Matson, Inc. (NYSE:MATX) Sees Large Decline in Short Interest

Matson, Inc. (NYSE:MATX) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 1,170,000 shares, a drop of 20.9% from the February 13th total of 1,480,000 shares. Based on an average daily volume of 277,500 shares, the days-to-cover ratio is presently 4.2 days. Currently, 3.7% of the company’s stock are short sold.

Matson Stock Performance

Shares of NYSE MATX traded up $1.14 during mid-day trading on Wednesday, reaching $128.31. 338,409 shares of the company’s stock were exchanged, compared to its average volume of 257,390. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 10.67 and a beta of 1.05. Matson has a 52 week low of $100.50 and a 52 week high of $169.12. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a 50-day moving average price of $138.45 and a two-hundred day moving average price of $141.18.

Matson (NYSE:MATX) last announced its quarterly earnings data on Tuesday, February 25th. The shipping company reported $3.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.60. Matson had a return on equity of 16.89% and a net margin of 12.37%. The business had revenue of $890.30 million for the quarter, compared to analysts’ expectations of $851.78 million. Analysts predict that Matson will post 13.27 EPS for the current year.

Matson Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Thursday, February 6th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date was Thursday, February 6th. Matson’s dividend payout ratio is currently 9.69%.

Insider Activity at Matson

In related news, SVP Richard S. Kinney sold 1,997 shares of Matson stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $137.11, for a total value of $273,808.67. Following the completion of the sale, the senior vice president now owns 8,425 shares of the company’s stock, valued at approximately $1,155,151.75. This trade represents a 19.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John P. Lauer sold 7,985 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $134.73, for a total value of $1,075,819.05. Following the transaction, the executive vice president now owns 25,192 shares in the company, valued at approximately $3,394,118.16. This trade represents a 24.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Matson

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in Matson by 10.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 286,968 shares of the shipping company’s stock valued at $40,927,000 after acquiring an additional 26,366 shares during the period. Intech Investment Management LLC grew its holdings in Matson by 43.5% during the 3rd quarter. Intech Investment Management LLC now owns 14,382 shares of the shipping company’s stock valued at $2,051,000 after buying an additional 4,361 shares in the last quarter. Quest Partners LLC grew its holdings in Matson by 142.5% during the 3rd quarter. Quest Partners LLC now owns 10,346 shares of the shipping company’s stock valued at $1,476,000 after buying an additional 6,080 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Matson by 7.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 10,079 shares of the shipping company’s stock valued at $1,437,000 after buying an additional 703 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Matson during the 3rd quarter valued at about $512,000. 84.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MATX has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their target price on Matson from $150.00 to $160.00 and gave the stock a “hold” rating in a research note on Wednesday, February 26th. Stephens lifted their target price on Matson from $165.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th.

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.