First Trust Advisors LP Raises Stock Position in Matson, Inc. (NYSE:MATX)

Posted by on Mar 11th, 2023

First Trust Advisors LP increased its stake in Matson, Inc. (NYSE:MATX – Get Rating) by 26.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 246,224 shares of the shipping company’s stock after acquiring an additional 50,893 shares during the quarter. First Trust Advisors LP owned approximately 0.65% of Matson worth $15,148,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Fund Management S.A. boosted its stake in Matson by 20.0% during the 3rd quarter. Capital Fund Management S.A. now owns 45,601 shares of the shipping company’s stock worth $2,805,000 after purchasing an additional 7,591 shares during the last quarter. AlphaCrest Capital Management LLC boosted its stake in Matson by 103.7% during the 3rd quarter. AlphaCrest Capital Management LLC now owns 41,147 shares of the shipping company’s stock worth $2,531,000 after purchasing an additional 20,947 shares during the last quarter. NinePointTwo Capital LLC acquired a new stake in Matson during the 3rd quarter worth $310,000. Renaissance Technologies LLC boosted its stake in Matson by 754.4% during the 3rd quarter. Renaissance Technologies LLC now owns 222,994 shares of the shipping company’s stock worth $13,719,000 after purchasing an additional 196,894 shares during the last quarter. Finally, Ergoteles LLC boosted its stake in Matson by 39.5% during the 3rd quarter. Ergoteles LLC now owns 17,591 shares of the shipping company’s stock worth $1,082,000 after purchasing an additional 4,977 shares during the last quarter. Hedge funds and other institutional investors own 83.55% of the company’s stock.

Matson Trading Down 2.5 %

Shares of MATX stock opened at $61.96 on Friday. The company’s 50-day moving average price is $65.62 and its 200-day moving average price is $66.87. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.19. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 2.32 and a beta of 1.18. Matson, Inc. has a twelve month low of $58.06 and a twelve month high of $125.34.

Matson (NYSE:MATX – Get Rating) last issued its quarterly earnings data on Tuesday, February 21st. The shipping company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.13. The firm had revenue of $801.60 million for the quarter, compared to analyst estimates of $801.22 million. Matson had a net margin of 24.50% and a return on equity of 49.26%. Matson’s revenue was down 36.7% on a year-over-year basis. During the same period in the previous year, the firm earned $9.39 EPS. As a group, equities analysts predict that Matson, Inc. will post 4.99 earnings per share for the current year.

Matson Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 2nd. Investors of record on Thursday, February 9th were issued a $0.31 dividend. The ex-dividend date was Wednesday, February 8th. This represents a $1.24 annualized dividend and a yield of 2.00%. Matson’s dividend payout ratio (DPR) is currently 4.64%.

Wall Street Analyst Weigh In

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

Insider Activity at Matson

In related news, VP Kevin L. Stuck sold 2,760 shares of the business’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $67.48, for a total value of $186,244.80. Following the sale, the vice president now directly owns 4,568 shares in the company, valued at approximately $308,248.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is owned by insiders.

Matson Company Profile

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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.

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Institutional Ownership by Quarter for Matson (NYSE:MATX)

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