Matson, Inc. (MATX) Upgraded by Stifel Nicolaus to “Buy”
Matson, Inc. (NYSE:MATX) was upgraded by equities researchers at Stifel Nicolaus to a “buy” rating in a research report issued to clients and investors on Friday.
Several other research firms have also recently commented on MATX. Zacks Investment Research upgraded Matson from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Thursday, August 3rd. BidaskClub cut Matson from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Stephens set a $40.00 target price on Matson and gave the company a “buy” rating in a research report on Saturday, June 10th. Wells Fargo & Company cut Matson from a “market perform” rating to a “sell” rating in a research report on Friday. Finally, TheStreet lowered Matson from a “b-” rating to a “c+” rating in a research note on Monday, May 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.00.
Shares of Matson (NYSE:MATX) traded down 22.90% on Friday, hitting $22.63. The company’s stock had a trading volume of 1,937,507 shares. Matson has a 1-year low of $21.63 and a 1-year high of $43.00. The company has a 50 day moving average of $29.78 and a 200 day moving average of $31.36. The firm has a market cap of $975.92 million, a PE ratio of 13.00 and a beta of 1.13.
Matson (NYSE:MATX) last posted its earnings results on Monday, July 31st. The shipping company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.44 by $0.11. Matson had a return on equity of 16.10% and a net margin of 3.76%. The firm had revenue of $512.50 million for the quarter, compared to analysts’ expectations of $495.19 million. During the same period last year, the firm earned $0.42 EPS. The firm’s revenue was up 9.6% compared to the same quarter last year. Equities analysts forecast that Matson will post $1.67 EPS for the current year.
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In other Matson news, Director W Blake Baird sold 2,578 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $29.98, for a total transaction of $77,288.44. Following the completion of the transaction, the director now directly owns 15,583 shares of the company’s stock, valued at approximately $467,178.34. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Matson by 83,732.7% in the first quarter. BlackRock Inc. now owns 5,978,107 shares of the shipping company’s stock worth $189,865,000 after buying an additional 5,970,976 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Matson by 2.1% in the second quarter. Vanguard Group Inc. now owns 3,923,215 shares of the shipping company’s stock worth $117,853,000 after buying an additional 79,971 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of Matson by 9.8% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 1,543,302 shares of the shipping company’s stock worth $46,361,000 after buying an additional 138,348 shares during the last quarter. State Street Corp raised its position in shares of Matson by 1.5% in the second quarter. State Street Corp now owns 1,079,551 shares of the shipping company’s stock worth $32,429,000 after buying an additional 15,869 shares during the last quarter. Finally, Macquarie Group Ltd. raised its position in shares of Matson by 4.5% in the first quarter. Macquarie Group Ltd. now owns 865,715 shares of the shipping company’s stock worth $27,495,000 after buying an additional 37,400 shares during the last quarter. 83.61% of the stock is owned by hedge funds and other institutional investors.
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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