Raymond James Financial Services Advisors Inc. cut its holdings in shares of Matson, Inc. (NYSE:MATX – Get Rating) by 11.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,380 shares of the shipping company’s stock after selling 1,228 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Matson were worth $577,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Ronald Blue Trust Inc. boosted its position in shares of Matson by 92.7% during the third quarter. Ronald Blue Trust Inc. now owns 372 shares of the shipping company’s stock worth $27,000 after buying an additional 179 shares during the period. First Horizon Advisors Inc. lifted its position in Matson by 1,573.1% in the second quarter. First Horizon Advisors Inc. now owns 435 shares of the shipping company’s stock worth $31,000 after purchasing an additional 409 shares during the period. Investors Asset Management of Georgia Inc. GA ADV acquired a new stake in Matson in the second quarter worth approximately $36,000. Islay Capital Management LLC acquired a new stake in Matson in the third quarter worth approximately $32,000. Finally, Gladius Capital Management LP acquired a new stake in Matson in the second quarter worth approximately $39,000. 83.55% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Matson
In other news, EVP John P. Lauer sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $68.41, for a total value of $136,820.00. Following the completion of the sale, the executive vice president now owns 33,745 shares of the company’s stock, valued at $2,308,495.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Matson news, CEO Matthew J. Cox sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $69.74, for a total transaction of $523,050.00. Following the completion of the sale, the chief executive officer now directly owns 238,239 shares in the company, valued at approximately $16,614,787.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John P. Lauer sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $68.41, for a total value of $136,820.00. Following the sale, the executive vice president now owns 33,745 shares of the company’s stock, valued at $2,308,495.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,832 shares of company stock valued at $830,845. Corporate insiders own 1.90% of the company’s stock.
Analysts Set New Price Targets
Matson Price Performance
NYSE MATX opened at $64.06 on Wednesday. The stock has a market capitalization of $2.42 billion, a P/E ratio of 1.88 and a beta of 1.25. Matson, Inc. has a 1 year low of $58.06 and a 1 year high of $125.34. The business’s fifty day moving average is $62.84 and its two-hundred day moving average is $70.36. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.46 and a current ratio of 1.46.
Matson (NYSE:MATX – Get Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The shipping company reported $6.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.75 by $0.14. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Matson had a return on equity of 68.93% and a net margin of 28.71%. On average, research analysts forecast that Matson, Inc. will post 27.42 earnings per share for the current fiscal year.
Matson Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Thursday, November 10th were issued a $0.31 dividend. The ex-dividend date of this dividend was Wednesday, November 9th. This represents a $1.24 annualized dividend and a dividend yield of 1.94%. Matson’s dividend payout ratio is currently 3.65%.
Matson, Inc, together with its subsidiaries, 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.
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