Matson, Inc. (MATX) Rating Increased to Buy at Zacks Investment Research
Matson, Inc. (NYSE:MATX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $32.00 price target on the shipping company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.00% from the company’s previous close.
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. “
Several other research analysts also recently weighed in on MATX. BidaskClub upgraded Matson from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 9th. Stifel Nicolaus upgraded Matson from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Friday, August 18th. 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 research note on Friday, August 18th. Finally, Stephens downgraded Matson from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $38.00 to $23.00 in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $27.25.
Matson (MATX) opened at $28.07 on Tuesday. The company has a market capitalization of $1,210.61, a price-to-earnings ratio of 14.70, a PEG ratio of 3.25 and a beta of 1.23. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.07 and a quick ratio of 1.02. Matson has a 1 year low of $21.63 and a 1 year high of $42.00.
Matson (NYSE:MATX) last announced its earnings results on Thursday, November 2nd. The shipping company reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.20. Matson had a return on equity of 17.49% and a net margin of 4.12%. The firm had revenue of $543.90 million for the quarter, compared to the consensus estimate of $531.61 million. During the same period in the previous year, the business earned $0.59 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. research analysts anticipate that Matson will post 1.76 earnings per share for the current year.
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In other news, CFO Joel M. Wine purchased 6,100 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were acquired at an average price of $24.07 per share, for a total transaction of $146,827.00. Following the purchase, the chief financial officer now owns 99,411 shares in the company, valued at $2,392,822.77. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas B. Fargo purchased 2,000 shares of the company’s stock in a transaction on Monday, August 21st. The shares were purchased at an average price 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 quarter, insiders have acquired 12,200 shares of company stock worth $292,734. Company insiders own 2.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of MATX. Riverhead Capital Management LLC grew its stake in Matson by 89.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock valued at $108,000 after purchasing an additional 1,695 shares during the last quarter. UBS Group AG grew its stake in Matson by 14.0% during the 1st quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 495 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Matson during the 3rd quarter valued at about $191,000. Crossmark Global Holdings Inc. purchased a new stake in Matson during the 3rd quarter valued at about $234,000. Finally, Virtu KCG Holdings LLC purchased a new stake in Matson during the 2nd quarter valued at about $248,000. Institutional investors and hedge funds own 84.22% of the company’s stock.
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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