Envestnet Asset Management Inc. Cuts Position in Matson, Inc. (NYSE:MATX)

Envestnet Asset Management Inc. decreased its stake in Matson, Inc. (NYSE:MATX – Get Rating) by 6.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 43,342 shares of the shipping company’s stock after selling 2,974 shares during the quarter. Envestnet Asset Management Inc. owned about 0.11% of Matson worth $2,666,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MATX. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Matson by 55.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 9,779 shares of the shipping company’s stock worth $1,180,000 after purchasing an additional 3,485 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Matson by 4.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,745 shares of the shipping company’s stock worth $572,000 after purchasing an additional 182 shares during the period. Private Advisor Group LLC bought a new stake in shares of Matson during the 1st quarter worth approximately $473,000. D.A. Davidson & CO. bought a new stake in shares of Matson during the 1st quarter worth approximately $231,000. Finally, MetLife Investment Management LLC lifted its stake in shares of Matson by 49.4% during the 1st quarter. MetLife Investment Management LLC now owns 22,040 shares of the shipping company’s stock worth $2,658,000 after acquiring an additional 7,283 shares during the last quarter. Hedge funds and other institutional investors own 83.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wolfe Research raised Matson from an “underperform” rating to a “peer perform” rating in a research note on Thursday, November 17th. Stephens decreased their price target on Matson from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 22nd. Finally, Stifel Nicolaus decreased their price target on Matson from $79.00 to $73.00 and set a “hold” rating for the company in a research note on Thursday, January 19th.

Matson Trading Down 1.2 %

Shares of NYSE MATX opened at $64.03 on Wednesday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $65.60 and a two-hundred day simple moving average of $67.04. The firm has a market cap of $2.31 billion, a PE ratio of 2.40 and a beta of 1.18. Matson, Inc. has a twelve month low of $58.06 and a twelve month high of $125.34.

Matson (NYSE:MATX – Get Rating) last issued its earnings results on Tuesday, February 21st. The shipping company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.13. The business had revenue of $801.60 million during the quarter, compared to analyst estimates of $801.22 million. Matson had a return on equity of 49.26% and a net margin of 24.50%. Matson’s revenue was down 36.7% on a year-over-year basis. During the same period in the previous year, the company posted $9.39 EPS. Analysts expect that Matson, Inc. will post 5.64 earnings per share for the current fiscal year.

Matson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 2nd. Shareholders of record on Thursday, February 9th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Wednesday, February 8th. Matson’s dividend payout ratio (DPR) is presently 4.64%.

Insider Buying and Selling at Matson

In other news, VP Kevin L. Stuck sold 2,760 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $67.48, for a total value of $186,244.80. Following the completion of the transaction, the vice president now directly owns 4,568 shares of the company’s stock, valued at approximately $308,248.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Matson Profile

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Matson, Inc is a holding company, which engages in the provision of logistics and transportation services. It operates through the Ocean Transportation and Logistics segments. The Ocean Transportation segment offers ocean freight transportation, container stevedoring, refrigerated cargo services, inland transportation, and other terminal services.