Allspring Global Investments Holdings LLC Cuts Stock Position in Matson, Inc. (NYSE:MATX)

Allspring Global Investments Holdings LLC reduced its stake in shares of Matson, Inc. (NYSE:MATXFree Report) by 6.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 52,605 shares of the shipping company’s stock after selling 3,432 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Matson were worth $6,900,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of MATX. Bessemer Group Inc. boosted its position in shares of Matson by 67.7% in the fourth quarter. Bessemer Group Inc. now owns 213 shares of the shipping company’s stock valued at $29,000 after acquiring an additional 86 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Matson in the 4th quarter worth $30,000. Ameriflex Group Inc. purchased a new stake in Matson during the 4th quarter valued at about $36,000. IFP Advisors Inc purchased a new stake in shares of Matson during the fourth quarter valued at approximately $40,000. Finally, Covestor Ltd grew its holdings in Matson by 16.3% in the 4th quarter. Covestor Ltd now owns 586 shares of the shipping company’s stock worth $79,000 after acquiring an additional 82 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Matson news, SVP Laura L. Rascon sold 1,700 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $118.19, for a total transaction of $200,923.00. Following the completion of the transaction, the senior vice president owned 14,712 shares of the company’s stock, valued at approximately $1,738,811.28. This trade represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bradley D. Tilden bought 2,752 shares of the company’s stock in a transaction dated Thursday, May 29th. The shares were acquired at an average price of $111.76 per share, for a total transaction of $307,563.52. Following the acquisition, the director owned 8,180 shares in the company, valued at approximately $914,196.80. This represents a 50.70% increase in their position. The disclosure for this purchase can be found here. 2.05% of the stock is owned by insiders.

Matson Price Performance

MATX stock opened at $113.07 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. Matson, Inc. has a 1 year low of $91.75 and a 1 year high of $169.12. The firm has a 50-day moving average of $110.93 and a 200 day moving average of $123.62. The company has a market cap of $3.69 billion, a P/E ratio of 7.45 and a beta of 1.28.

Matson (NYSE:MATXGet Free Report) last posted its earnings results on Monday, May 5th. The shipping company reported $2.18 earnings per share for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.16). Matson had a return on equity of 20.02% and a net margin of 14.72%. The firm had revenue of $782.00 million for the quarter, compared to analysts’ expectations of $818.07 million. During the same quarter last year, the company posted $1.04 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. On average, sell-side analysts forecast that Matson, Inc. will post 13.27 EPS for the current year.

Matson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 7th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.27%. This is a boost from Matson’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, August 7th. Matson’s dividend payout ratio is presently 8.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus cut their price objective on Matson from $160.00 to $130.00 and set a “hold” rating on the stock in a research report on Tuesday, May 6th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $135.00 price target on shares of Matson in a research note on Wednesday, June 11th. Stephens cut their price target on shares of Matson from $175.00 to $150.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Finally, Wall Street Zen downgraded shares of Matson from a “buy” rating to a “hold” rating in a research report on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $138.33.

Check Out Our Latest Stock Report on Matson

About Matson

(Free Report)

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.

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Institutional Ownership by Quarter for Matson (NYSE:MATX)

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