Capital Research Global Investors Acquires Shares of 517,000 Matson, Inc. (MATX)
Capital Research Global Investors acquired a new position in shares of Matson, Inc. (NYSE:MATX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 517,000 shares of the shipping company’s stock, valued at approximately $15,531,000. Capital Research Global Investors owned about 1.20% of Matson as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the business. Goldman Sachs Group Inc. grew its holdings in shares of Matson by 14.9% during the second quarter. Goldman Sachs Group Inc. now owns 73,799 shares of the shipping company’s stock worth $2,217,000 after purchasing an additional 9,559 shares during the last quarter. Voya Investment Management LLC grew its holdings in shares of Matson by 7.5% during the second quarter. Voya Investment Management LLC now owns 20,585 shares of the shipping company’s stock worth $618,000 after purchasing an additional 1,436 shares during the last quarter. Virtu KCG Holdings LLC purchased a new position in shares of Matson during the second quarter worth about $248,000. Citadel Advisors LLC grew its holdings in shares of Matson by 198.1% during the second quarter. Citadel Advisors LLC now owns 212,674 shares of the shipping company’s stock worth $6,388,000 after purchasing an additional 141,336 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in shares of Matson by 15.1% during the second quarter. Parametric Portfolio Associates LLC now owns 76,585 shares of the shipping company’s stock worth $2,301,000 after purchasing an additional 10,048 shares during the last quarter. 84.13% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on MATX shares. Stifel Nicolaus reaffirmed a “buy” rating and set a $32.00 price objective (up previously from $30.00) on shares of Matson in a report on Thursday, September 21st. Zacks Investment Research raised Matson from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Thursday, August 3rd. Stephens lowered Matson from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $38.00 to $23.00 in a report on Friday, August 18th. Finally, BidaskClub raised Matson from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $27.50.
In other news, Director Thomas B. Fargo bought 2,000 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was purchased at an average price of $23.61 per share, for a total transaction of $47,220.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Joel M. Wine bought 6,100 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was purchased at an average price of $24.07 per share, with a total value of $146,827.00. Following the transaction, the chief financial officer now owns 99,411 shares in the company, valued at approximately $2,392,822.77. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 12,200 shares of company stock valued at $292,734. Insiders own 2.60% of the company’s stock.
Matson, Inc. (NYSE MATX) opened at 27.71 on Monday. Matson, Inc. has a 12-month low of $21.63 and a 12-month high of $42.00. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 15.92 and a beta of 1.22. The company’s 50 day moving average price is $26.23 and its 200-day moving average price is $29.35.
Matson (NYSE:MATX) last announced its quarterly earnings data on Monday, July 31st. The shipping company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. Matson had a net margin of 3.76% and a return on equity of 16.10%. The business had revenue of $512.50 million during the quarter, compared to the consensus estimate of $495.19 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, analysts forecast that Matson, Inc. will post $1.68 EPS for the current year.
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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