Covestor Ltd Reduces Position in Matson, Inc. (NYSE:MATX)

Covestor Ltd lowered its position in Matson, Inc. (NYSE:MATX) by 31.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 504 shares of the shipping company’s stock after selling 232 shares during the quarter. Covestor Ltd’s holdings in Matson were worth $72,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MATX. SG Americas Securities LLC purchased a new stake in Matson in the 1st quarter valued at $182,000. State Board of Administration of Florida Retirement System raised its holdings in shares of Matson by 25.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 12,793 shares of the shipping company’s stock valued at $1,438,000 after buying an additional 2,620 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in shares of Matson by 3,509.3% during the first quarter. Jupiter Asset Management Ltd. now owns 188,910 shares of the shipping company’s stock worth $21,233,000 after buying an additional 183,676 shares during the last quarter. Vanguard Group Inc. increased its position in Matson by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 3,984,076 shares of the shipping company’s stock valued at $447,810,000 after acquiring an additional 215,452 shares during the period. Finally, Edgestream Partners L.P. raised its stake in Matson by 70.1% during the 1st quarter. Edgestream Partners L.P. now owns 5,071 shares of the shipping company’s stock valued at $570,000 after acquiring an additional 2,090 shares during the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com downgraded Matson from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Stephens boosted their price objective on shares of Matson from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd.

Insiders Place Their Bets

In other news, SVP Jason Lee Taylor sold 1,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $135.73, for a total transaction of $135,730.00. Following the completion of the sale, the senior vice president now directly owns 9,392 shares of the company’s stock, valued at $1,274,776.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Jason Lee Taylor sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $135.73, for a total value of $135,730.00. Following the transaction, the senior vice president now owns 9,392 shares in the company, valued at approximately $1,274,776.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Leonard P. Isotoff sold 492 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $161.26, for a total transaction of $79,339.92. Following the sale, the senior vice president now owns 4,254 shares of the company’s stock, valued at approximately $686,000.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,864 shares of company stock valued at $3,716,059. Insiders own 2.32% of the company’s stock.

Matson Stock Performance

Shares of MATX opened at $167.37 on Thursday. The company has a 50-day simple moving average of $140.15 and a 200-day simple moving average of $130.51. Matson, Inc. has a 52-week low of $91.96 and a 52-week high of $169.12. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $5.56 billion, a PE ratio of 13.92 and a beta of 1.06.

Matson (NYSE:MATX) last released its quarterly earnings results on Wednesday, October 30th. The shipping company reported $5.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.98 by $0.91. Matson had a return on equity of 16.89% and a net margin of 12.37%. The business had revenue of $962.00 million during the quarter, compared to the consensus estimate of $965.73 million. During the same quarter in the previous year, the company posted $3.40 EPS. The business’s revenue was up 16.3% on a year-over-year basis. Equities research analysts predict that Matson, Inc. will post 13.19 earnings per share for the current fiscal year.

Matson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date is Thursday, November 7th. Matson’s dividend payout ratio is presently 11.31%.

About Matson

Matson, Inc, together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia.