PNC Financial Services Group Inc. Sells 2,791 Shares of Matson, Inc. (NYSE:MATX)

PNC Financial Services Group Inc. lessened its holdings in Matson, Inc. (NYSE:MATX) by 19.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 11,819 shares of the shipping company’s stock after selling 2,791 shares during the period. PNC Financial Services Group Inc.’s holdings in Matson were worth $1,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. American Century Companies Inc. increased its holdings in Matson by 4.2% in the 2nd quarter. American Century Companies Inc. now owns 911,827 shares of the shipping company’s stock valued at $119,422,000 after buying an additional 36,901 shares during the period. Encompass Capital Advisors LLC increased its holdings in Matson by 52.1% in the 2nd quarter. Encompass Capital Advisors LLC now owns 356,416 shares of the shipping company’s stock valued at $46,680,000 after buying an additional 122,017 shares during the period. Millennium Management LLC increased its holdings in Matson by 126.5% in the 2nd quarter. Millennium Management LLC now owns 240,117 shares of the shipping company’s stock valued at $31,448,000 after buying an additional 134,092 shares during the period. Forest Avenue Capital Management LP increased its holdings in Matson by 50.2% in the 2nd quarter. Forest Avenue Capital Management LP now owns 232,455 shares of the shipping company’s stock valued at $30,445,000 after buying an additional 77,731 shares during the period. Finally, Lighthouse Investment Partners LLC increased its holdings in Matson by 57.8% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 101,000 shares of the shipping company’s stock valued at $13,228,000 after buying an additional 37,000 shares during the period. Institutional investors own 84.76% of the company’s stock.

Matson Stock Up 0.7 %

Shares of NYSE:MATX opened at $157.10 on Wednesday. Matson, Inc. has a 52 week low of $93.75 and a 52 week high of $169.12. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.13 and a current ratio of 1.13. The company’s fifty day moving average is $144.52 and its 200-day moving average is $133.20. The company has a market capitalization of $5.22 billion, a PE ratio of 13.07 and a beta of 1.06.

Matson (NYSE:MATX) last issued its quarterly earnings results on Wednesday, October 30th. The shipping company reported $5.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.98 by $0.91. The business had revenue of $962.00 million for the quarter, compared to the consensus estimate of $965.73 million. Matson had a net margin of 12.37% and a return on equity of 16.89%. The firm’s quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.40 EPS. Equities research analysts predict that Matson, Inc. will post 13.19 earnings per share for the current fiscal year.

Matson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 7th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.36 annualized dividend and a yield of 0.87%. Matson’s dividend payout ratio (DPR) is 11.31%.

Insider Buying and Selling

In related news, SVP Jason Lee Taylor sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $135.73, for a total transaction of $135,730.00. Following the transaction, the senior vice president now owns 9,392 shares in the company, valued at $1,274,776.16. This represents a 9.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Cox sold 7,500 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $137.17, for a total transaction of $1,028,775.00. Following the transaction, the chief executive officer now owns 215,397 shares in the company, valued at approximately $29,546,006.49. The trade was a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,645 shares of company stock worth $3,677,960 in the last 90 days. Corporate insiders own 2.32% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on MATX. Stephens boosted their target price on shares of Matson from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. StockNews.com downgraded shares of Matson from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Finally, Wolfe Research downgraded shares of Matson from an “outperform” rating to a “peer perform” rating in a research note on Monday, November 18th.

Matson Company Profile

Matson, Inc, together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia.