Matson (NYSE:MATX) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Matson (NYSE:MATX) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

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. “

Shares of MATX traded up $0.21 during trading hours on Wednesday, reaching $37.90. The company had a trading volume of 103,600 shares, compared to its average volume of 155,109. The firm has a 50 day moving average of $36.94. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $1.63 billion, a P/E ratio of 14.98, a price-to-earnings-growth ratio of 3.28 and a beta of 1.55. Matson has a 12-month low of $30.60 and a 12-month high of $41.96.

Matson (NYSE:MATX) last announced its quarterly earnings results on Wednesday, May 8th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.04. The business had revenue of $532.40 million during the quarter, compared to the consensus estimate of $522.89 million. Matson had a net margin of 4.78% and a return on equity of 14.49%. The business’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 EPS. Equities research analysts predict that Matson will post 2.35 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 1st will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. This is a boost from Matson’s previous quarterly dividend of $0.21. The ex-dividend date is Wednesday, July 31st. Matson’s dividend payout ratio is presently 33.20%.

In related news, Director W Blake Baird sold 2,500 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $37.63, for a total value of $94,075.00. Following the sale, the director now directly owns 17,142 shares of the company’s stock, valued at approximately $645,053.46. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Matthew J. Cox sold 30,000 shares of the stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $37.94, for a total transaction of $1,138,200.00. Following the completion of the sale, the chief executive officer now directly owns 274,742 shares in the company, valued at $10,423,711.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,000 shares of company stock worth $2,114,465. 2.00% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Piedmont Investment Advisors Inc. grew its stake in Matson by 6.2% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 10,781 shares of the shipping company’s stock valued at $389,000 after acquiring an additional 625 shares during the last quarter. TD Asset Management Inc. grew its stake in Matson by 0.6% in the 1st quarter. TD Asset Management Inc. now owns 50,198 shares of the shipping company’s stock valued at $1,812,000 after acquiring an additional 300 shares during the last quarter. Mason Street Advisors LLC grew its stake in Matson by 3.7% in the 1st quarter. Mason Street Advisors LLC now owns 13,754 shares of the shipping company’s stock valued at $496,000 after acquiring an additional 492 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in Matson in the 4th quarter valued at about $395,000. Finally, RK Capital Management LLC boosted its stake in shares of Matson by 9.0% during the 1st quarter. RK Capital Management LLC now owns 151,600 shares of the shipping company’s stock worth $5,471,000 after purchasing an additional 12,500 shares during the last quarter. 86.50% 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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