Matson (NYSE:MATX) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Matson (NYSE:MATX) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, Zacks.com reports.

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. “

Separately, ValuEngine raised Matson from a hold rating to a buy rating in a report on Wednesday, July 31st. One 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. The stock presently has a consensus rating of Hold and an average target price of $40.25.

MATX stock opened at $36.18 on Friday. The stock’s 50 day moving average price is $38.56. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.68 and a quick ratio of 0.75. Matson has a fifty-two week low of $30.60 and a fifty-two week high of $42.15. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 3.30 and a beta of 1.56.

Matson (NYSE:MATX) last released its earnings results on Wednesday, August 7th. The shipping company reported $0.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.20). Matson had a return on equity of 12.30% and a net margin of 4.15%. The firm had revenue of $557.90 million for the quarter, compared to analysts’ expectations of $577.55 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, sell-side analysts forecast that Matson will post 2.17 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 1st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.43%. This is an increase from Matson’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, July 31st. Matson’s dividend payout ratio is 34.78%.

In other news, CEO Matthew J. Cox sold 23,500 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $37.54, for a total value of $882,190.00. Following the completion of the sale, the chief executive officer now directly owns 244,742 shares of the company’s stock, valued at $9,187,614.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew J. Cox sold 30,000 shares of the stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $37.94, for a total value of $1,138,200.00. Following the completion of the sale, the chief executive officer now directly owns 274,742 shares of the company’s stock, valued at $10,423,711.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Several hedge funds have recently bought and sold shares of MATX. Legal & General Group Plc increased its holdings in Matson by 2.1% during the fourth quarter. Legal & General Group Plc now owns 95,852 shares of the shipping company’s stock valued at $3,077,000 after buying an additional 1,980 shares during the last quarter. Millennium Management LLC increased its holdings in Matson by 358.4% during the fourth quarter. Millennium Management LLC now owns 35,745 shares of the shipping company’s stock valued at $1,145,000 after buying an additional 27,947 shares during the last quarter. Amalgamated Bank purchased a new stake in Matson during the fourth quarter valued at approximately $203,000. FMR LLC increased its holdings in Matson by 512.6% during the fourth quarter. FMR LLC now owns 43,854 shares of the shipping company’s stock valued at $1,403,000 after buying an additional 36,695 shares during the last quarter. Finally, Norges Bank purchased a new stake in Matson during the fourth quarter valued at approximately $4,605,000. 86.81% of the stock is owned by institutional investors and hedge funds.

About Matson

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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