Zacks Investment Research lowered shares of Matson (NYSE:MATX) from a hold rating to a sell rating in a research note published on Wednesday.
According to Zacks, â€œMatson, 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 companyâ€™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. â€œ
Several other research analysts have also recently weighed in on the company. Stifel Nicolaus cut Matson from a buy rating to a hold rating and set a $43.00 price objective for the company. in a research report on Tuesday, November 20th. ValuEngine raised Matson from a hold rating to a buy rating in a research report on Tuesday, November 6th. Finally, Wells Fargo & Co cut Matson to a hold rating and set a $35.00 price target for the company. in a research report on Friday, September 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $41.33.
Shares of MATX stock traded down $0.38 on Wednesday, hitting $33.33. 5,064 shares of the stock were exchanged, compared to its average volume of 142,383. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $1.39 billion, a P/E ratio of 18.65 and a beta of 1.55. Matson has a fifty-two week low of $27.73 and a fifty-two week high of $41.96.
Matson (NYSE:MATX) last posted its quarterly earnings data on Monday, November 5th. The shipping company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.06. The company had revenue of $589.40 million during the quarter, compared to analystsâ€™ expectations of $565.67 million. Matson had a return on equity of 14.31% and a net margin of 11.74%. Matsonâ€™s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.79 earnings per share. Equities analysts expect that Matson will post 2.52 EPS for the current year.
In other Matson news, SVP Peter T. Heilmann sold 2,750 shares of the companyâ€™s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $39.74, for a total value of $109,285.00. Following the sale, the senior vice president now owns 41,435 shares in the company, valued at $1,646,626.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Ronald J. Forest sold 1,000 shares of the companyâ€™s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $35.00, for a total value of $35,000.00. Following the completion of the sale, the president now owns 60,884 shares in the company, valued at approximately $2,130,940. The disclosure for this sale can be found here. Insiders have sold 5,750 shares of company stock valued at $216,565 over the last three months. Insiders own 2.48% of the companyâ€™s stock.
A number of large investors have recently added to or reduced their stakes in the business. Morgan Stanley raised its stake in Matson by 0.7% in the third quarter. Morgan Stanley now owns 216,314 shares of the shipping companyâ€™s stock valued at $8,576,000 after buying an additional 1,558 shares during the period. Martingale Asset Management L P increased its stake in shares of Matson by 26.6% during the third quarter. Martingale Asset Management L P now owns 17,130 shares of the shipping companyâ€™s stock worth $680,000 after purchasing an additional 3,601 shares during the period. CKW Financial Group increased its stake in shares of Matson by 23.0% during the third quarter. CKW Financial Group now owns 21,422 shares of the shipping companyâ€™s stock worth $852,000 after purchasing an additional 4,000 shares during the period. Legal & General Group Plc increased its stake in shares of Matson by 6.4% during the second quarter. Legal & General Group Plc now owns 83,972 shares of the shipping companyâ€™s stock worth $3,216,000 after purchasing an additional 5,063 shares during the period. Finally, Highland Capital Management LP bought a new position in shares of Matson during the third quarter worth approximately $205,000. Hedge funds and other institutional investors own 84.28% of the companyâ€™s stock.
Matson Company Profile
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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