Convergence Investment Partners LLC Takes $1.71 Million Position in Matson, Inc. $MATX

Convergence Investment Partners LLC bought a new position in shares of Matson, Inc. (NYSE:MATX) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,442 shares of the shipping company’s stock, valued at approximately $1,712,000.

Other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Matson during the 4th quarter worth about $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Matson in the 4th quarter valued at about $2,017,000. Tudor Investment Corp ET AL grew its stake in Matson by 2,944.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 57,850 shares of the shipping company’s stock valued at $5,703,000 after buying an additional 55,950 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Matson by 97.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 79,767 shares of the shipping company’s stock valued at $9,868,000 after acquiring an additional 39,370 shares during the period. Finally, SG Americas Securities LLC lifted its position in Matson by 887.1% during the first quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company’s stock worth $9,441,000 after acquiring an additional 51,752 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Matson Price Performance

NYSE:MATX opened at $218.62 on Wednesday. Matson, Inc. has a 52 week low of $86.97 and a 52 week high of $230.74. The firm has a market cap of $6.62 billion, a price-to-earnings ratio of 16.06 and a beta of 1.28. The firm’s 50-day simple moving average is $195.26 and its 200 day simple moving average is $172.91. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82.

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

Matson Increases Dividend

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

Insider Buying and Selling

In related news, SVP Kuuhaku T. Park sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total value of $450,475.00. Following the completion of the sale, the senior vice president directly owned 10,984 shares in the company, valued at approximately $1,979,206.96. The trade was a 18.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Grace M. Cerocke sold 1,200 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $183.57, for a total value of $220,284.00. Following the sale, the senior vice president directly owned 17,986 shares in the company, valued at $3,301,690.02. This represents a 6.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,963 shares of company stock valued at $4,349,268 in the last quarter. Corporate insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

MATX has been the subject of a number of research analyst reports. Zacks Research upgraded Matson to a “hold” rating in a report on Wednesday, April 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Matson in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. started coverage on Matson in a report on Monday, April 27th. They set an “overweight” rating and a $230.00 price target for the company. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.