Matson, Inc. (MATX) Upgraded to Hold at BidaskClub
Matson, Inc. (NYSE:MATX) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
Several other research firms have also issued reports on MATX. Zacks Investment Research lowered Matson from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Stephens set a $40.00 price target on Matson and gave the stock a “buy” rating in a research report on Saturday, June 10th. Stifel Nicolaus upgraded Matson from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research 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 target on the stock. in a research report on Friday, August 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $27.00.
Matson (NYSE:MATX) traded down 7.92% during trading on Friday, hitting $26.40. The company had a trading volume of 305,890 shares. Matson has a 1-year low of $21.63 and a 1-year high of $42.00. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 15.16 and a beta of 1.17. The company’s 50 day moving average price is $26.93 and its 200-day moving average price is $29.73.
Matson (NYSE:MATX) last posted its quarterly earnings results on Monday, July 31st. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping 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 business had revenue of $512.50 million for the quarter, compared to analyst estimates of $495.19 million. During the same period last year, the company earned $0.42 EPS. Matson’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, analysts expect that Matson will post $1.68 EPS for the current year.
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In other Matson news, Director Thomas B. Fargo acquired 2,000 shares of the company’s stock in a transaction on Monday, August 21st. The stock was acquired at an average price of $23.61 per share, for a total transaction of $47,220.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Joel M. Wine acquired 6,100 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was acquired at an average price of $24.07 per share, with a total value 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 quarter, insiders acquired 12,200 shares of company stock valued at $292,734. Company insiders own 2.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Municipal Employees Retirement System of Michigan lifted its holdings in Matson by 1.3% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 9,790 shares of the shipping company’s stock worth $311,000 after buying an additional 130 shares during the period. Texas Permanent School Fund lifted its holdings in Matson by 0.8% in the 2nd quarter. Texas Permanent School Fund now owns 31,479 shares of the shipping company’s stock worth $946,000 after buying an additional 260 shares during the period. Arizona State Retirement System lifted its holdings in Matson by 1.8% in the 1st quarter. Arizona State Retirement System now owns 22,485 shares of the shipping company’s stock worth $714,000 after buying an additional 400 shares during the period. Bank of Montreal Can lifted 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 worth $140,000 after buying an additional 434 shares during the period. Finally, UBS Group AG lifted 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 worth $127,000 after buying an additional 495 shares during the period. Institutional investors and hedge funds own 84.13% of the company’s stock.
Matson Company Profile
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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