Fifth Third Bancorp Has $3.73 Million Stake in Matson, Inc. $MATX

Fifth Third Bancorp boosted its position in shares of Matson, Inc. (NYSE:MATX) by 4,902.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 22,759 shares of the shipping company’s stock after buying an additional 22,304 shares during the quarter. Fifth Third Bancorp’s holdings in Matson were worth $3,731,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Matson by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,671,519 shares of the shipping company’s stock valued at $453,616,000 after acquiring an additional 21,516 shares during the period. Dimensional Fund Advisors LP lifted its stake in Matson by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,982,793 shares of the shipping company’s stock valued at $244,975,000 after purchasing an additional 21,463 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Matson by 27.9% during the second quarter. Ameriprise Financial Inc. now owns 590,763 shares of the shipping company’s stock worth $65,770,000 after purchasing an additional 128,994 shares during the period. Millennium Management LLC grew its holdings in Matson by 144.9% during the third quarter. Millennium Management LLC now owns 455,133 shares of the shipping company’s stock worth $44,872,000 after purchasing an additional 269,310 shares during the period. Finally, Morgan Stanley increased its position in Matson by 1.3% during the fourth quarter. Morgan Stanley now owns 430,292 shares of the shipping company’s stock worth $53,163,000 after buying an additional 5,709 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Matson Trading Down 0.0%

Shares of MATX stock opened at $222.17 on Monday. Matson, Inc. has a 12-month low of $86.97 and a 12-month high of $230.74. The company has a market capitalization of $6.72 billion, a PE ratio of 16.32 and a beta of 1.28. The firm has a 50 day moving average price of $193.74 and a two-hundred day moving average price of $171.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11.

Matson (NYSE:MATX) last posted its earnings results on Monday, May 4th. The shipping company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.65 by $0.20. The company had revenue of $757.80 million for the quarter, compared to the consensus estimate of $777.55 million. Matson had a return on equity of 15.90% and a net margin of 12.92%.The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. As a group, analysts predict that Matson, Inc. will post 14.16 earnings per share for the current year.

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. This is a positive change from Matson’s previous quarterly dividend of $0.36. Matson’s payout ratio is currently 10.58%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MATX. Zacks Research raised Matson to a “hold” rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. assumed coverage on Matson in a report on Monday, April 27th. They set an “overweight” rating and a $230.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Matson in a research report on Friday, May 29th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Matson has a consensus rating of “Moderate Buy” and an average price target of $181.25.

Insider Transactions at Matson

In other Matson news, SVP Kuuhaku T. Park sold 2,500 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total transaction of $450,475.00. Following the transaction, the senior vice president owned 10,984 shares in the company, valued at $1,979,206.96. This trade represents a 18.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Laura L. Rascon sold 2,800 shares of Matson stock in a transaction on Monday, June 8th. The stock was sold at an average price of $188.53, for a total value of $527,884.00. Following the sale, the senior vice president directly owned 15,656 shares of the company’s stock, valued at $2,951,625.68. This represents a 15.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 23,963 shares of company stock worth $4,349,268. 2.51% of the stock is currently owned by company insiders.

Matson Profile

Matson, Inc (NYSE: MATX) is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson’s ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.