Matson, Inc. (NYSE:MATX) Shares Sold by Covestor Ltd

Covestor Ltd decreased its position in shares of Matson, Inc. (NYSE:MATX) by 9.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,441 shares of the shipping company’s stock after selling 438 shares during the quarter. Covestor Ltd’s holdings in Matson were worth $345,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Parallel Advisors LLC lifted its stake in Matson by 43.1% in the second quarter. Parallel Advisors LLC now owns 362 shares of the shipping company’s stock valued at $28,000 after buying an additional 109 shares during the last quarter. Financial Management Professionals Inc. acquired a new stake in Matson during the 2nd quarter worth $31,000. CWM LLC grew its position in Matson by 41.4% during the 2nd quarter. CWM LLC now owns 413 shares of the shipping company’s stock worth $32,000 after purchasing an additional 121 shares during the last quarter. Federated Hermes Inc. increased its stake in Matson by 39.4% in the first quarter. Federated Hermes Inc. now owns 548 shares of the shipping company’s stock valued at $33,000 after purchasing an additional 155 shares during the period. Finally, Glass Jacobson Investment Advisors llc purchased a new stake in shares of Matson in the second quarter valued at about $35,000. Institutional investors and hedge funds own 85.04% of the company’s stock.

Matson Price Performance

Matson stock traded up $0.01 during midday trading on Tuesday, reaching $96.03. The company’s stock had a trading volume of 53,585 shares, compared to its average volume of 258,243. The firm has a market capitalization of $3.38 billion, a PE ratio of 11.01 and a beta of 1.18. Matson, Inc. has a fifty-two week low of $56.51 and a fifty-two week high of $97.49. The stock’s 50 day simple moving average is $89.35 and its 200 day simple moving average is $83.53. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.11 and a current ratio of 1.11.

Matson (NYSE:MATX) last announced its quarterly earnings results on Monday, October 30th. The shipping company reported $3.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.36 by $0.04. Matson had a net margin of 10.06% and a return on equity of 13.53%. The business had revenue of $827.50 million during the quarter, compared to the consensus estimate of $798.86 million. During the same quarter last year, the firm posted $6.89 EPS. The business’s revenue was down 25.8% compared to the same quarter last year. On average, equities research analysts forecast that Matson, Inc. will post 7.89 earnings per share for the current year.

Matson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Thursday, November 9th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Wednesday, November 8th. Matson’s payout ratio is currently 14.71%.

Analyst Ratings Changes

Several analysts have commented on the company. Stephens upped their price objective on Matson from $73.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus lifted their price objective on shares of Matson from $90.00 to $102.00 and gave the company a “hold” rating in a research report on Tuesday, October 24th. StockNews.com cut shares of Matson from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. Finally, Wolfe Research lifted their target price on shares of Matson from $113.00 to $116.00 and gave the company an “outperform” rating in a report on Tuesday, October 24th.

Insider Activity at Matson

In other news, SVP Kuuhaku T. Park sold 2,318 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $88.49, for a total transaction of $205,119.82. Following the completion of the transaction, the senior vice president now directly owns 11,526 shares of the company’s stock, valued at approximately $1,019,935.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Matthew J. Cox sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $88.30, for a total value of $883,000.00. Following the completion of the transaction, the chief executive officer now owns 221,267 shares of the company’s stock, valued at $19,537,876.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Kuuhaku T. Park sold 2,318 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $88.49, for a total transaction of $205,119.82. Following the transaction, the senior vice president now directly owns 11,526 shares in the company, valued at approximately $1,019,935.74. The disclosure for this sale can be found here. Insiders sold 24,168 shares of company stock valued at $2,160,106 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Matson Profile

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.