Matson (NYSE:MATX) – Equities research analysts at Oppenheimer reduced their Q2 2018 earnings estimates for shares of Matson in a report released on Tuesday, March 13th, according to Zacks Investment Research. Oppenheimer analyst I. Zaffino now forecasts that the shipping company will post earnings of $0.68 per share for the quarter, down from their previous forecast of $0.70. Oppenheimer also issued estimates for Matson’s Q3 2018 earnings at $0.93 EPS and Q4 2018 earnings at $0.33 EPS.
Other research analysts have also recently issued reports about the stock. Seaport Global Securities upgraded shares of Matson from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, January 29th. Zacks Investment Research cut shares of Matson from a “buy” rating to a “hold” rating in a report on Wednesday, March 28th. Wells Fargo upgraded shares of Matson from an “underperform” rating to a “market perform” rating in a report on Monday, January 29th. Stifel Nicolaus restated a “buy” rating and set a $38.00 price target (up from $32.00) on shares of Matson in a report on Monday, January 29th. Finally, TheStreet cut shares of Matson from a “b” rating to a “c+” rating in a report on Friday, March 2nd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Matson currently has an average rating of “Hold” and a consensus target price of $32.60.
Shares of NYSE MATX traded down $0.96 during mid-day trading on Thursday, reaching $28.23. 161,080 shares of the company’s stock traded hands, compared to its average volume of 218,662. The stock has a market capitalization of $1,204.01, a P/E ratio of 15.86, a P/E/G ratio of 2.66 and a beta of 1.43. Matson has a 1-year low of $21.63 and a 1-year high of $40.32. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.93 and a quick ratio of 0.93.
Matson (NYSE:MATX) last issued its quarterly earnings data on Tuesday, February 20th. The shipping company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). The business had revenue of $516.10 million for the quarter, compared to analyst estimates of $504.61 million. Matson had a net margin of 11.33% and a return on equity of 14.40%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 earnings per share.
In other Matson news, Director Jeffrey N. Watanabe sold 3,500 shares of Matson stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $29.37, for a total value of $102,795.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Ronald J. Forest sold 10,000 shares of Matson stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $29.56, for a total transaction of $295,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,215 shares of company stock worth $934,628. Insiders own 2.48% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Nationwide Fund Advisors raised its position in shares of Matson by 37.4% in the third quarter. Nationwide Fund Advisors now owns 41,325 shares of the shipping company’s stock valued at $1,165,000 after purchasing an additional 11,253 shares during the period. Aperio Group LLC raised its position in shares of Matson by 37.1% in the third quarter. Aperio Group LLC now owns 11,289 shares of the shipping company’s stock valued at $318,000 after purchasing an additional 3,054 shares during the period. Crossmark Global Holdings Inc. bought a new stake in shares of Matson in the third quarter valued at approximately $234,000. Victory Capital Management Inc. raised its position in shares of Matson by 23.7% in the third quarter. Victory Capital Management Inc. now owns 16,216 shares of the shipping company’s stock valued at $457,000 after purchasing an additional 3,109 shares during the period. Finally, Prudential Financial Inc. raised its position in shares of 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 purchasing an additional 18,620 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.
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Matson Company Profile
Matson, Inc provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.
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