Allspring Global Investments Holdings LLC Has $8.73 Million Position in Matson, Inc. $MATX

Allspring Global Investments Holdings LLC cut its stake in Matson, Inc. (NYSE:MATX) by 33.6% in the first quarter, HoldingsChannel.com reports. The fund owned 52,943 shares of the shipping company’s stock after selling 26,824 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Matson were worth $8,731,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MATX. Danske Bank A S acquired a new position in Matson during the fourth quarter valued at approximately $25,000. Headlands Technologies LLC bought a new stake in Matson in the second quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC acquired a new stake in Matson in the third quarter worth $30,000. SouthState Bank Corp acquired a new stake in Matson in the fourth quarter worth $31,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Matson by 57.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock worth $32,000 after purchasing an additional 94 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Matson

In other Matson news, SVP Kuuhaku T. Park sold 2,500 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total transaction of $450,475.00. Following the completion of the transaction, the senior vice president owned 10,984 shares in the company, valued at approximately $1,979,206.96. This represents a 18.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John Warren Sullivan sold 3,331 shares of Matson stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $180.14, for a total value of $600,046.34. Following the completion of the sale, the senior vice president directly owned 9,547 shares in the company, valued at $1,719,796.58. This represents a 25.87% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 23,963 shares of company stock worth $4,349,268. Company insiders own 2.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MATX shares. Zacks Research raised shares of Matson to a “hold” rating in a report on Wednesday, April 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Matson in a research note on Friday, May 29th. Finally, 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. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $181.25.

Matson Stock Performance

Shares of MATX opened at $216.16 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. Matson, Inc. has a twelve month low of $86.97 and a twelve month high of $230.74. The firm’s 50 day moving average price is $195.95 and its two-hundred day moving average price is $173.56. The firm has a market cap of $6.54 billion, a P/E ratio of 15.88 and a beta of 1.28.

Matson (NYSE:MATX) last issued its quarterly earnings data on Monday, May 4th. The shipping company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.20. Matson had a net margin of 12.92% and a return on equity of 15.90%. The company had revenue of $757.80 million during the quarter, compared to the consensus estimate of $777.55 million. During the same quarter in the prior year, the firm earned $2.18 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, analysts forecast that Matson, Inc. will post 14.16 EPS for the current fiscal year.

Matson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. This is a boost from Matson’s previous quarterly dividend of $0.36. Matson’s dividend payout ratio (DPR) is currently 10.58%.

Matson Company 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.