Matson, Inc. (MATX) Downgraded by BidaskClub
BidaskClub lowered shares of Matson, Inc. (NYSE:MATX) from a sell rating to a strong sell rating in a research report report published on Wednesday morning.
Several other research analysts also recently commented on MATX. Stephens set a $40.00 target price on Matson and gave the stock a buy rating in a report on Saturday, June 10th. Stifel Nicolaus raised Matson from a hold rating to a buy rating and set a $30.00 target price on the stock in a report on Friday, August 18th. Zacks Investment Research raised Matson from a hold rating to a buy rating and set a $33.00 target price on the stock in a report on Thursday, August 3rd. Wells Fargo & Company downgraded Matson from a market perform rating to an underperform rating and set a $22.00 target price on the stock. in a report on Friday, August 18th. Finally, TheStreet downgraded Matson from a b- rating to a c+ rating in a report on Monday, May 22nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $27.00.
Matson (MATX) traded up 1.60% on Wednesday, hitting $24.19. The stock had a trading volume of 480,528 shares. Matson has a 12-month low of $21.63 and a 12-month high of $43.00. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 13.89 and a beta of 1.13. The company’s 50 day moving average price is $28.72 and its 200-day moving average price is $30.87.
Matson (NYSE:MATX) last announced its earnings results on Monday, July 31st. The shipping company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.44 by $0.11. The business had revenue of $512.50 million for the quarter, compared to the consensus estimate of $495.19 million. Matson had a return on equity of 16.10% and a net margin of 3.76%. Matson’s revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. Equities research analysts anticipate that Matson will post $1.68 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 3rd will be issued a $0.20 dividend. This is an increase from Matson’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Tuesday, August 1st. Matson’s payout ratio is presently 46.24%.
In other Matson news, Director W Blake Baird sold 2,578 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $29.98, for a total transaction of $77,288.44. Following the transaction, the director now owns 15,583 shares of the company’s stock, valued at approximately $467,178.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas B. Fargo acquired 2,000 shares of Matson stock in a transaction on Monday, August 21st. The shares were purchased at an average cost of $23.61 per share, for a total transaction of $47,220.00. The disclosure for this purchase can be found here. Insiders bought a total of 12,200 shares of company stock worth $292,734 over the last three months. 2.60% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MATX. Riverhead Capital Management LLC increased its position in Matson by 89.2% in the second quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock valued at $108,000 after buying an additional 1,695 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in Matson during the first quarter valued at about $119,000. UBS Group AG increased its position in Matson by 14.0% in the first quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock valued at $127,000 after buying an additional 495 shares in the last quarter. Bank of Montreal Can increased its position in Matson by 10.9% in the first quarter. Bank of Montreal Can now owns 4,419 shares of the shipping company’s stock valued at $140,000 after buying an additional 434 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Matson by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 4,760 shares of the shipping company’s stock valued at $151,000 after buying an additional 110 shares in the last quarter. 83.61% of the stock is currently owned by hedge funds and other institutional investors.
Matson Company Profile
Matson, Inc, through its subsidiaries, operates as an ocean cargo carrier. The company operates in two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean transportation services to the domestic economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia and in the South Pacific.
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