Matson (MATX) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Matson (NYSE:MATX) from a hold rating to a buy rating in a research note released on Saturday. They currently have $46.00 price target on the shipping company’s stock.
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 analysts have also recently weighed in on MATX. ValuEngine raised Matson from a hold rating to a buy rating in a research report on Tuesday, November 6th. Stifel Nicolaus lifted their price objective on Matson from $38.00 to $43.00 and gave the company a buy rating in a research report on Wednesday, August 1st. Finally, Wells Fargo & Co cut Matson to a hold rating and set a $35.00 price objective on the stock. in a research report on Friday, September 28th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $41.50.
Matson (NYSE:MATX) last posted its quarterly earnings data on Monday, November 5th. The shipping company reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.06. The business had revenue of $589.40 million for the quarter, compared to analysts’ expectations of $565.67 million. Matson had a return on equity of 14.31% and a net margin of 11.74%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.79 EPS. As a group, analysts forecast that Matson will post 2.48 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Thursday, November 8th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, November 7th. This represents a $0.84 annualized dividend and a yield of 2.14%. Matson’s payout ratio is 47.19%.
In other news, President Ronald J. Forest sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $39.79, for a total value of $39,790.00. Following the sale, the president now directly owns 61,884 shares of the company’s stock, valued at approximately $2,462,364.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mark H. Fukunaga purchased 4,000 shares of the company’s stock in a transaction dated Friday, September 7th. The stock was bought at an average cost of $36.24 per share, for a total transaction of $144,960.00. Following the completion of the transaction, the director now owns 10,432 shares in the company, valued at $378,055.68. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 3,000 shares of company stock worth $111,810. Insiders own 2.48% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Bailard Inc. bought a new stake in shares of Matson in the 3rd quarter worth approximately $507,000. JPMorgan Chase & Co. boosted its position in shares of Matson by 436.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 53,865 shares of the shipping company’s stock worth $2,135,000 after purchasing an additional 43,816 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of Matson by 16.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 58,910 shares of the shipping company’s stock worth $2,335,000 after purchasing an additional 8,310 shares in the last quarter. William Blair Investment Management LLC boosted its position in shares of Matson by 6.0% in the 3rd quarter. William Blair Investment Management LLC now owns 410,633 shares of the shipping company’s stock worth $16,277,000 after purchasing an additional 23,214 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of Matson in the 3rd quarter worth approximately $1,502,000. 85.11% of the stock is currently owned by hedge funds and other institutional investors.
Matson Company Profile
Matson, Inc provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.
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