Summit Global Investments Lowers Stock Position in Matson, Inc. (NYSE:MATX)

Summit Global Investments cut its stake in shares of Matson, Inc. (NYSE:MATX) by 52.8% in the second quarter, Holdings Channel.com reports. The fund owned 5,858 shares of the shipping company’s stock after selling 6,545 shares during the period. Summit Global Investments’ holdings in Matson were worth $767,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in MATX. Forest Avenue Capital Management LP grew its position in shares of Matson by 30.6% during the fourth quarter. Forest Avenue Capital Management LP now owns 64,000 shares of the shipping company’s stock worth $7,014,000 after buying an additional 15,000 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Matson by 35.8% in the 1st quarter. BNP Paribas Financial Markets now owns 19,322 shares of the shipping company’s stock valued at $2,172,000 after purchasing an additional 5,095 shares in the last quarter. LSV Asset Management lifted its position in shares of Matson by 18.1% during the 1st quarter. LSV Asset Management now owns 282,763 shares of the shipping company’s stock worth $31,783,000 after purchasing an additional 43,324 shares during the last quarter. PAX Financial Group LLC acquired a new position in shares of Matson during the first quarter worth $605,000. Finally, Seven Eight Capital LP increased its holdings in Matson by 579.8% in the fourth quarter. Seven Eight Capital LP now owns 16,819 shares of the shipping company’s stock valued at $1,843,000 after buying an additional 14,345 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. StockNews.com raised Matson from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Stephens boosted their target price on Matson from $155.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus increased their price target on shares of Matson from $109.00 to $111.00 and gave the company a “hold” rating in a research note on Wednesday, May 1st.

Insider Activity at Matson

In other news, EVP Peter T. Heilmann sold 10,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $129.37, for a total transaction of $1,293,700.00. Following the completion of the sale, the executive vice president now owns 38,356 shares in the company, valued at $4,962,115.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Matson news, CFO Joel M. Wine sold 12,821 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $123.24, for a total value of $1,580,060.04. Following the transaction, the chief financial officer now directly owns 126,418 shares of the company’s stock, valued at approximately $15,579,754.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter T. Heilmann sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $129.37, for a total transaction of $1,293,700.00. Following the completion of the sale, the executive vice president now owns 38,356 shares of the company’s stock, valued at approximately $4,962,115.72. The disclosure for this sale can be found here. Insiders sold a total of 90,907 shares of company stock worth $11,740,481 in the last 90 days. 2.32% of the stock is owned by insiders.

Matson Stock Performance

MATX traded down $4.98 on Tuesday, reaching $130.91. The company had a trading volume of 201,377 shares, compared to its average volume of 269,195. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. Matson, Inc. has a 1 year low of $82.68 and a 1 year high of $137.29. The stock has a market capitalization of $4.57 billion, a PE ratio of 15.44 and a beta of 1.09. The stock has a 50-day moving average price of $128.09 and a 200-day moving average price of $118.41.

Matson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 1st will be paid a $0.34 dividend. The ex-dividend date is Thursday, August 1st. 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. Matson’s payout ratio is currently 16.04%.

Matson Company 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.