Denali Advisors LLC Sells 11,066 Shares of Matson, Inc. (NYSE:MATX)

Denali Advisors LLC reduced its stake in Matson, Inc. (NYSE:MATX) by 39.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,057 shares of the shipping company’s stock after selling 11,066 shares during the period. Denali Advisors LLC’s holdings in Matson were worth $1,917,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Measured Wealth Private Client Group LLC lifted its holdings in Matson by 6.4% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 2,332 shares of the shipping company’s stock worth $262,000 after buying an additional 140 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Matson by 4.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 71,867 shares of the shipping company’s stock worth $8,078,000 after purchasing an additional 2,778 shares in the last quarter. Astoria Portfolio Advisors LLC. grew its holdings in shares of Matson by 5.8% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,089 shares of the shipping company’s stock valued at $229,000 after acquiring an additional 114 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Matson by 32.8% in the 1st quarter. Artemis Investment Management LLP now owns 57,078 shares of the shipping company’s stock valued at $6,412,000 after acquiring an additional 14,111 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Matson in the 4th quarter valued at about $518,000. 84.76% of the stock is currently owned by institutional investors.

Matson Stock Performance

MATX stock traded up $1.39 during mid-day trading on Wednesday, hitting $130.64. 111,131 shares of the company were exchanged, compared to its average volume of 263,121. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.16. Matson, Inc. has a 1-year low of $74.04 and a 1-year high of $133.53. The business has a 50 day simple moving average of $119.33 and a 200-day simple moving average of $114.39. The stock has a market capitalization of $4.56 billion, a PE ratio of 15.41 and a beta of 1.09.

Matson (NYSE:MATX) last released its quarterly earnings results on Tuesday, April 30th. The shipping company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Matson had a net margin of 9.61% and a return on equity of 12.66%. The company had revenue of $722.10 million during the quarter, compared to the consensus estimate of $730.44 million. During the same period in the previous year, the business earned $0.94 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. On average, equities analysts forecast that Matson, Inc. will post 10.1 earnings per share for the current year.

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 1st will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.04%. This is a boost from Matson’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, August 1st. Matson’s dividend payout ratio (DPR) is 15.09%.

Insider Activity at Matson

In related news, CEO Matthew J. Cox sold 7,843 shares of Matson stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.54, for a total value of $1,023,825.22. Following the transaction, the chief executive officer now directly owns 230,397 shares of the company’s stock, valued at $30,076,024.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Matson news, CFO Joel M. Wine sold 12,090 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $129.73, for a total transaction of $1,568,435.70. Following the sale, the chief financial officer now owns 139,239 shares of the company’s stock, valued at $18,063,475.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Cox sold 7,843 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.54, for a total transaction of $1,023,825.22. Following the sale, the chief executive officer now directly owns 230,397 shares in the company, valued at approximately $30,076,024.38. The disclosure for this sale can be found here. Insiders have sold 34,359 shares of company stock valued at $4,363,849 over the last three months. 2.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Stephens reiterated an “overweight” rating and issued a $135.00 target price on shares of Matson in a research note on Friday, May 24th. StockNews.com upgraded shares of Matson from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Stifel Nicolaus raised their price objective on shares of Matson from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st.

Matson Profile

Matson, Inc, together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia.