Principal Financial Group Inc. Sells 46,159 Shares of Matson, Inc. $MATX

Principal Financial Group Inc. decreased its holdings in shares of Matson, Inc. (NYSE:MATX) by 23.4% in the 1st quarter, Holdings Channel reports. The firm owned 151,520 shares of the shipping company’s stock after selling 46,159 shares during the period. Principal Financial Group Inc.’s holdings in Matson were worth $24,840,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Fifth Third Bancorp raised its stake in Matson by 4,902.0% in the first quarter. Fifth Third Bancorp now owns 22,759 shares of the shipping company’s stock valued at $3,731,000 after purchasing an additional 22,304 shares in the last quarter. Kestra Advisory Services LLC grew its stake in Matson by 158.1% in the 1st quarter. Kestra Advisory Services LLC now owns 1,409 shares of the shipping company’s stock worth $231,000 after buying an additional 863 shares in the last quarter. Sage Rhino Capital LLC purchased a new position in Matson in the 1st quarter worth approximately $270,000. Hodges Capital Management Inc. bought a new position in shares of Matson in the 1st quarter worth $3,279,000. Finally, Abel Hall LLC increased its holdings in shares of Matson by 47.9% in the 1st quarter. Abel Hall LLC now owns 2,403 shares of the shipping company’s stock worth $394,000 after buying an additional 778 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Grace M. Cerocke sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $183.57, for a total transaction of $220,284.00. Following the completion of the transaction, the senior vice president owned 17,986 shares in the company, valued at $3,301,690.02. This represents a 6.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Laura L. Rascon sold 2,800 shares of Matson stock in a transaction on Monday, June 8th. The shares were sold at an average price of $188.53, for a total transaction of $527,884.00. Following the completion of the sale, the senior vice president owned 15,656 shares in the company, valued at approximately $2,951,625.68. This trade represents a 15.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 23,963 shares of company stock worth $4,349,268. Insiders own 2.51% of the company’s stock.

Matson Price Performance

MATX stock opened at $218.11 on Tuesday. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 16.03 and a beta of 1.28. The firm’s 50-day moving average price is $194.47 and its two-hundred day moving average price is $172.24. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. Matson, Inc. has a 12-month low of $86.97 and a 12-month high of $230.74.

Matson (NYSE:MATX) last posted its earnings results on Monday, May 4th. The shipping company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.20. The company had revenue of $757.80 million during the quarter, compared to analyst estimates of $777.55 million. Matson had a net margin of 12.92% and a return on equity of 15.90%. Matson’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.18 earnings per share. As a group, equities analysts predict that Matson, Inc. will post 14.16 earnings per share for the current year.

Matson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be issued a $0.38 dividend. This is an increase from Matson’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 6th. This represents a $1.52 annualized dividend and a yield of 0.7%. Matson’s dividend payout ratio (DPR) is 10.58%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MATX. JPMorgan Chase & Co. began coverage on shares of Matson in a research report on Monday, April 27th. They set an “overweight” rating and a $230.00 price objective on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Matson in a research note on Friday, May 29th. Finally, Zacks Research raised Matson to a “hold” rating in a research note on Wednesday, April 29th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $181.25.

Matson Company Profile

Matson, Inc (NYSE: MATX) is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson’s ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.