Matson, Inc. (NYSE:MATX) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its stake in Matson, Inc. (NYSE:MATX) by 1.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 10,709 shares of the shipping company’s stock after selling 162 shares during the period. PNC Financial Services Group Inc.’s holdings in Matson were worth $1,373,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. LSV Asset Management increased its holdings in Matson by 21.2% in the 1st quarter. LSV Asset Management now owns 297,914 shares of the shipping company’s stock valued at $38,184,000 after purchasing an additional 52,151 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in Matson in the 1st quarter valued at approximately $1,168,000. XTX Topco Ltd acquired a new stake in Matson in the 1st quarter valued at approximately $1,317,000. Premier Fund Managers Ltd acquired a new stake in Matson in the 1st quarter valued at approximately $449,000. Finally, Meeder Asset Management Inc. acquired a new stake in Matson in the 1st quarter valued at approximately $129,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Matson Stock Down 2.4%

Shares of NYSE MATX opened at $107.38 on Monday. Matson, Inc. has a 1 year low of $91.75 and a 1 year high of $169.12. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 7.26 and a beta of 1.22. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $110.95 and a two-hundred day moving average of $118.42.

Matson (NYSE:MATX) last announced its quarterly earnings results on Thursday, July 31st. The shipping company reported $2.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.18 by $0.74. Matson had a net margin of 14.26% and a return on equity of 18.90%. The firm had revenue of $830.50 million during the quarter, compared to analysts’ expectations of $727.30 million. During the same period in the previous year, the company earned $3.31 earnings per share. Matson’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, analysts forecast that Matson, Inc. will post 13.27 earnings per share for the current fiscal year.

Matson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 7th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $1.44 annualized dividend and a yield of 1.3%. This is a boost from Matson’s previous quarterly dividend of $0.34. Matson’s dividend payout ratio (DPR) is currently 9.74%.

Insider Buying and Selling

In other news, SVP Leonard P. Isotoff sold 500 shares of Matson stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $111.47, for a total value of $55,735.00. Following the sale, the senior vice president owned 5,644 shares of the company’s stock, valued at $629,136.68. The trade was a 8.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Laura L. Rascon sold 1,700 shares of Matson stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $118.19, for a total value of $200,923.00. Following the completion of the sale, the senior vice president directly owned 14,712 shares in the company, valued at $1,738,811.28. This represents a 10.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,244 shares of company stock valued at $371,435 in the last quarter. 2.05% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MATX shares. Wall Street Zen downgraded shares of Matson from a “buy” rating to a “hold” rating in a report on Wednesday, May 7th. Jefferies Financial Group reissued a “hold” rating and issued a $115.00 price target on shares of Matson in a research report on Friday, August 1st. Stephens decreased their price target on shares of Matson from $175.00 to $150.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Finally, Stifel Nicolaus decreased their price target on shares of Matson from $160.00 to $130.00 and set a “hold” rating for the company in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $131.67.

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.