Summit Global Investments Decreases Stock Position in Matson, Inc. $MATX

Summit Global Investments cut its holdings in Matson, Inc. (NYSE:MATX) by 35.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 7,621 shares of the shipping company’s stock after selling 4,246 shares during the period. Summit Global Investments’ holdings in Matson were worth $1,249,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MATX. Danske Bank A S purchased a new stake in shares of Matson during the fourth quarter valued at $25,000. SouthState Bank Corp purchased a new position in Matson in the 4th quarter worth about $31,000. Headlands Technologies LLC purchased a new position in Matson in the 2nd quarter worth about $28,000. EverSource Wealth Advisors LLC lifted its stake in Matson by 57.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock valued at $32,000 after acquiring an additional 94 shares during the period. Finally, Torren Management LLC bought a new position in Matson during the 4th quarter valued at about $34,000. Institutional investors own 84.76% of the company’s stock.

Matson Trading Up 0.1%

Shares of NYSE:MATX opened at $218.62 on Wednesday. The stock’s 50-day simple moving average is $195.26 and its two-hundred day simple moving average is $172.91. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of 16.06 and a beta of 1.28. Matson, Inc. has a 52-week low of $86.97 and a 52-week high of $230.74. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82.

Matson (NYSE:MATX) last released its quarterly earnings results on Monday, May 4th. The shipping company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.65 by $0.20. Matson had a net margin of 12.92% and a return on equity of 15.90%. The firm had revenue of $757.80 million during the quarter, compared to analyst estimates of $777.55 million. During the same quarter in the prior year, the firm earned $2.18 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts expect that Matson, Inc. will post 14.16 EPS for the current year.

Matson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be issued a dividend of $0.38 per share. This is an increase from Matson’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. Matson’s dividend payout ratio is currently 10.58%.

Analyst Ratings Changes

A number of analysts have recently commented on MATX shares. Zacks Research upgraded shares of Matson to a “hold” rating in a research note on Wednesday, April 29th. Weiss Ratings restated a “hold (c)” rating on shares of Matson in a report on Friday, May 29th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Matson in a research report on Monday, April 27th. They issued an “overweight” rating and a $230.00 target price for the company. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Matson currently has an average rating of “Moderate Buy” and a consensus price target of $181.25.

Insiders Place Their Bets

In other news, SVP John Warren Sullivan sold 3,331 shares of Matson stock in a transaction on Friday, May 8th. The shares were sold at an average price of $180.14, for a total transaction of $600,046.34. Following the transaction, the senior vice president owned 9,547 shares in the company, valued at $1,719,796.58. This trade represents a 25.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Kuuhaku T. Park sold 2,500 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $180.19, for a total transaction of $450,475.00. Following the sale, the senior vice president directly owned 10,984 shares of the company’s stock, valued at approximately $1,979,206.96. The trade was a 18.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 23,963 shares of company stock valued at $4,349,268. 2.51% of the stock is currently owned by corporate insiders.

Matson Company Profile

Matson, Inc (NYSE: MATX) is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson’s ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.