Zacks Investment Research upgraded shares of Matson (NYSE:MATX) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.
According to Zacks, “Matson, Inc. operates as an ocean transportation and logistics company. It offers shipping services in Hawaii, Guam, and Micronesia islands and expedited service from China to southern California. The company’s logistics services consist of rail intermodal service, long haul and regional highway truckload services, less-than-truckload transportation, specialized hauling, flatbed, and project works, warehousing and distribution services, transloading, cross-dock services, and packaging services, and network analysis and freight management services. Matson, Inc., formerly known as Alexander & Baldwin Holdings, Inc., is headquartered in Honolulu, Hawaii. “
A number of other analysts also recently issued reports on MATX. Stephens raised Matson from an equal weight rating to an overweight rating and raised their price objective for the stock from $40.00 to $44.00 in a research report on Monday, February 25th. Stifel Nicolaus set a $37.00 price objective on Matson and gave the stock a hold rating in a research report on Friday, February 22nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Matson has an average rating of Buy and a consensus price target of $40.25.
Shares of NYSE MATX traded up $1.41 during trading on Wednesday, hitting $40.16. 105,063 shares of the company were exchanged, compared to its average volume of 133,601. Matson has a 12-month low of $30.50 and a 12-month high of $41.96. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.08. The firm has a market cap of $1.72 billion, a PE ratio of 15.87 and a beta of 1.50.
Matson (NYSE:MATX) last posted its quarterly earnings results on Thursday, February 21st. The shipping company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. Matson had a return on equity of 15.13% and a net margin of 4.90%. The business had revenue of $564.90 million for the quarter, compared to analyst estimates of $558.44 million. During the same quarter in the previous year, the firm earned $0.28 EPS. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. Research analysts expect that Matson will post 2.34 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Thursday, May 9th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Wednesday, May 8th. Matson’s payout ratio is 33.20%.
In related news, Director Michael J. Chun sold 4,398 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.79, for a total transaction of $153,006.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Ronald J. Forest sold 1,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $36.39, for a total value of $36,390.00. Following the sale, the president now directly owns 62,870 shares of the company’s stock, valued at $2,287,839.30. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of MATX. Arizona State Retirement System grew its position in Matson by 0.5% in the 1st quarter. Arizona State Retirement System now owns 66,065 shares of the shipping company’s stock valued at $2,384,000 after acquiring an additional 300 shares in the last quarter. Piedmont Investment Advisors Inc. grew its position in Matson by 3.3% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 10,156 shares of the shipping company’s stock valued at $325,000 after acquiring an additional 327 shares in the last quarter. Rice Partnership LLC grew its position in Matson by 1.5% in the 4th quarter. Rice Partnership LLC now owns 32,178 shares of the shipping company’s stock valued at $1,030,000 after acquiring an additional 490 shares in the last quarter. Fruth Investment Management grew its position in Matson by 8.6% in the 4th quarter. Fruth Investment Management now owns 6,300 shares of the shipping company’s stock valued at $201,000 after acquiring an additional 500 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in Matson by 2.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 30,487 shares of the shipping company’s stock valued at $976,000 after acquiring an additional 670 shares in the last quarter. 85.02% of the stock is owned by hedge funds and other institutional investors.
Matson, Inc 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. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.
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