Matson (NYSE:MATX) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Matson (NYSE:MATX) from a sell rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

Shares of NYSE MATX opened at $37.70 on Wednesday. The firm has a 50 day moving average price of $36.96. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 3.21 and a beta of 1.55. Matson has a 52 week low of $30.60 and a 52 week high of $41.96. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.34.

Matson (NYSE:MATX) last issued its earnings results on Wednesday, May 8th. The shipping company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.04. The firm had revenue of $532.40 million for the quarter, compared to analyst estimates of $522.89 million. Matson had a return on equity of 14.49% and a net margin of 4.78%. Matson’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 earnings per share. As a group, sell-side analysts anticipate that Matson will post 2.35 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 1st will be given a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $0.88 dividend on an annualized basis and a yield of 2.33%. This is a positive change from Matson’s previous quarterly dividend of $0.21. Matson’s dividend payout ratio is currently 33.20%.

In other Matson news, Director W Blake Baird sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $37.63, for a total value of $94,075.00. Following the completion of the transaction, the director now directly owns 17,142 shares of the company’s stock, valued at $645,053.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Cox sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $37.94, for a total value of $1,138,200.00. Following the completion of the transaction, the chief executive officer now directly owns 274,742 shares of the company’s stock, valued at $10,423,711.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,000 shares of company stock worth $2,114,465. 2.00% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the business. Quantamental Technologies LLC acquired a new position in Matson in the first quarter valued at approximately $33,000. Investors Research Corp acquired a new position in Matson in the first quarter valued at approximately $40,000. Everence Capital Management Inc. acquired a new position in Matson in the first quarter valued at approximately $200,000. Amalgamated Bank acquired a new position in Matson in the fourth quarter valued at approximately $203,000. Finally, Paloma Partners Management Co acquired a new position in Matson in the fourth quarter valued at approximately $210,000. 86.50% of the stock is owned by institutional investors.

About Matson

Matson, Inc provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.

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