Matson Inc. (MATX) Upgraded 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 note issued on Wednesday. The firm presently has a $46.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.03% from the stock’s current price.
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 target price on shares of Matson in a report on Monday.
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Matson (NYSE:MATX) traded up 1.36% on Wednesday, hitting $41.06. 133,255 shares of the stock traded hands. The company has a market capitalization of $1.76 billion, a PE ratio of 17.24 and a beta of 1.19. Matson has a 12 month low of $30.54 and a 12 month high of $53.18. The firm has a 50-day moving average price of $39.33 and a 200-day moving average price of $36.21.
Matson (NYSE:MATX) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.42 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The company had revenue of $467.70 million for 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 firm’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.56 EPS. Analysts forecast that Matson will post $2.03 earnings per share for the current year.
In other news, SVP Vic S. Angoco, Jr. sold 11,476 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $36.35, for a total value of $417,152.60. Following the sale, the senior vice president now directly owns 51,621 shares in the company, valued at approximately $1,876,423.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director W Blake Baird sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were 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 $674,070.20. The disclosure for this sale can be found here. Company insiders own 2.36% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its stake in 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 in the last quarter. Bank of Montreal Can purchased a new stake in Matson during the second quarter worth $127,000. Acrospire Investment Management LLC purchased a new stake in Matson during the first quarter worth $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 in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in Matson by 5.7% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,581 shares of the company’s stock worth $265,000 after buying an additional 355 shares in the last quarter. 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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