Matson Inc. (MATX) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Matson Inc. (NYSE:MATX) from a hold rating to a buy rating in a research note released on Wednesday morning. The brokerage currently has $46.00 target price on the stock.
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. “
Separately, Stifel Nicolaus reissued a buy rating and issued a $46.00 price target on shares of Matson in a report on Monday.
Shares of Matson (NYSE:MATX) opened at 40.59 on Wednesday. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 17.04 and a beta of 1.19. The stock’s 50 day moving average is $39.33 and its 200 day moving average is $36.21. Matson has a 52-week low of $30.54 and a 52-week high of $53.18.
Matson (NYSE:MATX) last posted its earnings results on Tuesday, August 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. Matson had a return on equity of 25.99% and a net margin of 5.31%. The company had revenue of $467.70 million for the quarter, compared to analyst estimates of $487.35 million. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities analysts predict that Matson will post $2.03 EPS for the current fiscal year.
In related news, insider Vic S. Angoco, Jr. sold 12,162 shares of Matson stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $40.20, for a total transaction of $488,912.40. Following the completion of the sale, the insider now owns 48,722 shares of the company’s stock, valued at $1,958,624.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director W Blake Baird sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $41.67, for a total value of $41,670.00. Following the completion of the transaction, the director now directly owns 17,745 shares of the company’s stock, valued at $739,434.15. The disclosure for this sale can be found here. Corporate insiders own 2.36% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in MATX. BlackRock Institutional Trust Company N.A. increased its position in shares of Matson by 11.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,163,982 shares of the company’s stock worth $46,757,000 after buying an additional 118,805 shares during the last quarter. Acrospire Investment Management LLC bought a new position in shares of Matson during the first quarter worth about $137,000. Hermes Investment Management Ltd. increased its position in shares of Matson by 5.6% in the second quarter. Hermes Investment Management Ltd. now owns 527,108 shares of the company’s stock worth $17,020,000 after buying an additional 28,072 shares during the last quarter. BlackRock Group LTD increased its position in shares of Matson by 9.4% in the first quarter. BlackRock Group LTD now owns 54,145 shares of the company’s stock worth $2,175,000 after buying an additional 4,667 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Matson by 4.4% in the first quarter. Geode Capital Management LLC now owns 383,981 shares of the company’s stock worth $15,424,000 after buying an additional 16,212 shares during the last quarter. 81.90% of the stock is owned by institutional investors.
Matson Inc is a transportation company in the Marine industry.
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