Matson (MATX) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Matson (NYSE:MATX) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday.

According to Zacks, “Matson, Inc. operates as an ocean transportation and logistics company. It offers shipping services in Hawaii, Guam, and Micronesia islands and expedited service from China to southern California. The company’s logistics services consist of rail intermodal service, long haul and regional highway truckload services, less-than-truckload transportation, specialized hauling, flatbed, and project works, warehousing and distribution services, transloading, cross-dock services, and packaging services, and network analysis and freight management services. Matson, Inc., formerly known as Alexander & Baldwin Holdings, Inc., is headquartered in Honolulu, Hawaii. “

MATX has been the subject of several other reports. Wells Fargo & Co cut Matson to a hold rating and set a $35.00 target price for the company. in a research report on Friday, September 28th. ValuEngine upgraded Matson from a hold rating to a buy rating in a report on Friday, September 28th. Finally, Stifel Nicolaus upped their price objective on Matson from $38.00 to $43.00 and gave the stock a buy rating in a report on Wednesday, August 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $41.50.

Matson stock traded down $0.38 during midday trading on Wednesday, hitting $40.46. 260,750 shares of the company’s stock were exchanged, compared to its average volume of 254,195. Matson has a 52-week low of $26.55 and a 52-week high of $41.96. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 1.16. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 22.73, a PEG ratio of 3.32 and a beta of 1.39.

Matson (NYSE:MATX) last posted its earnings results on Monday, November 5th. The shipping company reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.06. Matson had a return on equity of 14.31% and a net margin of 11.74%. The business had revenue of $589.40 million during the quarter, compared to analysts’ expectations of $565.67 million. During the same period in the previous year, the business earned $0.79 earnings per share. The firm’s revenue was up 8.4% on a year-over-year basis. On average, research analysts anticipate that Matson will post 2.48 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Thursday, November 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Wednesday, November 7th. Matson’s payout ratio is currently 47.19%.

In other news, President Ronald J. Forest sold 1,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $37.02, for a total value of $37,020.00. Following the completion of the sale, the president now owns 62,884 shares of the company’s stock, valued at approximately $2,327,965.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mark H. Fukunaga bought 4,000 shares of the stock in a transaction dated Friday, September 7th. The stock was bought at an average cost of $36.24 per share, with a total value of $144,960.00. Following the purchase, the director now owns 10,432 shares in the company, valued at approximately $378,055.68. The disclosure for this purchase can be found here. Insiders sold a total of 3,000 shares of company stock valued at $111,810 over the last quarter. Company insiders own 2.48% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MATX. UBS Group AG lifted its stake in shares of Matson by 1,157.3% in the 1st quarter. UBS Group AG now owns 7,883 shares of the shipping company’s stock valued at $225,000 after acquiring an additional 7,256 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Matson by 2.4% during the first quarter. Legal & General Group Plc now owns 78,909 shares of the shipping company’s stock valued at $2,247,000 after buying an additional 1,831 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Matson by 2.4% during the first quarter. Principal Financial Group Inc. now owns 325,356 shares of the shipping company’s stock valued at $9,318,000 after buying an additional 7,713 shares during the last quarter. Allianz Asset Management GmbH purchased a new position in shares of Matson during the first quarter valued at approximately $1,280,000. Finally, Amalgamated Bank purchased a new position in shares of Matson in the second quarter valued at $251,000. 84.83% of the stock is owned by institutional investors.

About Matson

Matson, Inc provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.

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