Matson (MATX) Upgraded by Seaport Global Securities to Buy

Matson (NYSE:MATX) was upgraded by Seaport Global Securities from a “neutral” rating to a “buy” rating in a research report issued on Monday, Marketbeat Ratings reports. The brokerage presently has a $40.00 price target on the shipping company’s stock. Seaport Global Securities’ target price suggests a potential upside of 6.16% from the company’s previous close.

Several other brokerages have also issued reports on MATX. Zacks Investment Research lowered Matson from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. Stifel Nicolaus reiterated a “buy” rating and set a $38.00 price objective (up from $32.00) on shares of Matson in a report on Monday. Finally, BidaskClub upgraded Matson from a “sell” rating to a “hold” rating in a report on Tuesday, November 7th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $31.60.

Matson (MATX) traded up $6.48 on Monday, hitting $37.68. The stock had a trading volume of 1,555,079 shares, compared to its average volume of 263,883. The stock has a market capitalization of $1,324.37, a price-to-earnings ratio of 19.46, a P/E/G ratio of 3.27 and a beta of 1.27. Matson has a one year low of $21.63 and a one year high of $40.32. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.07 and a quick ratio of 1.07.

Matson (NYSE:MATX) last released its earnings results on Thursday, November 2nd. The shipping company reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.20. The company had revenue of $543.90 million during the quarter, compared to analyst estimates of $531.61 million. Matson had a return on equity of 17.49% and a net margin of 4.12%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. equities analysts expect that Matson will post 1.8 earnings per share for the current year.

In related news, President Ronald J. Forest sold 16,491 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $29.28, for a total transaction of $482,856.48. Following the completion of the sale, the president now directly owns 94,977 shares in the company, valued at $2,780,926.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of MATX. Schwab Charles Investment Management Inc. increased its position in Matson by 10.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 268,290 shares of the shipping company’s stock worth $8,060,000 after buying an additional 24,415 shares during the last quarter. Riverhead Capital Management LLC increased its position in Matson by 89.2% during the second 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. Teachers Advisors LLC increased its position in Matson by 0.8% during the second quarter. Teachers Advisors LLC now owns 75,128 shares of the shipping company’s stock worth $2,257,000 after buying an additional 609 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in Matson by 8.6% during the second quarter. TIAA CREF Investment Management LLC now owns 232,164 shares of the shipping company’s stock worth $6,974,000 after buying an additional 18,397 shares during the last quarter. Finally, Thrivent Financial For Lutherans increased its position in Matson by 5.6% during the second quarter. Thrivent Financial For Lutherans now owns 25,850 shares of the shipping company’s stock worth $777,000 after buying an additional 1,380 shares during the last quarter. 84.34% of the stock is currently owned by hedge funds and other institutional investors.

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About Matson

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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