Principal Financial Group Inc. Has $25.10 Million Stock Position in Matson, Inc. (NYSE:MATX)

Principal Financial Group Inc. lowered its position in shares of Matson, Inc. (NYSE:MATX) by 5.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,011 shares of the shipping company’s stock after selling 11,121 shares during the quarter. Principal Financial Group Inc. owned 0.53% of Matson worth $25,103,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Raymond James & Associates raised its stake in Matson by 17.9% during the 2nd quarter. Raymond James & Associates now owns 18,877 shares of the shipping company’s stock valued at $2,472,000 after purchasing an additional 2,866 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Matson by 93.9% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 11,234 shares of the shipping company’s stock worth $1,471,000 after acquiring an additional 5,439 shares in the last quarter. Arkadios Wealth Advisors acquired a new stake in Matson during the 2nd quarter worth about $418,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Matson by 9.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,653 shares of the shipping company’s stock valued at $347,000 after acquiring an additional 237 shares in the last quarter. Finally, Innealta Capital LLC acquired a new position in shares of Matson in the 2nd quarter valued at about $153,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Rusty K. Rolfe sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $165.97, for a total value of $497,910.00. Following the completion of the sale, the executive vice president now owns 21,871 shares in the company, valued at approximately $3,629,929.87. This represents a 12.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Leonard P. Isotoff sold 492 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $161.26, for a total value of $79,339.92. Following the transaction, the senior vice president now owns 4,254 shares in the company, valued at approximately $686,000.04. This trade represents a 10.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,145 shares of company stock valued at $2,513,455 in the last 90 days. 2.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wolfe Research cut shares of Matson from an “outperform” rating to a “peer perform” rating in a report on Monday, November 18th. StockNews.com cut shares of Matson from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th.

Matson Stock Up 0.5 %

MATX opened at $139.28 on Thursday. The company has a market capitalization of $4.63 billion, a PE ratio of 11.59 and a beta of 1.04. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 1.13. Matson, Inc. has a fifty-two week low of $100.50 and a fifty-two week high of $169.12. The business has a 50-day moving average of $148.50 and a 200-day moving average of $137.21.

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

Matson Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Thursday, November 7th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, November 7th. This represents a $1.36 annualized dividend and a yield of 0.98%. Matson’s dividend payout ratio (DPR) is 11.31%.

Matson Company Profile

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.