Matson, Inc. (MATX) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Matson, Inc. (NYSE:MATX) from a buy rating to a hold rating in a report published on Friday morning.

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. “

MATX has been the topic of several other research reports. Wells Fargo & Company reiterated an underperform rating and set a $22.00 price target on shares of Matson in a research note on Monday, September 25th. Stephens downgraded Matson from an overweight rating to an equal weight rating and dropped their price target for the company from $38.00 to $23.00 in a research note on Friday, August 18th. Stifel Nicolaus reiterated a buy rating and set a $32.00 price target (up previously from $30.00) on shares of Matson in a research note on Thursday, September 21st. Finally, BidaskClub upgraded Matson from a sell rating to a hold rating in a research note on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $27.25.

Matson (MATX) traded down $0.69 during trading on Friday, reaching $27.47. The company’s stock had a trading volume of 342,800 shares, compared to its average volume of 238,908. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 1.56. The stock has a market cap of $1,166.05, a P/E ratio of 14.16, a PEG ratio of 3.13 and a beta of 1.23. Matson has a twelve month low of $21.63 and a twelve month high of $40.26.

Matson (NYSE:MATX) last posted its quarterly earnings results on Thursday, November 2nd. The shipping company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.20. The business had revenue of $543.90 million for 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 company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 EPS. analysts expect that Matson will post 1.76 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Thursday, November 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.91%. Matson’s dividend payout ratio (DPR) is presently 41.24%.

In related news, Director Jeffrey N. Watanabe acquired 4,100 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was acquired at an average price of $24.07 per share, with a total value of $98,687.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Joel M. Wine acquired 6,100 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was bought at an average cost of $24.07 per share, with a total value of $146,827.00. Following the acquisition, the chief financial officer now owns 99,411 shares in the company, valued at $2,392,822.77. The disclosure for this purchase can be found here. In the last three months, insiders bought 12,200 shares of company stock valued at $292,734. Insiders own 2.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its holdings in Matson by 21.6% in the 3rd quarter. Wells Fargo & Company MN now owns 68,821 shares of the shipping company’s stock worth $1,939,000 after purchasing an additional 12,222 shares during the period. Citadel Advisors LLC raised its holdings in Matson by 28.7% in the 3rd quarter. Citadel Advisors LLC now owns 273,710 shares of the shipping company’s stock worth $7,714,000 after purchasing an additional 61,036 shares during the period. Virginia Retirement Systems ET AL acquired a new position in Matson in the 3rd quarter worth about $713,000. American International Group Inc. raised its holdings in Matson by 5.7% in the 3rd quarter. American International Group Inc. now owns 33,964 shares of the shipping company’s stock worth $957,000 after purchasing an additional 1,843 shares during the period. Finally, Rodgers Brothers Inc. raised its holdings in Matson by 78.4% in the 3rd quarter. Rodgers Brothers Inc. now owns 20,485 shares of the shipping company’s stock worth $577,000 after purchasing an additional 9,000 shares during the period. 84.22% of the stock is owned by institutional investors.

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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