Perigon Wealth Management LLC Takes Position in Matson, Inc. $MATX

Perigon Wealth Management LLC purchased a new stake in shares of Matson, Inc. (NYSE:MATX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 6,548 shares of the shipping company’s stock, valued at approximately $1,259,000.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Matson by 3.4% during the second quarter. GAMMA Investing LLC now owns 2,402 shares of the shipping company’s stock valued at $462,000 after purchasing an additional 80 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Matson by 57.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock worth $32,000 after buying an additional 94 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Matson by 0.3% in the 1st quarter. Bessemer Group Inc. now owns 30,624 shares of the shipping company’s stock worth $5,021,000 after buying an additional 104 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Matson by 0.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 14,749 shares of the shipping company’s stock valued at $2,418,000 after buying an additional 107 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of Matson by 4.4% in the 4th quarter. Cetera Investment Advisers now owns 3,880 shares of the shipping company’s stock valued at $479,000 after buying an additional 164 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, SVP Jennifer C. Tungul sold 402 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $208.49, for a total value of $83,812.98. Following the completion of the transaction, the senior vice president directly owned 5,852 shares in the company, valued at $1,220,083.48. This trade represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John Warren Sullivan sold 1,917 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $208.49, for a total transaction of $399,675.33. Following the transaction, the senior vice president owned 7,630 shares in the company, valued at $1,590,778.70. This represents a 20.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 8,569 shares of company stock worth $1,700,521. Company insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MATX shares. Weiss Ratings upgraded shares of Matson from a “hold (c)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Zacks Research raised Matson from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded Matson from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Stephens raised their price target on Matson from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. boosted their price objective on Matson from $230.00 to $270.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $232.33.

Matson Price Performance

Shares of MATX opened at $218.61 on Wednesday. Matson, Inc. has a one year low of $86.97 and a one year high of $230.74. The stock’s fifty day moving average is $205.21 and its 200-day moving average is $182.55. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 14.61 and a beta of 1.27.

Matson (NYSE:MATX) last posted its quarterly earnings data on Monday, August 3rd. The shipping company reported $4.27 earnings per share for the quarter, topping the consensus estimate of $3.79 by $0.48. The business had revenue of $969.40 million during the quarter, compared to the consensus estimate of $893.91 million. Matson had a net margin of 13.41% and a return on equity of 16.94%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.92 earnings per share. Equities analysts anticipate that Matson, Inc. will post 16.01 EPS for the current year.

Matson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from Matson’s previous quarterly dividend of $0.36. Matson’s dividend payout ratio (DPR) is currently 10.16%.

About Matson

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.