Zacks: Analysts Expect Matson, Inc. (MATX) Will Announce Quarterly Sales of $532.77 Million
Brokerages expect Matson, Inc. (NYSE:MATX) to report $532.77 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Matson’s earnings. The highest sales estimate is $549.96 million and the lowest is $521.50 million. Matson posted sales of $500.40 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.5%. The company is scheduled to announce its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that Matson will report full-year sales of $532.77 million for the current fiscal year, with estimates ranging from $1.99 billion to $2.04 billion. For the next fiscal year, analysts forecast that the company will post sales of $2.07 billion per share, with estimates ranging from $1.97 billion to $2.16 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Matson.
Matson (NYSE:MATX) last issued its earnings results on Monday, July 31st. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $512.50 million during the quarter, compared to analysts’ expectations of $495.19 million. During the same quarter in the previous year, the business earned $0.42 EPS. The company’s revenue for the quarter was up 9.6% on a year-over-year basis.
MATX has been the subject of a number of recent research reports. BidaskClub downgraded Matson from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Zacks Investment Research lowered Matson from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. TheStreet lowered Matson from a “b-” rating to a “c+” rating in a report on Monday, May 22nd. Stephens lowered Matson from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $38.00 to $23.00 in a report on Friday, August 18th. Finally, Wells Fargo & Company lowered Matson from a “market perform” rating to an “underperform” rating and set a $22.00 price objective on the stock. in a report on Friday, August 18th. Two 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. Matson has a consensus rating of “Hold” and a consensus price target of $27.00.
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In related news, Director Jeffrey N. Watanabe acquired 4,100 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were acquired at an average price of $24.07 per share, with a total value of $98,687.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Joel M. Wine acquired 6,100 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were bought at an average cost of $24.07 per share, for a total transaction of $146,827.00. Following the acquisition, the chief financial officer now owns 99,411 shares in the company, valued at approximately $2,392,822.77. The disclosure for this purchase can be found here. In the last three months, insiders have bought 12,200 shares of company stock worth $292,734. 2.60% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MATX. Riverhead Capital Management LLC increased its holdings in shares of Matson by 89.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock valued at $108,000 after acquiring an additional 1,695 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in Matson in the 1st quarter valued at approximately $119,000. UBS Group AG grew its holdings in Matson by 14.0% in the 1st quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock valued at $127,000 after buying an additional 495 shares during the last quarter. Bank of Montreal Can grew its holdings in Matson by 10.9% in the 1st quarter. Bank of Montreal Can now owns 4,419 shares of the shipping company’s stock valued at $140,000 after buying an additional 434 shares during the last quarter. Finally, Virtu KCG Holdings LLC acquired a new stake in Matson in the 2nd quarter valued at approximately $248,000. 84.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of Matson (MATX) opened at 25.99 on Friday. The stock has a market cap of $1.12 billion, a PE ratio of 14.93 and a beta of 1.17. Matson has a one year low of $21.63 and a one year high of $42.00. The stock’s 50 day moving average price is $27.06 and its 200-day moving average price is $29.92.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 3rd were issued a dividend of $0.20 per share. This is a positive change from Matson’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Tuesday, August 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.08%. Matson’s dividend payout ratio is currently 46.24%.
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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