Bank of New York Mellon Corp Sells 6,538 Shares of Matson, Inc. (NYSE:MATX)

Bank of New York Mellon Corp reduced its stake in shares of Matson, Inc. (NYSE:MATX) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 279,919 shares of the shipping company’s stock after selling 6,538 shares during the quarter. Bank of New York Mellon Corp owned 0.85% of Matson worth $35,877,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. raised its stake in Matson by 67.7% during the fourth quarter. Bessemer Group Inc. now owns 213 shares of the shipping company’s stock worth $29,000 after acquiring an additional 86 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Matson during the fourth quarter worth $30,000. Ameriflex Group Inc. acquired a new position in Matson during the fourth quarter worth $36,000. Covestor Ltd raised its stake in Matson by 16.3% during the fourth quarter. Covestor Ltd now owns 586 shares of the shipping company’s stock worth $79,000 after acquiring an additional 82 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in Matson by 112.2% during the first quarter. Parallel Advisors LLC now owns 783 shares of the shipping company’s stock worth $100,000 after acquiring an additional 414 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Matson news, SVP Leonard P. Isotoff sold 500 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $111.47, for a total transaction of $55,735.00. Following the transaction, the senior vice president owned 5,644 shares in the company, valued at approximately $629,136.68. This trade represents a 8.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Laura L. Rascon sold 1,700 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $118.19, for a total value of $200,923.00. Following the transaction, the senior vice president owned 14,712 shares in the company, valued at approximately $1,738,811.28. This trade represents a 10.36% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.05% of the company’s stock.

Matson Price Performance

Shares of MATX stock opened at $113.56 on Tuesday. The stock has a 50-day moving average price of $111.26 and a 200 day moving average price of $122.53. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 7.48 and a beta of 1.28. Matson, Inc. has a 12 month low of $91.75 and a 12 month high of $169.12.

Matson (NYSE:MATX) last announced its quarterly earnings data on Monday, May 5th. The shipping company reported $2.18 EPS for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.16). The firm had revenue of $782.00 million during the quarter, compared to analyst estimates of $818.07 million. Matson had a return on equity of 20.02% and a net margin of 14.72%. Matson’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.04 earnings per share. Research analysts expect that Matson, Inc. will post 13.27 EPS for the current year.

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 7th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.27%. This is a positive change from Matson’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, August 7th. Matson’s dividend payout ratio (DPR) is presently 8.96%.

Wall Street Analyst Weigh In

Several research firms have issued reports on MATX. Stifel Nicolaus dropped their price objective on Matson from $160.00 to $130.00 and set a “hold” rating for the company in a research note on Tuesday, May 6th. Stephens lowered their target price on Matson from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Wall Street Zen lowered Matson from a “buy” rating to a “hold” rating in a research note on Wednesday, May 7th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $135.00 target price on shares of Matson in a research note on Wednesday, June 11th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $138.33.

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.