Matson, Inc. (MATX) Downgraded to “Underperform” at Wells Fargo & Company
Matson, Inc. (NYSE:MATX) was downgraded by research analysts at Wells Fargo & Company from a “market perform” rating to an “underperform” rating in a research report issued on Friday. They presently have a $22.00 target price on the shipping company’s stock. Wells Fargo & Company’s target price would indicate a potential downside of 3.47% from the stock’s previous close.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Matson from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Thursday, August 3rd. BidaskClub downgraded shares of Matson from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Stephens set a $40.00 target price on shares of Matson and gave the company a “buy” rating in a research report on Saturday, June 10th. Finally, TheStreet downgraded shares of Matson from a “b-” rating to a “c+” rating in a research report on Monday, May 22nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $27.00.
Matson (NYSE:MATX) traded down 22.35% during mid-day trading on Friday, hitting $22.79. 2,296,567 shares of the stock were exchanged. The company has a 50-day moving average of $29.58 and a 200-day moving average of $31.27. Matson has a 52 week low of $21.63 and a 52 week high of $43.00. The stock has a market capitalization of $982.82 million, a PE ratio of 13.09 and a beta of 1.13.
Matson (NYSE:MATX) last released its quarterly earnings data on Monday, July 31st. The shipping company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.11. Matson had a net margin of 3.76% and a return on equity of 16.10%. The business had revenue of $512.50 million during the quarter, compared to analyst estimates of $495.19 million. During the same quarter last year, the business earned $0.42 earnings per share. Matson’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, equities analysts predict that Matson will post $1.67 EPS for the current fiscal year.
In other Matson news, Director W Blake Baird sold 2,578 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $29.98, for a total transaction of $77,288.44. Following the transaction, the director now owns 15,583 shares of the company’s stock, valued at approximately $467,178.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MATX. BlackRock Inc. increased its position in 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 period. Capital Research Global Investors acquired a new position in Matson during the second quarter worth approximately $15,531,000. Vanguard Group Inc. increased its position in Matson by 5.4% in the first quarter. Vanguard Group Inc. now owns 3,843,244 shares of the shipping company’s stock worth $122,062,000 after buying an additional 195,335 shares during the period. Citadel Advisors LLC increased its position in Matson by 198.1% in the second quarter. Citadel Advisors LLC now owns 212,674 shares of the shipping company’s stock worth $6,388,000 after buying an additional 141,336 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its position in 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 period. 83.61% of the stock is currently owned by institutional investors and hedge funds.
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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