Renaissance Technologies LLC Has $13.72 Million Position in Matson, Inc. (NYSE:MATX)

Posted by Defense World Staff on Mar 5th, 2023

Renaissance Technologies LLC increased its position in shares of Matson, Inc. (NYSE:MATX – Get Rating) by 754.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 222,994 shares of the shipping company’s stock after purchasing an additional 196,894 shares during the period. Renaissance Technologies LLC owned approximately 0.59% of Matson worth $13,719,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MATX. Ronald Blue Trust Inc. raised its holdings in Matson by 92.7% in the 3rd quarter. Ronald Blue Trust Inc. now owns 372 shares of the shipping company’s stock valued at $27,000 after acquiring an additional 179 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in Matson by 300.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 441 shares of the shipping company’s stock valued at $27,000 after acquiring an additional 331 shares in the last quarter. Islay Capital Management LLC acquired a new position in Matson in the 3rd quarter valued at $32,000. Gladius Capital Management LP acquired a new position in Matson in the 2nd quarter valued at $39,000. Finally, Ellevest Inc. raised its holdings in Matson by 124.9% in the 3rd quarter. Ellevest Inc. now owns 650 shares of the shipping company’s stock valued at $40,000 after acquiring an additional 361 shares in the last quarter. 83.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Kevin L. Stuck sold 2,760 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $67.48, for a total transaction of $186,244.80. Following the sale, the vice president now owns 4,568 shares in the company, valued at approximately $308,248.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stephens dropped their price objective on Matson from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday, February 22nd. Stifel Nicolaus decreased their price target on Matson from $79.00 to $73.00 and set a “hold” rating on the stock in a research note on Thursday, January 19th. Finally, Wolfe Research upgraded Matson from an “underperform” rating to a “peer perform” rating in a research note on Thursday, November 17th.

Matson Trading Up 0.0 %

Shares of MATX opened at $66.30 on Friday. Matson, Inc. has a 52-week low of $58.06 and a 52-week high of $125.34. The business’s fifty day moving average is $65.59 and its 200-day moving average is $67.41. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.46 and a current ratio of 1.31. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 2.48 and a beta of 1.18.

Matson (NYSE:MATX – Get Rating) last issued its quarterly earnings data on Tuesday, February 21st. The shipping company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.13. The business had revenue of $801.60 million for the quarter, compared to analyst estimates of $801.22 million. Matson had a return on equity of 49.26% and a net margin of 24.50%. Matson’s quarterly revenue was down 36.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.39 EPS. Equities analysts anticipate that Matson, Inc. will post 5.64 EPS for the current fiscal year.

Matson Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 2nd. Investors of record on Thursday, February 9th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Wednesday, February 8th. This represents a $1.24 dividend on an annualized basis and a yield of 1.87%. Matson’s dividend payout ratio is currently 4.64%.

Matson Company Profile

(Get Rating)

Matson, Inc is a holding company, which engages in the provision of logistics and transportation services. It operates through the Ocean Transportation and Logistics segments. The Ocean Transportation segment offers ocean freight transportation, container stevedoring, refrigerated cargo services, inland transportation, and other terminal services.