Matson (NYSE:MATX) announced its earnings results on Monday. The shipping company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.06, Briefing.com reports. The business had revenue of $589.40 million during the quarter, compared to the consensus estimate of $565.67 million. Matson had a return on equity of 14.40% and a net margin of 11.64%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 EPS.
Shares of MATX stock traded up $3.89 during trading hours on Tuesday, hitting $40.29. 28,221 shares of the company’s stock were exchanged, compared to its average volume of 238,093. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 22.65, a PEG ratio of 3.03 and a beta of 1.39. Matson has a fifty-two week low of $26.55 and a fifty-two week high of $40.60.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Thursday, November 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Wednesday, November 7th. Matson’s payout ratio is 47.19%.
In related news, President Ronald J. Forest sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $35.00, for a total transaction of $35,000.00. Following the completion of the sale, the president now directly owns 60,884 shares in the company, valued at $2,130,940. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark H. Fukunaga purchased 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 7th. The shares were purchased at an average price of $36.24 per share, with a total value of $144,960.00. Following the completion of the transaction, the director now directly owns 10,432 shares of the company’s stock, valued at approximately $378,055.68. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 3,000 shares of company stock valued at $111,810. Corporate insiders own 2.48% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc increased its position in shares of Matson by 2.4% during the first quarter. Legal & General Group Plc now owns 78,909 shares of the shipping company’s stock worth $2,247,000 after purchasing an additional 1,831 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of Matson by 167.7% during the second quarter. Meeder Asset Management Inc. now owns 3,260 shares of the shipping company’s stock worth $125,000 after purchasing an additional 2,042 shares in the last quarter. Rhumbline Advisers increased its position in shares of Matson by 2.3% during the second quarter. Rhumbline Advisers now owns 102,689 shares of the shipping company’s stock worth $3,941,000 after purchasing an additional 2,276 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Matson by 35.6% during the first quarter. Cubist Systematic Strategies LLC now owns 9,855 shares of the shipping company’s stock worth $282,000 after purchasing an additional 2,585 shares in the last quarter. Finally, CKW Financial Group increased its position in shares of Matson by 20.8% during the second quarter. CKW Financial Group now owns 17,422 shares of the shipping company’s stock worth $669,000 after purchasing an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 84.83% of the company’s stock.
Several research analysts have recently weighed in on the company. ValuEngine raised Matson from a “hold” rating to a “buy” rating in a research note on Friday, September 28th. Wells Fargo & Co downgraded Matson to a “hold” rating and set a $35.00 target price for the company. in a research note on Friday, September 28th. Finally, Stifel Nicolaus upped their target price on Matson from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $41.17.
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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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