Dimensional Fund Advisors LP reduced its holdings in shares of Matson, Inc. (NYSE:MATX) by 0.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,548,111 shares of the shipping company’s stock after selling 6,841 shares during the quarter. Dimensional Fund Advisors LP owned approximately 6.00% of Matson worth $71,806,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Riverhead Capital Management LLC boosted its stake in shares of Matson by 89.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock worth $108,000 after acquiring an additional 1,695 shares during the period. Quantbot Technologies LP bought a new stake in Matson in the 3rd quarter valued at $191,000. Virtu KCG Holdings LLC bought a new stake in Matson in the 2nd quarter valued at $248,000. Crossmark Global Holdings Inc. bought a new stake in Matson in the 3rd quarter valued at $234,000. Finally, Piedmont Investment Advisors LLC bought a new stake in Matson in the 2nd quarter valued at $280,000. Institutional investors own 84.13% of the company’s stock.
Several research firms recently issued reports on MATX. Wells Fargo & Co restated an “underperform” rating and issued a $22.00 price target on shares of Matson in a research note on Monday, September 25th. Stifel Nicolaus restated a “buy” rating and issued a $32.00 price target (up from $30.00) on shares of Matson in a research note on Thursday, September 21st. Zacks Investment Research upgraded Matson from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research note on Tuesday, November 7th. Finally, BidaskClub upgraded Matson from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Matson has a consensus rating of “Hold” and an average target price of $27.25.
Matson (NYSE:MATX) last released its quarterly earnings results on Thursday, November 2nd. The shipping company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.20. The business had revenue of $543.90 million during the quarter, compared to the consensus estimate of $531.61 million. Matson had a return on equity of 17.49% and a net margin of 4.12%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.59 EPS. equities analysts predict that Matson, Inc. will post 1.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, December 7th. Stockholders of record on Thursday, November 9th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, November 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.64%. Matson’s payout ratio is 41.24%.
In other news, President Ronald J. Forest sold 16,491 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $29.28, for a total transaction of $482,856.48. Following the completion of the sale, the president now directly owns 94,977 shares in the company, valued at approximately $2,780,926.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.
Matson, Inc, through its subsidiaries, operates as an ocean cargo carrier. The company operates in two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean transportation services to the domestic economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia and in the South Pacific.
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