Zeke Capital Advisors LLC cut its position in Matson Inc (NYSE:MATX) by 52.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,113 shares of the shipping company’s stock after selling 25,710 shares during the period. Zeke Capital Advisors LLC owned about 0.05% of Matson worth $898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Matson by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 444,885 shares of the shipping company’s stock valued at $14,245,000 after buying an additional 31,971 shares during the period. Bank of America Corp DE grew its holdings in Matson by 6.0% in the 4th quarter. Bank of America Corp DE now owns 344,947 shares of the shipping company’s stock valued at $11,045,000 after buying an additional 19,599 shares during the period. Municipal Employees Retirement System of Michigan purchased a new stake in Matson in the 4th quarter valued at about $395,000. Thrivent Financial for Lutherans grew its holdings in Matson by 2.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 30,487 shares of the shipping company’s stock valued at $976,000 after buying an additional 670 shares during the period. Finally, Legal & General Group Plc grew its holdings in Matson by 2.1% in the 4th quarter. Legal & General Group Plc now owns 95,852 shares of the shipping company’s stock valued at $3,077,000 after buying an additional 1,980 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.
MATX has been the subject of several recent analyst reports. ValuEngine upgraded Matson from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Zacks Investment Research upgraded Matson from a “sell” rating to a “hold” rating in a report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $40.25.
Matson (NYSE:MATX) last released its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04. The business had revenue of $532.40 million for the quarter, compared to analyst estimates of $522.89 million. Matson had a return on equity of 14.49% and a net margin of 4.78%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 EPS. On average, sell-side analysts anticipate that Matson Inc will post 2.35 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 1st will be paid a $0.22 dividend. This is a positive change from Matson’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Wednesday, July 31st. Matson’s payout ratio is currently 34.78%.
In related news, Director W Blake Baird sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $37.63, for a total transaction of $94,075.00. Following the transaction, the director now directly owns 17,142 shares of the company’s stock, valued at approximately $645,053.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew J. Cox sold 23,500 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $37.54, for a total value of $882,190.00. Following the transaction, the chief executive officer now directly owns 244,742 shares in the company, valued at $9,187,614.68. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock worth $2,114,465 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.
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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