Summit Global Investments Sells 4,246 Shares of Matson, Inc. $MATX

Summit Global Investments decreased its position in Matson, Inc. (NYSE:MATX) by 35.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,621 shares of the shipping company’s stock after selling 4,246 shares during the quarter. Summit Global Investments’ holdings in Matson were worth $1,249,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Danske Bank A S bought a new stake in shares of Matson in the fourth quarter worth about $25,000. Headlands Technologies LLC purchased a new stake in Matson in the 2nd quarter worth approximately $28,000. Measured Wealth Private Client Group LLC purchased a new stake in Matson in the 3rd quarter worth approximately $30,000. SouthState Bank Corp bought a new stake in shares of Matson in the 4th quarter worth approximately $31,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Matson by 57.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock worth $32,000 after buying an additional 94 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Matson Price Performance

MATX stock opened at $218.62 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a 50 day moving average price of $195.26 and a 200-day moving average price of $172.91. Matson, Inc. has a 52-week low of $86.97 and a 52-week high of $230.74. The firm has a market capitalization of $6.62 billion, a price-to-earnings ratio of 16.06 and a beta of 1.28.

Matson (NYSE:MATX) last posted its quarterly earnings results on Monday, May 4th. The shipping company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.20. Matson had a return on equity of 15.90% and a net margin of 12.92%.The company had revenue of $757.80 million for the quarter, compared to the consensus estimate of $777.55 million. During the same quarter in the prior year, the business posted $2.18 EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Matson, Inc. will post 14.16 EPS for the current fiscal year.

Matson Increases Dividend

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

Wall Street Analyst Weigh In

MATX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Matson in a research note on Monday, April 27th. They issued an “overweight” rating and a $230.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Matson in a report on Friday, May 29th. Finally, Zacks Research upgraded shares of Matson to a “hold” rating in a report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.25.

Insider Transactions at Matson

In other news, EVP Peter T. Heilmann sold 7,173 shares of the firm’s stock in a transaction 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 $4,595,926.14. This trade represents a 21.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Laura L. Rascon sold 2,800 shares of Matson stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $188.53, for a total value of $527,884.00. Following the completion of the transaction, the senior vice president directly owned 15,656 shares of the company’s stock, valued at approximately $2,951,625.68. This represents a 15.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 23,963 shares of company stock valued at $4,349,268. 2.51% of the stock is currently owned by corporate insiders.

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.