Magnus Financial Group LLC Buys New Shares in Matson Inc (NYSE:MATX)
Magnus Financial Group LLC bought a new stake in shares of Matson Inc (NYSE:MATX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,293 shares of the shipping company’s stock, valued at approximately $206,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its position in shares of Matson by 358.4% in 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. FMR LLC increased its stake in shares of Matson by 512.6% during the fourth quarter. FMR LLC now owns 43,854 shares of the shipping company’s stock worth $1,403,000 after purchasing an additional 36,695 shares during the period. Norges Bank bought a new position in shares of Matson during the fourth quarter worth approximately $4,605,000. Geode Capital Management LLC increased its stake in shares of Matson by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 444,885 shares of the shipping company’s stock worth $14,245,000 after purchasing an additional 31,971 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of Matson by 46.8% during the fourth quarter. Deutsche Bank AG now owns 127,831 shares of the shipping company’s stock worth $4,091,000 after purchasing an additional 40,754 shares during the period. Institutional investors own 86.59% of the company’s stock.
In other Matson news, CEO Matthew J. Cox sold 30,000 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $37.94, for a total transaction of $1,138,200.00. Following the transaction, the chief executive officer now owns 274,742 shares in the company, valued at approximately $10,423,711.48. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Matthew J. Cox sold 23,500 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 244,742 shares in the company, valued at approximately $9,187,614.68. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
Matson (NYSE:MATX) last posted its quarterly earnings data on Wednesday, August 7th. The shipping company reported $0.43 EPS 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 company had revenue of $557.90 million for the quarter, compared to the consensus estimate of $577.55 million. During the same quarter last year, the business earned $0.76 EPS. Matson’s revenue was up .1% on a year-over-year basis. Research analysts predict that Matson Inc will post 2.17 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Wednesday, July 31st. This is a positive change from Matson’s previous quarterly dividend of $0.21. Matson’s dividend payout ratio (DPR) is 34.78%.
MATX has been the topic of a number of recent research reports. Zacks Investment Research lowered Matson from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. ValuEngine upgraded Matson from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $40.25.
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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