Matson, Inc. (MATX) Lifted to Sell at BidaskClub
BidaskClub upgraded shares of Matson, Inc. (NYSE:MATX) from a strong sell rating to a sell rating in a research note issued to investors on Thursday morning.
Several other analysts have also recently weighed in on the company. Stifel Nicolaus raised Matson from a hold rating to a buy rating and set a $30.00 price target on the stock in a report on Friday, August 18th. Wells Fargo & Company cut Matson from a market perform rating to an underperform rating and set a $22.00 price target on the stock. in a report on Friday, August 18th. Stephens cut Matson from an overweight rating to an equal weight rating and lowered their price target for the company from $38.00 to $23.00 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 price target on the stock in a report on Thursday, August 3rd. Finally, TheStreet cut Matson from a b- rating to a c+ rating in a report on Monday, May 22nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $27.00.
Matson (MATX) opened at 26.08 on Thursday. Matson has a 52 week low of $21.63 and a 52 week high of $42.00. The firm has a market cap of $1.12 billion, a P/E ratio of 14.98 and a beta of 1.17. The firm’s 50-day moving average price is $28.04 and its 200 day moving average price is $30.50.
Matson (NYSE:MATX) last released its quarterly earnings results on Monday, July 31st. The shipping company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.11. Matson had a return on equity of 16.10% and a net margin of 3.76%. The firm had revenue of $512.50 million for the quarter, compared to analysts’ expectations of $495.19 million. During the same quarter last year, the firm posted $0.42 EPS. The company’s revenue was up 9.6% compared to the same quarter last year. Equities analysts forecast that Matson will post $1.68 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 3rd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 1st. This represents a $0.80 annualized dividend and a dividend yield of 3.07%. This is a boost from Matson’s previous quarterly dividend of $0.19. Matson’s dividend payout ratio (DPR) is presently 46.24%.
In related news, Director W Blake Baird sold 2,578 shares of the firm’s stock in a transaction dated 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 directly owns 15,583 shares of the company’s stock, valued at approximately $467,178.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas B. Fargo acquired 2,000 shares of the firm’s stock in a transaction that occurred 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. In the last ninety days, insiders acquired 12,200 shares of company stock worth $292,734. Insiders own 2.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Matson by 83,732.7% in the first quarter. BlackRock Inc. now owns 5,978,107 shares of the shipping company’s stock worth $189,865,000 after buying an additional 5,970,976 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Matson by 5.4% in the first quarter. Vanguard Group Inc. now owns 3,843,244 shares of the shipping company’s stock worth $122,062,000 after buying an additional 195,335 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Matson by 8.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 243,875 shares of the shipping company’s stock worth $7,746,000 after buying an additional 20,000 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Matson by 1.8% in the first quarter. Arizona State Retirement System now owns 22,485 shares of the shipping company’s stock worth $714,000 after buying an additional 400 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Matson by 60.4% in the first quarter. Morgan Stanley now owns 221,054 shares of the shipping company’s stock worth $7,020,000 after buying an additional 83,270 shares in the last quarter. 84.23% of the stock is currently owned by institutional investors.
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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