Matson (MATX) Upgraded to “Hold” at Zacks Investment Research
According to Zacks, “Matson, Inc. operates as an ocean transportation and logistics company. It offers shipping services in Hawaii, Guam, and Micronesia islands and expedited service from China to southern California. The company’s logistics services consist of rail intermodal service, long haul and regional highway truckload services, less-than-truckload transportation, specialized hauling, flatbed, and project works, warehousing and distribution services, transloading, cross-dock services, and packaging services, and network analysis and freight management services. Matson, Inc., formerly known as Alexander & Baldwin Holdings, Inc., is headquartered in Honolulu, Hawaii. “
MATX has been the subject of a number of other research reports. Stephens raised Matson from an equal weight rating to an overweight rating and lifted their price objective for the company from $40.00 to $44.00 in a research report on Monday, February 25th. Stifel Nicolaus set a $37.00 price objective on Matson and gave the company a hold rating in a research report on Friday, February 22nd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $40.25.
Matson (NYSE:MATX) last released its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.04. Matson had a return on equity of 14.49% and a net margin of 4.78%. The company had revenue of $532.40 million during the quarter, compared to analysts’ expectations of $522.89 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, research analysts predict that Matson will post 2.35 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 9th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Wednesday, May 8th. Matson’s dividend payout ratio is currently 33.20%.
In other news, Director Michael J. Chun sold 4,398 shares of Matson stock in a transaction on Friday, March 8th. The stock was sold at an average price of $34.79, for a total value of $153,006.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director W Blake Baird sold 2,500 shares of Matson stock in a transaction on Monday, May 13th. The shares were sold at an average price of $37.63, for a total value of $94,075.00. Following the completion of the sale, the director now directly owns 17,142 shares of the company’s stock, valued at approximately $645,053.46. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. FMR LLC lifted its stake in shares of Matson by 2.0% in the first quarter. FMR LLC now owns 44,731 shares of the shipping company’s stock worth $1,615,000 after acquiring an additional 877 shares in the last quarter. Zebra Capital Management LLC acquired a new position in shares of Matson in the first quarter worth about $326,000. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Matson by 5.1% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,295,704 shares of the shipping company’s stock worth $82,852,000 after acquiring an additional 111,350 shares in the last quarter. M&T Bank Corp acquired a new position in shares of Matson in the first quarter worth about $420,000. Finally, Metropolitan Life Insurance Co NY lifted its stake in shares of Matson by 108.3% in the first quarter. Metropolitan Life Insurance Co NY now owns 29,006 shares of the shipping company’s stock worth $930,000 after acquiring an additional 15,080 shares in the last quarter. 86.55% of the stock is owned by institutional investors and hedge funds.
Matson Company Profile
Matson, Inc provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.
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