Putnam Investments LLC cut its position in Matson, Inc. (NYSE:MATX – Get Rating) by 3.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,616 shares of the shipping company’s stock after selling 926 shares during the period. Putnam Investments LLC owned approximately 0.07% of Matson worth $1,638,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Pearl River Capital LLC acquired a new position in shares of Matson in the third quarter valued at about $277,000. Quantamental Technologies LLC acquired a new position in shares of Matson in the third quarter valued at about $524,000. ETF Managers Group LLC acquired a new position in shares of Matson in the third quarter valued at about $270,000. First Manhattan Co. acquired a new position in shares of Matson in the third quarter valued at about $61,000. Finally, First Trust Advisors LP increased its holdings in shares of Matson by 26.1% in the third quarter. First Trust Advisors LP now owns 246,224 shares of the shipping company’s stock valued at $15,148,000 after purchasing an additional 50,893 shares during the period. 83.55% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the company. Stifel Nicolaus lowered their target price on Matson from $79.00 to $73.00 and set a “hold” rating on the stock in a research note on Thursday, January 19th. Wolfe Research upgraded Matson from an “underperform” rating to a “peer perform” rating in a research note on Thursday, November 17th. Finally, Stephens lowered their target price on Matson from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 22nd.
Insiders Place Their Bets
Matson Stock Down 2.5 %
Shares of MATX opened at $61.96 on Monday. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 2.32 and a beta of 1.18. The stock’s 50-day moving average price is $65.62 and its 200-day moving average price is $66.67. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.19. Matson, Inc. has a 52 week low of $58.06 and a 52 week high of $125.34.
Matson (NYSE:MATX – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The shipping company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.13. The company had revenue of $801.60 million for the quarter, compared to the consensus estimate of $801.22 million. Matson had a return on equity of 49.26% and a net margin of 24.50%. Matson’s revenue for the quarter was down 36.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $9.39 earnings per share. On average, sell-side analysts predict that Matson, Inc. will post 4.99 EPS for the current year.
Matson Dividend Announcement
The firm also recently declared 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. The ex-dividend date was Wednesday, February 8th. This represents a $1.24 dividend on an annualized basis and a yield of 2.00%. Matson’s dividend payout ratio is currently 4.64%.
Matson Company Profile
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.
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