Fifth Third Bancorp Purchases 22,304 Shares of Matson, Inc. $MATX

Fifth Third Bancorp grew its position in Matson, Inc. (NYSE:MATX) by 4,902.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,759 shares of the shipping company’s stock after buying an additional 22,304 shares during the period. Fifth Third Bancorp owned approximately 0.07% of Matson worth $3,731,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Danske Bank A S acquired a new stake in Matson during the 4th quarter worth $25,000. Headlands Technologies LLC acquired a new stake in shares of Matson during the second quarter worth about $28,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Matson during the third quarter worth about $30,000. SouthState Bank Corp bought a new position in shares of Matson during the 4th quarter valued at about $31,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Matson by 57.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock valued at $32,000 after purchasing an additional 94 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Zacks Research raised Matson to a “hold” rating in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Matson in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. began coverage on shares of Matson in a report on Monday, April 27th. They issued an “overweight” rating and a $230.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $181.25.

Insider Buying and Selling at Matson

In other Matson news, EVP Peter T. Heilmann sold 7,173 shares of Matson stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $180.19, for a total value of $1,292,502.87. Following the sale, the executive vice president directly owned 25,506 shares in the company, valued at approximately $4,595,926.14. The trade was a 21.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Laura L. Rascon sold 2,800 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $188.53, for a total transaction of $527,884.00. Following the transaction, the senior vice president owned 15,656 shares of the company’s stock, valued at approximately $2,951,625.68. This represents a 15.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,963 shares of company stock valued at $4,349,268 in the last three months. 2.51% of the stock is currently owned by insiders.

Matson Stock Down 0.0%

NYSE:MATX opened at $222.17 on Monday. The stock has a 50-day simple moving average of $193.74 and a 200 day simple moving average of $171.58. Matson, Inc. has a 52-week low of $86.97 and a 52-week high of $230.74. The company has a market cap of $6.72 billion, a PE ratio of 16.32 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82.

Matson (NYSE:MATX) last released its earnings results on Monday, May 4th. The shipping company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.65 by $0.20. The firm had revenue of $757.80 million for the quarter, compared to analysts’ expectations of $777.55 million. Matson had a return on equity of 15.90% and a net margin of 12.92%.The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.18 EPS. On average, sell-side analysts expect that Matson, Inc. will post 14.16 EPS for the current fiscal year.

Matson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be given a $0.38 dividend. This is a boost from Matson’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 6th. Matson’s payout ratio is presently 10.58%.

Matson Company Profile

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.