Matson, Inc. (MATX) Receives “Buy” Rating from Stifel Nicolaus
MATX has been the topic of several other research reports. Wells Fargo & Company cut shares of Matson from a market perform rating to an underperform rating and set a $22.00 target price on the stock. in a research note on Friday, August 18th. Zacks Investment Research cut shares of Matson from a buy rating to a hold rating in a research note on Wednesday, July 5th. Stephens cut shares of Matson from an overweight rating to an equal weight rating and lowered their target price for the stock from $38.00 to $23.00 in a research note on Friday, August 18th. Finally, BidaskClub cut shares of Matson from a sell rating to a strong sell rating in a research note on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of Hold and an average price target of $27.00.
Matson (MATX) traded down 7.60% during midday trading on Thursday, reaching $26.49. 408,081 shares of the company were exchanged. The firm’s 50 day moving average price is $26.93 and its 200-day moving average price is $29.73. The stock has a market capitalization of $1.14 billion, a P/E ratio of 15.22 and a beta of 1.17. Matson has a 52 week low of $21.63 and a 52 week high of $42.00.
Matson (NYSE:MATX) last announced its earnings results on Monday, July 31st. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.11. Matson had a net margin of 3.76% and a return on equity of 16.10%. The company had revenue of $512.50 million for the quarter, compared to analysts’ expectations of $495.19 million. During the same quarter in the previous year, the company posted $0.42 EPS. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts forecast that Matson will post $1.68 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 3rd were given a dividend of $0.20 per share. This is a boost from Matson’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, August 1st. This represents a $0.80 annualized dividend and a dividend yield of 3.02%. Matson’s payout ratio is presently 46.24%.
In other news, Director W Blake Baird sold 2,578 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $29.98, for a total transaction of $77,288.44. Following the transaction, the director now owns 15,583 shares of the company’s stock, valued at approximately $467,178.34. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Thomas B. Fargo purchased 2,000 shares of the stock in a transaction dated Monday, August 21st. The shares were purchased at an average cost of $23.61 per share, for a total transaction of $47,220.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 12,200 shares of company stock worth $292,734. Corporate insiders own 2.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Municipal Employees Retirement System of Michigan boosted its position in shares of Matson by 1.3% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 9,790 shares of the shipping company’s stock valued at $311,000 after acquiring an additional 130 shares during the last quarter. Texas Permanent School Fund boosted its position in shares of Matson by 0.8% during the 2nd quarter. Texas Permanent School Fund now owns 31,479 shares of the shipping company’s stock valued at $946,000 after acquiring an additional 260 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Matson by 1.8% during the 1st quarter. Arizona State Retirement System now owns 22,485 shares of the shipping company’s stock valued at $714,000 after acquiring an additional 400 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Matson by 10.9% during the 1st quarter. Bank of Montreal Can now owns 4,419 shares of the shipping company’s stock valued at $140,000 after acquiring an additional 434 shares during the last quarter. Finally, UBS Group AG boosted its position in shares of Matson by 14.0% during the 1st quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 495 shares during the last quarter. 84.13% of the stock is currently owned by hedge funds and other institutional investors.
Matson, Inc, through its subsidiaries, operates as an ocean cargo carrier. The company operates in two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean transportation services to the domestic economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia and in the South Pacific.
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