Matson, Inc. $MATX Stock: Sterling Capital Management LLC Cuts Stake

Sterling Capital Management LLC trimmed its stake in shares of Matson, Inc. (NYSE:MATX) by 59.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 3,606 shares of the shipping company’s stock after selling 5,328 shares during the quarter. Sterling Capital Management LLC’s holdings in Matson were worth $792,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Squarepoint Ops LLC increased its position in shares of Matson by 247.3% in the second quarter. Squarepoint Ops LLC now owns 21,332 shares of the shipping company’s stock worth $4,101,000 after purchasing an additional 15,189 shares during the period. The Manufacturers Life Insurance Company acquired a new position in Matson in the second quarter valued at about $3,072,000. Baird Financial Group Inc. lifted its position in Matson by 16.1% during the second quarter. Baird Financial Group Inc. now owns 112,722 shares of the shipping company’s stock worth $21,669,000 after purchasing an additional 15,657 shares during the period. Bank of America Corp DE lifted its position in Matson by 12.6% during the first quarter. Bank of America Corp DE now owns 200,926 shares of the shipping company’s stock worth $32,940,000 after purchasing an additional 22,516 shares during the period. Finally, Legal & General Group Plc bought a new stake in Matson during the second quarter worth about $11,232,000. 84.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MATX shares. Wall Street Zen downgraded shares of Matson from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Freedom Broker initiated coverage on shares of Matson in a research report on Wednesday, September 30th. They issued a “buy” rating and a $260.00 target price for the company. Zacks Research cut shares of Matson from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. JPMorgan Chase & Co. upped their price target on shares of Matson from $270.00 to $310.00 and gave the stock an “overweight” rating in a report on Tuesday, October 13th. Finally, Stephens increased their price target on shares of Matson from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Matson presently has an average rating of “Moderate Buy” and an average price target of $249.25.

Insider Transactions at Matson

In other Matson news, SVP Ku‘uhaku Park sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $208.49, for a total transaction of $208,490.00. Following the completion of the transaction, the senior vice president owned 9,984 shares of the company’s stock, valued at approximately $2,081,564.16. The trade was a 9.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Heilmann sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $220.15, for a total value of $1,100,750.00. Following the transaction, the executive vice president directly owned 20,506 shares of the company’s stock, valued at approximately $4,514,395.90. The trade was a 19.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 12,462 shares of company stock valued at $2,695,832. Company insiders own 2.51% of the company’s stock.

Matson Trading Up 1.4%

Shares of MATX opened at $231.96 on Wednesday. Matson, Inc. has a 52-week low of $96.70 and a 52-week high of $240.87. The business’s fifty day moving average is $227.39 and its 200-day moving average is $191.07.

Matson (NYSE:MATX) last posted its quarterly earnings results on Monday, August 3rd. The shipping company reported $4.27 EPS for the quarter, topping analysts’ consensus estimates of $3.79 by $0.48. The business had revenue of $969.40 million for the quarter, compared to analyst estimates of $893.91 million. During the same period last year, the firm posted $2.92 EPS. Matson’s quarterly revenue was up 16.7% on a year-over-year basis. Research analysts forecast that Matson, Inc. will post 16.01 earnings per share for the current year.

Matson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Thursday, November 5th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Thursday, November 5th.

Matson Profile

Matson, Inc is a transportation and logistics company that provides ocean shipping and supply chain services. Through its Matson Navigation subsidiary, the company transports containerized and bulk cargo, automobiles and other goods between the U.S. mainland and Hawaii, Alaska, Guam, Micronesia and selected South Pacific destinations. Matson also operates services linking the U.S. West Coast with China, Japan and South Korea.

The company serves a broad range of customers, including retailers, manufacturers, wholesalers, government agencies and individual consumers.