Bank of New York Mellon Corp Lowers Holdings in Matson, Inc. $MATX

Bank of New York Mellon Corp lowered its position in shares of Matson, Inc. (NYSE:MATX) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 263,820 shares of the shipping company’s stock after selling 5,871 shares during the period. Bank of New York Mellon Corp’s holdings in Matson were worth $43,251,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MATX. Royal Bank of Canada increased its holdings in Matson by 8.3% during the first quarter. Royal Bank of Canada now owns 41,346 shares of the shipping company’s stock valued at $5,300,000 after buying an additional 3,155 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Matson by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,511 shares of the shipping company’s stock valued at $2,501,000 after buying an additional 863 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Matson by 7.1% in the 1st quarter. Millennium Management LLC now owns 102,629 shares of the shipping company’s stock valued at $13,154,000 after buying an additional 6,778 shares in the last quarter. NewEdge Advisors LLC bought a new stake in shares of Matson in the 1st quarter valued at about $78,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Matson by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 24,459 shares of the shipping company’s stock worth $3,135,000 after buying an additional 2,492 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at Matson

In other Matson news, SVP Laura L. Rascon sold 2,800 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $188.53, for a total transaction of $527,884.00. Following the transaction, the senior vice president directly owned 15,656 shares of the company’s stock, valued at $2,951,625.68. This trade represents a 15.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $600,046.34. Following the completion of the sale, the senior vice president owned 9,547 shares in the company, valued at approximately $1,719,796.58. This trade represents a 25.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,963 shares of company stock valued at $4,349,268 in the last three months. Company insiders own 2.51% of the company’s stock.

Matson Price Performance

NYSE:MATX opened at $210.84 on Friday. 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, Inc. has a 52 week low of $86.97 and a 52 week high of $230.74. The stock’s 50-day moving average price is $197.21 and its 200-day moving average price is $174.45. The stock has a market capitalization of $6.38 billion, a PE ratio of 15.49 and a beta of 1.28.

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

Matson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend 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 payout ratio is presently 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.