matson to a “hold” rating in a research report on Wednesday, April 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Matson in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Matson in a research note on Monday, April 27th. They set an “overweight” rating and a $230.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $203.33.

About Matson

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.