Allspring Global Investments Holdings LLC Sells 26,824 Shares of Matson, Inc. $MATX

Allspring Global Investments Holdings LLC reduced its stake in shares of Matson, Inc. (NYSE:MATX) by 33.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,943 shares of the shipping company’s stock after selling 26,824 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.17% of Matson worth $8,731,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Illinois Municipal Retirement Fund boosted its stake in shares of Matson by 10.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 17,152 shares of the shipping company’s stock valued at $2,812,000 after purchasing an additional 1,597 shares in the last quarter. NWF Advisory Services Inc. acquired a new stake in shares of Matson during the 1st quarter worth about $254,000. Fifth Third Bancorp increased its position in shares of Matson by 4,902.0% during the 1st quarter. Fifth Third Bancorp now owns 22,759 shares of the shipping company’s stock worth $3,731,000 after purchasing an additional 22,304 shares in the last quarter. Kestra Advisory Services LLC lifted its holdings in Matson by 158.1% during the 1st quarter. Kestra Advisory Services LLC now owns 1,409 shares of the shipping company’s stock valued at $231,000 after purchasing an additional 863 shares during the last quarter. Finally, Sage Rhino Capital LLC bought a new position in Matson during the 1st quarter valued at about $270,000. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Christopher A. Scott sold 1,520 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $181.05, for a total value of $275,196.00. Following the transaction, the senior vice president owned 9,708 shares in the company, valued at $1,757,633.40. This trade represents a 13.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter T. Heilmann sold 7,173 shares of Matson stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total value of $1,292,502.87. Following the completion of the sale, the executive vice president owned 25,506 shares of the company’s stock, valued at approximately $4,595,926.14. The trade was a 21.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 23,963 shares of company stock worth $4,349,268. 2.51% of the stock is currently owned by company insiders.

Matson Stock Down 1.4%

Shares of NYSE:MATX opened at $216.16 on Thursday. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $230.74. The company’s 50-day moving average price is $195.95 and its two-hundred day moving average price is $173.56. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. The firm has a market cap of $6.54 billion, a P/E ratio of 15.88 and a beta of 1.28.

Matson (NYSE:MATX) last announced its earnings results on Monday, May 4th. The shipping company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.20. The company had revenue of $757.80 million during the quarter, compared to the consensus estimate of $777.55 million. Matson had a net margin of 12.92% and a return on equity of 15.90%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.18 earnings per share. As a group, research analysts forecast that Matson, Inc. will post 14.16 EPS for the current fiscal year.

Matson Increases Dividend

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

Analyst Upgrades and Downgrades

MATX has been the topic of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Matson in a research report on Friday, May 29th. JPMorgan Chase & Co. initiated coverage on shares of Matson in a report on Monday, April 27th. They set an “overweight” rating and a $230.00 price objective for the company. Finally, Zacks Research upgraded shares of Matson to a “hold” rating in a research note on Wednesday, April 29th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Matson has a consensus rating of “Moderate Buy” and an average price target of $181.25.

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.