Matson (NYSE:MATX) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Matson (NYSE:MATX) from a sell rating to a hold rating in a research note published on Wednesday 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. “

Shares of MATX opened at $37.70 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $1.62 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 3.22 and a beta of 1.55. The firm’s 50 day simple moving average is $36.96. Matson has a 12 month low of $30.60 and a 12 month high of $41.96.

Matson (NYSE:MATX) last issued its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.04. Matson had a return on equity of 14.49% and a net margin of 4.78%. The company had revenue of $532.40 million for the quarter, compared to the consensus estimate of $522.89 million. During the same quarter last year, the business posted $0.33 earnings per share. The firm’s revenue was up 4.1% compared to the same quarter last year. Sell-side analysts anticipate that Matson will post 2.35 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 1st will be given a $0.22 dividend. This is a boost from Matson’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Wednesday, July 31st. Matson’s payout ratio is currently 33.20%.

In other news, Director W Blake Baird sold 2,500 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $37.63, for a total transaction of $94,075.00. Following the sale, the director now directly owns 17,142 shares in the company, valued at approximately $645,053.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Cox sold 30,000 shares of the company’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $37.94, for a total transaction of $1,138,200.00. Following the sale, the chief executive officer now owns 274,742 shares in the company, valued at $10,423,711.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,000 shares of company stock valued at $2,114,465. 2.00% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of MATX. Quantamental Technologies LLC bought a new stake in Matson in the 1st quarter valued at $33,000. Investors Research Corp bought a new stake in shares of Matson in the 1st quarter valued at about $40,000. Everence Capital Management Inc. bought a new stake in shares of Matson in the 1st quarter valued at about $200,000. Amalgamated Bank bought a new stake in shares of Matson during the 4th quarter valued at about $203,000. Finally, Paloma Partners Management Co bought a new stake in shares of Matson during the 4th quarter valued at about $210,000. 86.50% of the stock is currently owned by institutional investors and hedge funds.

Matson Company Profile

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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