Matson Inc (NYSE:MATX) – Equities researchers at Seaport Global Securities upped their Q4 2018 earnings per share estimates for shares of Matson in a research note issued to investors on Tuesday, November 6th, according to Zacks Investment Research. Seaport Global Securities analyst K. Sterling now expects that the shipping company will post earnings of $0.47 per share for the quarter, up from their previous estimate of $0.35. Seaport Global Securities also issued estimates for Matson’s Q4 2019 earnings at $0.49 EPS.
MATX has been the topic of a number of other reports. Wells Fargo & Co lowered shares of Matson to a “hold” rating and set a $35.00 price objective on the stock. in a report on Friday, September 28th. Zacks Investment Research upgraded shares of Matson from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, November 21st. ValuEngine upgraded shares of Matson from a “hold” rating to a “buy” rating in a report on Friday, September 28th. Finally, Stifel Nicolaus downgraded shares of Matson from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a report on Tuesday, November 20th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $41.33.
Matson (NYSE:MATX) last issued its quarterly earnings results on Monday, November 5th. The shipping company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.06. The business had revenue of $589.40 million for the quarter, compared to the consensus estimate of $565.67 million. Matson had a return on equity of 14.31% and a net margin of 11.74%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.79 earnings per share.
Several large investors have recently bought and sold shares of MATX. Meeder Asset Management Inc. grew its stake in Matson by 167.7% in the second quarter. Meeder Asset Management Inc. now owns 3,260 shares of the shipping company’s stock valued at $125,000 after acquiring an additional 2,042 shares during the period. Highland Capital Management LP purchased a new position in shares of Matson during the third quarter valued at approximately $205,000. CIBC Asset Management Inc purchased a new position in shares of Matson during the second quarter valued at approximately $209,000. Fruth Investment Management purchased a new position in shares of Matson during the second quarter valued at approximately $222,000. Finally, North Point Portfolio Managers Corp OH purchased a new position in shares of Matson during the second quarter valued at approximately $234,000. 84.32% of the stock is owned by hedge funds and other institutional investors.
In other news, President Ronald J. Forest sold 1,000 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $37.02, for a total value of $37,020.00. Following the completion of the sale, the president now owns 62,884 shares of the company’s stock, valued at approximately $2,327,965.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Peter T. Heilmann sold 2,750 shares of the stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $39.74, for a total transaction of $109,285.00. The disclosure for this sale can be found here. In the last three months, insiders sold 6,750 shares of company stock valued at $261,095. Corporate insiders own 2.48% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Thursday, November 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, November 7th. This represents a $0.84 annualized dividend and a dividend yield of 2.10%. Matson’s dividend payout ratio (DPR) is 47.19%.
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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