Pinnbrook Capital Management LP Purchases New Position in Matson, Inc. $MATX

Pinnbrook Capital Management LP bought a new position in Matson, Inc. (NYSE:MATX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 45,814 shares of the shipping company’s stock, valued at approximately $8,807,000.

A number of other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Matson by 3.4% during the 2nd quarter. GAMMA Investing LLC now owns 2,402 shares of the shipping company’s stock valued at $462,000 after purchasing an additional 80 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Matson by 57.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock worth $32,000 after buying an additional 94 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Matson by 0.3% during the first quarter. Bessemer Group Inc. now owns 30,624 shares of the shipping company’s stock worth $5,021,000 after buying an additional 104 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Matson by 0.7% in the first quarter. The Manufacturers Life Insurance Company now owns 14,749 shares of the shipping company’s stock valued at $2,418,000 after acquiring an additional 107 shares during the last quarter. Finally, Allworth Financial LP bought a new position in shares of Matson in the second quarter valued at approximately $28,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Activity

In other news, EVP Christopher A. Scott sold 600 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $219.90, for a total value of $131,940.00. Following the transaction, the executive vice president owned 9,354 shares of the company’s stock, valued at approximately $2,056,944.60. This trade represents a 6.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jennifer C. Tungul sold 402 shares of Matson stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $208.49, for a total transaction of $83,812.98. Following the sale, the senior vice president owned 5,852 shares of the company’s stock, valued at approximately $1,220,083.48. This represents a 6.43% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 14,169 shares of company stock worth $2,933,211. Corporate insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MATX shares. Wall Street Zen lowered Matson from a “buy” rating to a “hold” rating in a research report on Saturday. Stephens lifted their price objective on Matson from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. boosted their price objective on Matson from $230.00 to $270.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded Matson from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, Zacks Research upgraded Matson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat.com, Matson presently has a consensus rating of “Buy” and a consensus target price of $232.33.

Matson Stock Up 2.9%

Shares of MATX opened at $223.14 on Friday. The business’s fifty day moving average price is $206.47 and its two-hundred day moving average price is $183.63. The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of 14.92 and a beta of 1.27. Matson, Inc. has a 52 week low of $86.97 and a 52 week high of $230.74. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89.

Matson (NYSE:MATX) last released its earnings results on Monday, August 3rd. The shipping company reported $4.27 earnings per share for the quarter, topping analysts’ consensus estimates of $3.79 by $0.48. Matson had a return on equity of 16.94% and a net margin of 13.41%.The company had revenue of $969.40 million during the quarter, compared to the consensus estimate of $893.91 million. During the same quarter in the previous year, the company posted $2.92 earnings per share. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. On average, analysts predict that Matson, Inc. will post 16.01 earnings per share for the current year.

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors 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 yield of 0.7%. Matson’s dividend payout ratio is 10.16%.

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.