Matson, Inc. (MATX) Expected to Post Earnings of $0.61 Per Share
Wall Street brokerages expect Matson, Inc. (NYSE:MATX) to announce earnings of $0.61 per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Matson’s earnings. The highest EPS estimate is $0.62 and the lowest is $0.60. Matson posted earnings per share of $0.58 during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.2%. The firm is expected to issue its next earnings report after the market closes on Monday, November 6th.
On average, analysts expect that Matson will report full year earnings of $1.66 per share for the current fiscal year, with EPS estimates ranging from $1.60 to $1.73. For the next financial year, analysts anticipate that the firm will report earnings of $1.84 per share, with EPS estimates ranging from $1.74 to $1.93. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that follow Matson.
Matson (NYSE:MATX) last announced its earnings results on Monday, July 31st. The shipping company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates 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 prior year, the firm earned $0.42 earnings per share. The business’s revenue was up 9.6% compared to the same quarter last year.
MATX has been the subject of several analyst reports. BidaskClub upgraded Matson from a “strong sell” rating to a “sell” rating in a report on Thursday, August 31st. Zacks Investment Research downgraded Matson from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Wells Fargo & Company reiterated an “underperform” rating and issued a $22.00 price target on shares of Matson in a report on Monday, September 25th. Stephens downgraded Matson from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $38.00 to $23.00 in a report on Friday, August 18th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $32.00 price target (up from $30.00) on shares of Matson in a report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Matson has a consensus rating of “Hold” and a consensus target price of $27.50.
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In other Matson news, Director W Blake Baird sold 2,578 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $29.98, for a total value of $77,288.44. Following the completion of the transaction, the director now directly owns 15,583 shares in the company, valued at approximately $467,178.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Joel M. Wine purchased 6,100 shares of the business’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 completion of the acquisition, the chief financial officer now directly owns 99,411 shares in the company, valued at approximately $2,392,822.77. The disclosure for this purchase can be found here. Insiders acquired a total of 12,200 shares of company stock valued at $292,734 over the last quarter. 2.60% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. 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 worth $108,000 after buying an additional 1,695 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Matson during the 1st quarter worth $119,000. UBS Group AG increased its holdings in shares of Matson by 14.0% during 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 last quarter. Virtu KCG Holdings LLC acquired a new stake in shares of Matson during the 2nd quarter worth $248,000. Finally, State of Alaska Department of Revenue increased its holdings in shares of Matson by 78.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 8,510 shares of the shipping company’s stock worth $255,000 after buying an additional 3,750 shares during the last quarter. Institutional investors and hedge funds own 84.12% of the company’s stock.
Matson (MATX) opened at 27.31 on Monday. Matson has a one year low of $21.63 and a one year high of $42.00. The firm’s 50 day moving average price is $27.16 and its 200-day moving average price is $29.10. The firm has a market cap of $1.18 billion, a PE ratio of 15.69 and a beta of 1.22.
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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