Matson, Inc. (NYSE:MATX) announced a quarterly dividend on Friday, October 27th, Wall Street Journal reports. Stockholders of record on Thursday, November 9th will be paid a dividend of 0.20 per share by the shipping company on Thursday, December 7th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Wednesday, November 8th.
Matson has raised its dividend payment by an average of 6.1% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Matson has a dividend payout ratio of 48.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Matson to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 43.5%.
Shares of Matson (NYSE MATX) opened at 27.64 on Friday. The company has a market cap of $1.19 billion, a P/E ratio of 15.88 and a beta of 1.22. The stock’s 50 day moving average is $27.22 and its 200-day moving average is $28.99. Matson has a 12 month low of $21.63 and a 12 month high of $42.00.
Matson (NYSE:MATX) last issued its earnings results on Monday, July 31st. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.11. Matson had a net margin of 3.76% and a return on equity of 16.10%. The firm had revenue of $512.50 million during the quarter, compared to analysts’ expectations of $495.19 million. During the same quarter last year, the company posted $0.42 earnings per share. The firm’s revenue was up 9.6% compared to the same quarter last year. On average, equities analysts forecast that Matson will post $1.67 EPS for the current year.
In other news, Director Thomas B. Fargo purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were bought at an average price of $23.61 per share, for a total transaction of $47,220.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director W Blake Baird sold 2,578 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $29.98, for a total transaction of $77,288.44. Following the sale, the director now owns 15,583 shares in the company, valued at approximately $467,178.34. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 12,200 shares of company stock worth $292,734. 2.60% of the stock is owned by company insiders.
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Several research analysts recently issued reports on the stock. BidaskClub cut shares of Matson from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research lowered shares of Matson from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Wells Fargo & Company restated an “underperform” rating and set a $22.00 price target on shares of Matson in a research report on Monday, September 25th. Stifel Nicolaus restated a “buy” rating and set a $32.00 price target (up previously from $30.00) on shares of Matson in a research report on Thursday, September 21st. Finally, Stephens lowered shares of Matson from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $38.00 to $23.00 in a research report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $27.50.
Matson Company Profile
Matson, Inc, through its subsidiaries, operates as an ocean cargo carrier. The company operates in two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean transportation services to the domestic economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia and in the South Pacific.
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