Matson (NYSE:MATX) Issues Quarterly Earnings Results

by · The Cerbat Gem

Matson (NYSE:MATX – Get Free Report) posted its quarterly earnings results on Tuesday. The shipping company reported $4.24 EPS for the quarter, beating the consensus estimate of $3.25 by $0.99, Zacks reports. The company had revenue of $880.10 million during the quarter, compared to analysts’ expectations of $837.72 million. Matson had a return on equity of 18.90% and a net margin of 14.26%.The firm’s revenue was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.89 EPS.

Matson Stock Down 2.1%

Shares of NYSE:MATX opened at $97.81 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.78 and a current ratio of 0.78. Matson has a 1 year low of $86.97 and a 1 year high of $169.12. The stock has a market capitalization of $3.11 billion, a P/E ratio of 6.61 and a beta of 1.21. The stock has a 50-day simple moving average of $99.97 and a 200-day simple moving average of $105.97.

Matson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Thursday, November 6th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, November 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.5%. Matson’s payout ratio is presently 9.74%.

Wall Street Analyst Weigh In

Several analysts have commented on MATX shares. Zacks Research upgraded Matson from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Weiss Ratings restated a “hold (c+)” rating on shares of Matson in a report on Wednesday, October 8th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $115.00 price target on shares of Matson in a report on Friday, August 1st. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $131.67.

Read Our Latest Stock Report on MATX

Insider Activity

In other news, SVP Christopher A. Scott sold 1,044 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $109.94, for a total transaction of $114,777.36. Following the completion of the sale, the senior vice president owned 13,441 shares in the company, valued at approximately $1,477,703.54. The trade was a 7.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.05% of the company’s stock.

Institutional Trading of Matson

Institutional investors have recently modified their holdings of the company. Headlands Technologies LLC purchased a new position in Matson in the 2nd quarter worth approximately $28,000. Brevan Howard Capital Management LP boosted its holdings in Matson by 8.7% in the 2nd quarter. Brevan Howard Capital Management LP now owns 6,763 shares of the shipping company’s stock worth $753,000 after acquiring an additional 540 shares during the period. Tidal Investments LLC boosted its holdings in Matson by 1.6% in the 2nd quarter. Tidal Investments LLC now owns 34,887 shares of the shipping company’s stock worth $3,885,000 after acquiring an additional 561 shares during the period. Sei Investments Co. boosted its holdings in Matson by 24.6% in the 2nd quarter. Sei Investments Co. now owns 3,057 shares of the shipping company’s stock worth $340,000 after acquiring an additional 604 shares during the period. Finally, NewEdge Advisors LLC purchased a new position in Matson in the 1st quarter worth approximately $78,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Matson Company Profile

(Get Free Report)

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.

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