Matson (NYSE:MATX) Shares Gap Down After Earnings Miss

Matson, Inc. (NYSE:MATX)’s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $110.07, but opened at $99.06. Matson shares last traded at $98.48, with a volume of 50,025 shares.

The shipping company reported $2.18 EPS for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.16). The firm had revenue of $782.00 million for the quarter, compared to analyst estimates of $818.07 million. Matson had a net margin of 12.37% and a return on equity of 16.89%. Matson’s revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.04 EPS.

Matson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 8th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $1.36 dividend on an annualized basis and a yield of 1.44%. Matson’s payout ratio is 9.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MATX. Jefferies Financial Group reissued a “buy” rating and issued a $125.00 price objective on shares of Matson in a report on Tuesday. StockNews.com downgraded shares of Matson from a “buy” rating to a “hold” rating in a report on Wednesday. Stifel Nicolaus lowered their price objective on Matson from $160.00 to $130.00 and set a “hold” rating for the company in a research report on Tuesday. Finally, Stephens reduced their target price on Matson from $175.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $135.00.

Insider Buying and Selling

In related news, EVP John P. Lauer sold 7,985 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $134.73, for a total transaction of $1,075,819.05. Following the transaction, the executive vice president now owns 25,192 shares of the company’s stock, valued at approximately $3,394,118.16. This represents a 24.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Richard S. Kinney sold 1,997 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $137.11, for a total transaction of $273,808.67. Following the sale, the senior vice president now owns 8,425 shares in the company, valued at $1,155,151.75. This trade represents a 19.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Matson

Several large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Matson by 12.1% during the fourth quarter. GAMMA Investing LLC now owns 1,229 shares of the shipping company’s stock worth $166,000 after acquiring an additional 133 shares during the period. Ritholtz Wealth Management boosted its stake in shares of Matson by 17.8% in the 4th quarter. Ritholtz Wealth Management now owns 16,189 shares of the shipping company’s stock valued at $2,183,000 after buying an additional 2,448 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Matson during the fourth quarter worth about $9,788,000. Nisa Investment Advisors LLC increased its stake in shares of Matson by 0.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 16,645 shares of the shipping company’s stock worth $2,244,000 after buying an additional 80 shares during the period. Finally, Paradiem LLC raised its holdings in Matson by 2.2% in the fourth quarter. Paradiem LLC now owns 90,036 shares of the shipping company’s stock valued at $12,140,000 after acquiring an additional 1,909 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Matson Stock Up 1.6 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market cap of $3.10 billion, a PE ratio of 7.87 and a beta of 1.30. The business’s 50 day moving average is $116.51 and its 200-day moving average is $134.83.

Matson Company Profile

Matson, Inc, together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia.