Matson (NYSE:MATX) Hits New 52-Week High – Still a Buy?

Matson, Inc. (NYSE:MATX) reached a new 52-week high on Thursday . The company traded as high as $190.00 and last traded at $186.1010, with a volume of 64675 shares trading hands. The stock had previously closed at $188.62.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wall Street Zen cut shares of Matson from a “buy” rating to a “hold” rating in a research note on Sunday, March 15th. JPMorgan Chase & Co. assumed coverage on shares of Matson in a research note on Monday, April 27th. They issued an “overweight” rating and a $230.00 target price on the stock. Finally, Zacks Research raised shares of Matson to a “hold” rating in a research note on Wednesday, April 29th. Three equities research 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $181.25.

Matson Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $5.50 billion, a P/E ratio of 13.35 and a beta of 1.30. The company’s 50 day simple moving average is $170.69 and its two-hundred day simple moving average is $147.95.

Matson (NYSE:MATX) last issued its quarterly earnings data on Monday, May 4th. The shipping company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.20. The firm had revenue of $757.80 million for the quarter, compared to analysts’ expectations of $777.55 million. Matson had a net margin of 12.92% and a return on equity of 15.90%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.18 earnings per share. As a group, equities analysts expect that Matson, Inc. will post 13.96 EPS for the current fiscal year.

Matson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Thursday, May 7th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, May 7th. Matson’s dividend payout ratio is currently 10.58%.

Insider Activity

In other Matson news, Director Bradley D. Tilden sold 1,594 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $181.85, for a total transaction of $289,868.90. Following the sale, the director directly owned 7,555 shares of the company’s stock, valued at approximately $1,373,876.75. This represents a 17.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Laura L. Rascon sold 540 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $180.83, for a total transaction of $97,648.20. Following the transaction, the senior vice president owned 18,456 shares in the company, valued at $3,337,398.48. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 62,513 shares of company stock valued at $10,635,702. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Matson

A number of large investors have recently modified their holdings of MATX. Federated Hermes Inc. lifted its position in shares of Matson by 124.3% during the third quarter. Federated Hermes Inc. now owns 249 shares of the shipping company’s stock worth $25,000 after purchasing an additional 138 shares in the last quarter. Danske Bank A S acquired a new position in shares of Matson during the fourth quarter worth approximately $25,000. Headlands Technologies LLC acquired a new position in shares of Matson during the second quarter worth approximately $28,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Matson during the third quarter worth approximately $30,000. Finally, SouthState Bank Corp acquired a new position in shares of Matson during the fourth quarter worth approximately $31,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.