Matson (MATX) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Matson (NYSE:MATX) from a hold rating to a buy rating in a research report released on Thursday morning. The brokerage currently has $35.00 price target on the shipping company’s stock.
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. “
Other equities research analysts have also issued research reports about the stock. BidaskClub raised shares of Matson from a sell rating to a hold rating in a research report on Tuesday, November 7th. Stifel Nicolaus reissued a buy rating and issued a $32.00 price objective (up previously from $30.00) on shares of Matson in a research report on Thursday, September 21st. Finally, Wells Fargo & Co restated an underperform rating and issued a $22.00 target price on shares of Matson in a research note on Monday, September 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $28.00.
Matson (NYSE:MATX) last released its quarterly earnings data on Thursday, November 2nd. The shipping company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.20. Matson had a net margin of 4.12% and a return on equity of 17.49%. The company had revenue of $543.90 million during the quarter, compared to analyst estimates of $531.61 million. During the same quarter in the prior year, the business earned $0.59 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. sell-side analysts forecast that Matson will post 1.79 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 7th. Stockholders of record on Thursday, November 9th were paid a $0.20 dividend. The ex-dividend date was Wednesday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.68%. Matson’s dividend payout ratio (DPR) is presently 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 shares were sold at an average price of $29.28, for a total value of $482,856.48. Following the completion of the transaction, the president now directly owns 94,977 shares in the company, valued at $2,780,926.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in MATX. GSA Capital Partners LLP boosted its stake in Matson by 201.1% during the 3rd quarter. GSA Capital Partners LLP now owns 139,479 shares of the shipping company’s stock valued at $3,931,000 after acquiring an additional 93,158 shares during the last quarter. California Public Employees Retirement System boosted its stake in Matson by 2.7% during the 3rd quarter. California Public Employees Retirement System now owns 83,418 shares of the shipping company’s stock valued at $2,351,000 after acquiring an additional 2,218 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Matson by 257.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 16,914 shares of the shipping company’s stock valued at $477,000 after acquiring an additional 12,176 shares during the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in Matson by 126.1% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 51,100 shares of the shipping company’s stock valued at $1,439,000 after acquiring an additional 28,500 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in Matson by 45.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 2,244,912 shares of the shipping company’s stock valued at $63,262,000 after acquiring an additional 701,610 shares during the last quarter. Institutional investors and hedge funds own 84.13% of the company’s stock.
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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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