Zacks Investment Research upgraded shares of Matson (NYSE:MATX) from a hold rating to a buy rating in a research report report published on Wednesday morning. They currently have $44.00 price objective on the shipping company’s stock.
According to Zacks, “Matson, Inc. operates as an ocean transportation and logistics company. It offers shipping services in Hawaii, Guam, and Micronesia islands and expedited service from China to southern California. The company’s logistics services consist of rail intermodal service, long haul and regional highway truckload services, less-than-truckload transportation, specialized hauling, flatbed, and project works, warehousing and distribution services, transloading, cross-dock services, and packaging services, and network analysis and freight management services. Matson, Inc., formerly known as Alexander & Baldwin Holdings, Inc., is headquartered in Honolulu, Hawaii. “
A number of other brokerages also recently issued reports on MATX. ValuEngine raised Matson from a hold rating to a buy rating in a report on Saturday, June 16th. TheStreet raised Matson from a c+ rating to a b- rating in a report on Thursday, May 24th. Oppenheimer reaffirmed a buy rating on shares of Matson in a report on Tuesday, May 8th. Finally, Stephens set a $33.00 price target on Matson and gave the company a hold rating in a report on Monday, April 9th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Matson currently has a consensus rating of Buy and an average price target of $38.17.
Shares of Matson opened at $39.13 on Wednesday, Marketbeat Ratings reports. The firm has a market cap of $1.67 billion, a PE ratio of 21.98, a price-to-earnings-growth ratio of 3.53 and a beta of 1.46. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.98 and a current ratio of 0.98. Matson has a 1 year low of $21.63 and a 1 year high of $40.32.
Matson (NYSE:MATX) last announced its quarterly earnings results on Tuesday, May 1st. The shipping company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.10. The firm had revenue of $511.40 million for the quarter, compared to the consensus estimate of $463.48 million. Matson had a return on equity of 14.30% and a net margin of 11.48%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 earnings per share. research analysts predict that Matson will post 2.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 6th. Shareholders of record on Thursday, August 2nd will be issued a $0.21 dividend. This is an increase from Matson’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, August 1st. This represents a $0.84 dividend on an annualized basis and a yield of 2.15%. Matson’s dividend payout ratio is currently 44.94%.
In other Matson news, President Ronald J. Forest sold 1,000 shares of the stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $38.38, for a total value of $38,380.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Ronald J. Forest sold 12,000 shares of the stock in a transaction dated Friday, May 4th. The shares were sold at an average price of $30.63, for a total value of $367,560.00. Following the completion of the transaction, the president now directly owns 65,884 shares in the company, valued at approximately $2,018,026.92. The disclosure for this sale can be found here. In the last three months, insiders sold 18,558 shares of company stock worth $586,484. 2.48% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in Matson in the first quarter valued at about $135,000. UBS Asset Management Americas Inc. bought a new position in Matson in the fourth quarter valued at about $209,000. Verition Fund Management LLC bought a new position in Matson in the fourth quarter valued at about $218,000. UBS Group AG lifted its holdings in Matson by 1,157.3% in the first quarter. UBS Group AG now owns 7,883 shares of the shipping company’s stock valued at $225,000 after acquiring an additional 7,256 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its holdings in Matson by 35.6% in the first quarter. Cubist Systematic Strategies LLC now owns 9,855 shares of the shipping company’s stock valued at $282,000 after acquiring an additional 2,585 shares during the period. 84.16% of the stock is currently owned by institutional investors.
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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