Bank of New York Mellon Corp cut its stake in Matson, Inc. (NYSE:MATX) by 2.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 670,028 shares of the shipping company’s stock after selling 16,333 shares during the period. Bank of New York Mellon Corp owned 1.55% of Matson worth $20,127,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in 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 during the period. Great West Life Assurance Co. Can lifted its holdings in Matson by 3.1% in the second quarter. Great West Life Assurance Co. Can now owns 58,587 shares of the shipping company’s stock worth $1,759,000 after buying an additional 1,788 shares during the period. Vanguard Group Inc. lifted its holdings in 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 during the period. Schwab Charles Investment Management Inc. lifted its holdings in 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 during the period. Finally, Arizona State Retirement System lifted its holdings in 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 during the period. Institutional investors and hedge funds own 84.13% of the company’s stock.

In other Matson news, Director Thomas B. Fargo acquired 2,000 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director W Blake Baird sold 2,578 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were 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 in the company, valued at $467,178.34. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 12,200 shares of company stock worth $292,734. Insiders own 2.60% of the company’s stock.

Matson, Inc. (MATX) opened at 25.99 on Monday. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 14.93 and a beta of 1.17. Matson, Inc. has a 12-month low of $21.63 and a 12-month high of $42.00. The stock’s 50 day moving average is $27.06 and its 200 day moving average is $29.92.

Matson (NYSE:MATX) last released its quarterly earnings data on Monday, July 31st. The shipping company reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.11. Matson had a net margin of 3.76% and a return on equity of 16.10%. The firm had revenue of $512.50 million for the quarter, compared to the consensus estimate of $495.19 million. During the same period last year, the firm earned $0.42 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts predict that Matson, Inc. will post $1.68 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 3rd were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 1st. This is an increase from Matson’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.08%. Matson’s dividend payout ratio (DPR) is currently 46.24%.

Several brokerages have commented on MATX. BidaskClub upgraded shares of Matson from a “strong sell” rating to a “sell” rating in a report on Thursday, August 31st. Stifel Nicolaus upgraded shares of Matson from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a report on Friday, August 18th. Wells Fargo & Company lowered shares of Matson from a “market perform” rating to an “underperform” rating and set a $22.00 target price for the company. in a report on Friday, August 18th. Stephens lowered shares of Matson from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $38.00 to $23.00 in a report on Friday, August 18th. Finally, Zacks Investment Research upgraded shares of Matson from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $27.00.

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About Matson

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.

Institutional Ownership by Quarter for Matson (NYSE:MATX)

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