JPMorgan Chase & Co. lessened its position in shares of Matson, Inc. (NYSE:MATX) by 83.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,095 shares of the shipping company’s stock after selling 249,477 shares during the period. JPMorgan Chase & Co. owned 0.12% of Matson worth $1,429,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Riverhead Capital Management LLC lifted its holdings in Matson by 89.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock worth $108,000 after purchasing an additional 1,695 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Matson during the 3rd quarter worth about $191,000. Virtu KCG Holdings LLC purchased a new stake in Matson during the 2nd quarter worth about $248,000. Crossmark Global Holdings Inc. purchased a new stake in Matson during the 3rd quarter worth about $234,000. Finally, Piedmont Investment Advisors LLC purchased a new stake in Matson during the 2nd quarter worth about $280,000. 84.13% of the stock is currently owned by hedge funds and other institutional investors.
In other Matson news, President Ronald J. Forest sold 16,491 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $29.28, for a total value of $482,856.48. Following the sale, the president now owns 94,977 shares of the company’s stock, valued at approximately $2,780,926.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.
MATX has been the topic of a number of recent research reports. BidaskClub cut Matson from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. Zacks Investment Research cut Matson from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Stifel Nicolaus reissued a “buy” rating and set a $32.00 price objective (up previously from $30.00) on shares of Matson in a report on Thursday, September 21st. Finally, Wells Fargo & Co reissued an “underperform” rating and set a $22.00 price objective on shares of Matson in a report on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Matson presently has a consensus rating of “Hold” and an average target price of $28.00.
Shares of Matson, Inc. (NYSE MATX) opened at $30.80 on Thursday. Matson, Inc. has a 1-year low of $21.63 and a 1-year high of $37.32. The firm has a market capitalization of $1,310.00, a PE ratio of 15.88, a price-to-earnings-growth ratio of 3.17 and a beta of 1.27. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.56.
Matson (NYSE:MATX) last released its quarterly earnings results on Thursday, November 2nd. The shipping company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.20. Matson had a return on equity of 17.49% and a net margin of 4.12%. The firm had revenue of $543.90 million for the quarter, compared to analysts’ expectations of $531.61 million. During the same quarter last year, the firm posted $0.59 EPS. The company’s revenue was up 8.7% compared to the same quarter last year. equities research analysts forecast that Matson, Inc. will post 1.79 earnings per share for the current year.
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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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