Zacks Investment Research lowered shares of Matson, Inc. (NYSE:MATX) from a buy rating to a hold rating in a report released on Wednesday.

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. “

Several other research analysts also recently commented on the stock. BidaskClub downgraded shares of Matson from a sell rating to a strong sell rating in a report on Thursday, June 22nd. Stifel Nicolaus reiterated a buy rating and issued a $32.00 target price (up previously from $30.00) on shares of Matson in a report on Thursday, September 21st. Wells Fargo & Company reiterated an underperform rating and issued a $22.00 target price on shares of Matson in a report on Monday, September 25th. Finally, Stephens downgraded shares of Matson from an overweight rating to an equal weight rating and dropped their target price for the stock from $38.00 to $23.00 in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Matson presently has an average rating of Hold and a consensus target price of $27.50.

Matson (NYSE:MATX) traded down 0.40% during trading on Wednesday, reaching $27.64. 145,719 shares of the company’s stock were exchanged. Matson has a 1-year low of $21.63 and a 1-year high of $42.00. The company’s 50-day moving average is $26.82 and its 200-day moving average is $29.24. The company has a market capitalization of $1.19 billion, a PE ratio of 15.88 and a beta of 1.22.

Matson (NYSE:MATX) last announced its earnings results on Monday, July 31st. The shipping company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.44 by $0.11. The firm had revenue of $512.50 million for the quarter, compared to the consensus estimate of $495.19 million. Matson had a net margin of 3.76% and a return on equity of 16.10%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. Equities research analysts expect that Matson will post $1.68 earnings per share for the current fiscal year.

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In other news, Director Thomas B. Fargo bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were purchased at an average price of $23.61 per share, for a total transaction of $47,220.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jeffrey N. Watanabe bought 4,100 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average price of $24.07 per share, for a total transaction of $98,687.00. The disclosure for this purchase can be found here. Insiders purchased a total of 12,200 shares of company stock worth $292,734 in the last quarter. Insiders own 2.60% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Matson during the 2nd quarter worth about $519,000. Piedmont Investment Advisors LLC bought a new position in shares of Matson during the 2nd quarter worth about $280,000. State Street Corp increased its holdings in shares of Matson by 1.5% during the 2nd quarter. State Street Corp now owns 1,079,551 shares of the shipping company’s stock worth $32,429,000 after purchasing an additional 15,869 shares during the period. Capital Research Global Investors bought a new position in shares of Matson during the 2nd quarter worth about $15,531,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Matson by 14.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 73,799 shares of the shipping company’s stock worth $2,217,000 after purchasing an additional 9,559 shares during the period. Institutional investors own 84.13% of the company’s stock.

About Matson

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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