Matson Inc (NYSE:MATX) Sees Significant Growth in Short Interest

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Matson Inc (NYSE:MATX) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,000,600 shares, an increase of 11.8% from the July 31st total of 894,600 shares. Approximately 2.4% of the shares of the company are short sold. Based on an average daily volume of 139,100 shares, the short-interest ratio is currently 7.2 days.

Several analysts have weighed in on the company. ValuEngine raised Matson from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Zacks Investment Research downgraded Matson from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $40.25.

In related news, CEO Matthew J. Cox sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $37.94, for a total value of $1,138,200.00. Following the sale, the chief executive officer now owns 274,742 shares of the company’s stock, valued at approximately $10,423,711.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew J. Cox sold 23,500 shares of Matson stock in a transaction on Friday, June 21st. The shares were sold at an average price of $37.54, for a total value of $882,190.00. Following the sale, the chief executive officer now directly owns 244,742 shares in the company, valued at approximately $9,187,614.68. The disclosure for this sale can be found here. In the last three months, insiders sold 69,600 shares of company stock worth $2,586,144. Company insiders own 2.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in MATX. Geode Capital Management LLC increased its position in shares of Matson by 7.7% during the 4th quarter. Geode Capital Management LLC now owns 444,885 shares of the shipping company’s stock valued at $14,245,000 after purchasing an additional 31,971 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Matson by 287.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 9,818 shares of the shipping company’s stock valued at $354,000 after purchasing an additional 7,284 shares during the period. Rhumbline Advisers increased its position in shares of Matson by 0.7% during the 1st quarter. Rhumbline Advisers now owns 123,792 shares of the shipping company’s stock valued at $4,468,000 after purchasing an additional 900 shares during the period. Comerica Bank increased its position in shares of Matson by 4.0% during the 1st quarter. Comerica Bank now owns 57,208 shares of the shipping company’s stock valued at $2,185,000 after purchasing an additional 2,193 shares during the period. Finally, Texas Permanent School Fund increased its position in shares of Matson by 4.1% during the 1st quarter. Texas Permanent School Fund now owns 29,078 shares of the shipping company’s stock valued at $1,049,000 after purchasing an additional 1,132 shares during the period. 88.00% of the stock is currently owned by hedge funds and other institutional investors.

Matson stock traded up $0.39 during mid-day trading on Friday, hitting $40.80. 114,341 shares of the company’s stock traded hands, compared to its average volume of 138,023. The firm has a 50 day moving average price of $37.16 and a 200 day moving average price of $37.44. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.28. The company has a market cap of $1.73 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 3.85 and a beta of 1.62. Matson has a one year low of $30.60 and a one year high of $42.15.

Matson (NYSE:MATX) last announced its earnings results on Wednesday, August 7th. The shipping company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.20). The business had revenue of $557.90 million for the quarter, compared to the consensus estimate of $577.55 million. Matson had a net margin of 4.15% and a return on equity of 12.30%. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 EPS. On average, analysts expect that Matson will post 2.01 earnings per share for the current fiscal year.

About Matson

Matson, Inc provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.

Further Reading: Outstanding Shares and The Effect on Share Price

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