23,365 Shares in Matson, Inc. $MATX Purchased by Empowered Funds LLC

Empowered Funds LLC purchased a new stake in Matson, Inc. (NYSE:MATX) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 23,365 shares of the shipping company’s stock, valued at approximately $4,491,000.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Matson in the fourth quarter valued at approximately $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Matson during the fourth quarter worth approximately $2,017,000. Bank of America Corp DE increased its position in shares of Matson by 12.6% during the first quarter. Bank of America Corp DE now owns 200,926 shares of the shipping company’s stock worth $32,940,000 after purchasing an additional 22,516 shares in the last quarter. SG Americas Securities LLC raised its stake in Matson by 887.1% in the 1st quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company’s stock valued at $9,441,000 after purchasing an additional 51,752 shares during the last quarter. Finally, Summit Global Investments purchased a new position in Matson in the 2nd quarter valued at $1,398,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Laura L. Rascon sold 2,800 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $188.53, for a total transaction of $527,884.00. Following the completion of the sale, the senior vice president directly owned 15,656 shares in the company, valued at approximately $2,951,625.68. This trade represents a 15.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vic S. Angoco, Jr. sold 2,293 shares of Matson stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $222.76, for a total transaction of $510,788.68. Following the transaction, the executive vice president directly owned 12,507 shares in the company, valued at $2,786,059.32. This trade represents a 15.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 15,262 shares of company stock worth $3,223,716. Insiders own 2.51% of the company’s stock.

Matson Price Performance

NYSE:MATX opened at $223.92 on Tuesday. Matson, Inc. has a one year low of $86.97 and a one year high of $230.74. The stock has a market cap of $6.70 billion, a PE ratio of 14.97 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. The stock has a 50 day moving average price of $209.92 and a 200 day moving average price of $186.33.

Matson (NYSE:MATX) last released its quarterly earnings data on Monday, August 3rd. The shipping company reported $4.27 earnings per share 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 analyst estimates of $893.91 million. Matson had a return on equity of 16.94% and a net margin of 13.41%.The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.92 earnings per share. Equities research analysts expect that Matson, Inc. will post 16.01 EPS for the current fiscal year.

Matson Increases Dividend

The business also recently declared 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. The ex-dividend date is Thursday, August 6th. This represents a $1.52 annualized dividend and a dividend yield of 0.7%. This is a boost from Matson’s previous quarterly dividend of $0.36. Matson’s payout ratio is presently 10.16%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of Matson from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. 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 raised their price target 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. Finally, JPMorgan Chase & Co. boosted their price target on shares of Matson from $230.00 to $270.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $232.33.

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.