BidaskClub Downgrades Matson, Inc. (MATX) to Strong Sell
BidaskClub cut shares of Matson, Inc. (NYSE:MATX) from a sell rating to a strong sell rating in a report published on Wednesday.
Several other brokerages have also recently commented on MATX. Zacks Investment Research upgraded shares of Matson from a hold rating to a buy rating and set a $33.00 price objective for the company in a research note on Thursday, August 3rd. Stifel Nicolaus upgraded shares of Matson from a hold rating to a buy rating and set a $30.00 price objective for the company in a research note on Friday, August 18th. Stephens set a $40.00 price objective on shares of Matson and gave the company a buy rating in a research note on Saturday, June 10th. Wells Fargo & Company cut shares of Matson from a market perform rating to an underperform rating and set a $22.00 price objective for the company. in a research note on Friday, August 18th. Finally, TheStreet cut shares of Matson from a b- rating to a c+ rating in a research note on Monday, May 22nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $27.00.
Shares of Matson (MATX) opened at 24.19 on Wednesday. Matson has a 52 week low of $21.63 and a 52 week high of $43.00. The stock’s 50 day moving average is $28.72 and its 200 day moving average is $30.87. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 13.89 and a beta of 1.13.
Matson (NYSE:MATX) last announced its quarterly earnings data on Monday, July 31st. The shipping company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.44 by $0.11. Matson had a net margin of 3.76% and a return on equity of 16.10%. The business had revenue of $512.50 million during the quarter, compared to analysts’ expectations of $495.19 million. During the same period in the previous year, the business posted $0.42 EPS. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, equities analysts forecast that Matson will post $1.68 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 3rd will be paid a $0.20 dividend. This is a boost from Matson’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Tuesday, August 1st. Matson’s payout ratio is currently 46.24%.
In other news, Director Jeffrey N. Watanabe bought 4,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was purchased at an average cost of $24.07 per share, for a total transaction of $98,687.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director W Blake Baird sold 2,578 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $29.98, for a total transaction of $77,288.44. Following the completion of the transaction, the director now owns 15,583 shares of the company’s stock, valued at $467,178.34. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 12,200 shares of company stock valued at $292,734. Company insiders own 2.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC boosted its position in Matson by 89.2% in the second quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock valued at $108,000 after buying an additional 1,695 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in Matson during the first quarter valued at about $119,000. UBS Group AG boosted its position in Matson by 14.0% in the first quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock valued at $127,000 after buying an additional 495 shares in the last quarter. Bank of Montreal Can boosted its position in Matson by 10.9% in the first quarter. Bank of Montreal Can now owns 4,419 shares of the shipping company’s stock valued at $140,000 after buying an additional 434 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in Matson by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 4,760 shares of the shipping company’s stock valued at $151,000 after buying an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 83.61% of the company’s stock.
Matson Company Profile
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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