BlackRock Inc. lessened its position in Matson, Inc. (NYSE:MATX) by 4.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 5,730,016 shares of the shipping company’s stock after selling 248,091 shares during the period. BlackRock Inc. owned approximately 13.29% of Matson worth $172,129,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the business. Municipal Employees Retirement System of Michigan grew its stake in Matson by 1.3% in the first quarter. Municipal Employees Retirement System of Michigan now owns 9,790 shares of the shipping company’s stock valued at $311,000 after acquiring an additional 130 shares during the period. Texas Permanent School Fund grew its stake in Matson by 0.8% in the second quarter. Texas Permanent School Fund now owns 31,479 shares of the shipping company’s stock valued at $946,000 after acquiring an additional 260 shares during the period. Arizona State Retirement System grew its stake in Matson by 1.8% in the first quarter. Arizona State Retirement System now owns 22,485 shares of the shipping company’s stock valued at $714,000 after acquiring an additional 400 shares during the period. UBS Group AG grew its stake in Matson by 14.0% in the first quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 495 shares during the period. Finally, Teachers Advisors LLC grew its stake in Matson by 0.8% in the second quarter. Teachers Advisors LLC now owns 75,128 shares of the shipping company’s stock valued at $2,257,000 after acquiring an additional 609 shares during the period. 84.13% of the stock is owned by hedge funds and other institutional investors.
In related news, Director W Blake Baird sold 2,578 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $29.98, for a total value of $77,288.44. Following the sale, the director now owns 15,583 shares in the company, valued at approximately $467,178.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas B. Fargo purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was bought at an average price of $23.61 per share, for a total transaction of $47,220.00. The disclosure for this purchase can be found here. Insiders purchased a total of 12,200 shares of company stock worth $292,734 in the last 90 days. 2.60% of the stock is currently owned by company insiders.
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Matson, Inc. (NYSE:MATX) opened at 27.75 on Thursday. The stock has a market cap of $1.20 billion, a PE ratio of 15.94 and a beta of 1.22. Matson, Inc. has a 12 month low of $21.63 and a 12 month high of $42.00. The company’s 50 day moving average price is $26.60 and its 200 day moving average price is $29.27.
Matson (NYSE:MATX) last announced its earnings results on Monday, July 31st. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.11. The firm had revenue of $512.50 million during the quarter, compared to analyst estimates of $495.19 million. Matson had a return on equity of 16.10% and a net margin of 3.76%. The business’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 EPS. Equities analysts forecast that Matson, Inc. will post $1.68 EPS for the current fiscal year.
MATX has been the subject of a number of research reports. BidaskClub cut Matson from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Wells Fargo & Company reissued an “underperform” rating and issued a $22.00 price objective on shares of Matson in a research note on Monday, September 25th. Stifel Nicolaus reissued a “buy” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Matson in a research note on Thursday, September 21st. Stephens cut Matson from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $38.00 to $23.00 in a research note on Friday, August 18th. Finally, Zacks Investment Research cut Matson from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $27.50.
Matson Company Profile
Matson, Inc, through its subsidiaries, operates as an ocean cargo carrier. The company operates in two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean transportation services to the domestic economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia and in the South Pacific.
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