JPMorgan Chase & Co. cut its stake in Matson, Inc. (NYSE:MATX) by 83.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,095 shares of the shipping company’s stock after selling 249,477 shares during the period. JPMorgan Chase & Co. owned approximately 0.12% of Matson worth $1,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of MATX. Virginia Retirement Systems ET AL acquired a new position in Matson in the third quarter valued at approximately $713,000. Prudential Financial Inc. lifted its holdings in Matson by 7.3% in the third quarter. Prudential Financial Inc. now owns 272,205 shares of the shipping company’s stock valued at $7,670,000 after acquiring an additional 18,620 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Matson by 54.2% in the second quarter. BNP Paribas Arbitrage SA now owns 13,483 shares of the shipping company’s stock valued at $405,000 after acquiring an additional 4,737 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Matson by 2.1% in the second quarter. Vanguard Group Inc. now owns 3,923,215 shares of the shipping company’s stock valued at $117,853,000 after acquiring an additional 79,971 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in Matson by 26.4% in the third quarter. Dynamic Technology Lab Private Ltd now owns 21,848 shares of the shipping company’s stock valued at $616,000 after acquiring an additional 4,566 shares during the last quarter. Institutional investors and hedge funds own 84.13% of the company’s stock.
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 transaction of $482,856.48. Following the transaction, the president now owns 94,977 shares of the company’s stock, valued at $2,780,926.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.
A number of research firms have commented on MATX. Stifel Nicolaus restated a “buy” rating and set a $32.00 price target (up from $30.00) on shares of Matson in a research note on Thursday, September 21st. Wells Fargo & Co restated an “underperform” rating and set a $22.00 price target on shares of Matson in a research note on Monday, September 25th. Zacks Investment Research upgraded Matson from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Tuesday, November 7th. Finally, BidaskClub lowered Matson from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Matson has a consensus rating of “Hold” and a consensus target price of $28.00.
Matson, Inc. (NYSE:MATX) opened at $30.81 on Thursday. The company has a market capitalization of $1,314.19, a price-to-earnings ratio of 15.88, a P/E/G ratio of 3.33 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, Inc. has a twelve month low of $21.63 and a twelve month high of $37.32.
Matson (NYSE:MATX) last posted its earnings results on Thursday, November 2nd. The shipping company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.59 by $0.20. The firm had revenue of $543.90 million for the quarter, compared to analyst estimates of $531.61 million. Matson had a return on equity of 17.49% and a net margin of 4.12%. Matson’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 earnings per share. equities analysts expect that Matson, Inc. will post 1.79 EPS for the current fiscal year.
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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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