Matson, Inc. (NYSE:MATX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. “

A number of other analysts have also weighed in on MATX. BidaskClub lowered shares of Matson from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Stephens lowered shares of Matson from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $38.00 to $23.00 in a research report on Friday, August 18th. Wells Fargo & Company lowered shares of Matson from a “market perform” rating to an “underperform” rating and set a $22.00 price objective on the stock. in a research report on Friday, August 18th. Finally, Stifel Nicolaus raised shares of Matson from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Friday, August 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $27.50.

Matson (NYSE:MATX) last posted its quarterly earnings data on Monday, July 31st. The shipping company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.11. Matson had a net margin of 3.76% and a return on equity of 16.10%. The company had revenue of $512.50 million for the quarter, compared to analyst estimates of $495.19 million. During the same period in the prior year, the company posted $0.42 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis.

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In other Matson news, Director W Blake Baird sold 2,578 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $29.98, for a total value of $77,288.44. Following the transaction, the director now directly owns 15,583 shares in the company, valued at approximately $467,178.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas B. Fargo bought 2,000 shares of the company’s stock in a transaction on Monday, August 21st. The stock was bought at an average price of $23.61 per share, for a total transaction of $47,220.00. The disclosure for this purchase can be found here. Insiders acquired a total of 12,200 shares of company stock worth $292,734 over the last 90 days. Insiders own 2.60% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Riverhead Capital Management LLC grew its stake in Matson by 89.2% in 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 in the last quarter. Ameritas Investment Partners Inc. bought a new position in Matson in the 1st quarter worth about $119,000. UBS Group AG grew its stake in Matson by 14.0% in the 1st quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock worth $127,000 after acquiring an additional 495 shares in the last quarter. Virtu KCG Holdings LLC bought a new position in Matson in the 2nd quarter worth about $248,000. Finally, State of Alaska Department of Revenue grew its stake in Matson by 78.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 8,510 shares of the shipping company’s stock worth $255,000 after acquiring an additional 3,750 shares in the last quarter. Institutional investors and hedge funds own 84.13% of the company’s stock.

Matson Company Profile

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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