Matson Inc. (MATX) Lifted to Buy at Zacks Investment Research
Matson Inc. (NYSE:MATX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $46.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.03% from the stock’s previous close.
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. “
Separately, Stifel Nicolaus reiterated a “buy” rating and set a $46.00 price target on shares of Matson in a research report on Monday.
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Matson (NYSE:MATX) traded up 1.36% during trading on Wednesday, hitting $41.06. 133,255 shares of the company’s stock traded hands. The company’s 50 day moving average is $39.33 and its 200-day moving average is $36.21. Matson has a 12 month low of $30.54 and a 12 month high of $53.18. The stock has a market cap of $1.76 billion, a P/E ratio of 17.24 and a beta of 1.19.
Matson (NYSE:MATX) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The firm earned $467.70 million during the quarter, compared to the consensus estimate of $487.35 million. Matson had a net margin of 5.31% and a return on equity of 25.99%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 earnings per share. On average, analysts predict that Matson will post $2.03 earnings per share for the current year.
In other Matson news, insider Vic S. Angoco, Jr. sold 12,162 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $40.20, for a total value of $488,912.40. Following the sale, the insider now owns 48,722 shares in the company, valued at $1,958,624.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director W Blake Baird sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $35.96, for a total transaction of $35,960.00. Following the completion of the sale, the director now owns 18,745 shares in the company, valued at approximately $674,070.20. The disclosure for this sale can be found here. Corporate insiders own 2.36% of the company’s stock.
A number of large investors have recently made changes to their positions in MATX. Tower Research Capital LLC TRC boosted its stake in shares of Matson by 3,374.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,474 shares of the company’s stock worth $112,000 after buying an additional 3,374 shares during the period. Bank of Montreal Can purchased a new stake in Matson during the second quarter worth approximately $127,000. Acrospire Investment Management LLC purchased a new stake in Matson during the first quarter worth approximately $137,000. PineBridge Investments L.P. boosted its stake in Matson by 3.3% in the second quarter. PineBridge Investments L.P. now owns 5,485 shares of the company’s stock worth $177,000 after buying an additional 176 shares during the last quarter. Finally, Mason Street Advisors LLC purchased a new stake in Matson during the second quarter worth approximately $273,000. Institutional investors and hedge funds own 81.90% of the company’s stock.
Matson Inc is a transportation company in the Marine industry.
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