OppenheimerFunds Inc. Cuts Position in Matson Inc (MATX)
OppenheimerFunds Inc. lessened its holdings in Matson Inc (NYSE:MATX) by 12.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,217 shares of the shipping company’s stock after selling 5,010 shares during the quarter. OppenheimerFunds Inc. owned about 0.08% of Matson worth $1,390,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the stock. SG Americas Securities LLC acquired a new position in shares of Matson during the first quarter worth $135,000. State Board of Administration of Florida Retirement System lifted its holdings in shares of Matson by 16.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 38,032 shares of the shipping company’s stock worth $1,089,000 after purchasing an additional 5,452 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Matson by 8.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 364,957 shares of the shipping company’s stock worth $10,453,000 after purchasing an additional 29,848 shares during the period. KBC Group NV acquired a new position in shares of Matson during the first quarter worth $359,000. Finally, Northern Trust Corp lifted its holdings in shares of Matson by 1.5% during the first quarter. Northern Trust Corp now owns 538,149 shares of the shipping company’s stock worth $15,413,000 after purchasing an additional 8,071 shares during the period. Institutional investors own 85.48% of the company’s stock.
In other news, Director Mark H. Fukunaga bought 4,000 shares of the stock in a transaction that occurred on Friday, September 7th. The stock was acquired at an average price of $36.24 per share, with a total value of $144,960.00. Following the completion of the purchase, the director now directly owns 10,432 shares of the company’s stock, valued at $378,055.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Ronald J. Forest sold 1,000 shares of Matson stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $36.00, for a total transaction of $36,000.00. Following the transaction, the president now directly owns 63,884 shares of the company’s stock, valued at approximately $2,299,824. The disclosure for this sale can be found here. Insiders have sold 3,000 shares of company stock valued at $111,400 in the last three months. 2.48% of the stock is owned by insiders.
Matson (NYSE:MATX) last announced its earnings results on Tuesday, July 31st. The shipping company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.10. Matson had a net margin of 11.64% and a return on equity of 14.40%. The business had revenue of $557.10 million during the quarter, compared to the consensus estimate of $526.28 million. During the same quarter last year, the firm earned $0.55 earnings per share. Matson’s quarterly revenue was up 8.7% on a year-over-year basis. research analysts predict that Matson Inc will post 2.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 6th. Investors of record on Thursday, August 2nd were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Wednesday, August 1st. This is an increase from Matson’s previous quarterly dividend of $0.20. Matson’s dividend payout ratio (DPR) is currently 47.19%.
MATX has been the topic of a number of recent research reports. ValuEngine lowered shares of Matson from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Zacks Investment Research upgraded shares of Matson from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Wednesday, July 4th. Finally, Stifel Nicolaus lifted their price target on shares of Matson from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, August 1st. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $42.40.
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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