Zacks Investment Research Downgrades Matson, Inc. (MATX) to Hold

Zacks Investment Research lowered shares of Matson, Inc. (NYSE:MATX) from a buy rating to a hold rating in a report issued on Friday morning.

According to Zacks, “Matson, 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 company’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. “

MATX has been the topic of a number of other research reports. Stifel Nicolaus reissued a buy rating and issued a $32.00 target price (up previously from $30.00) on shares of Matson in a research note on Thursday, September 21st. Stephens cut shares of Matson from an overweight rating to an equal weight rating and lowered their target price for the company from $38.00 to $23.00 in a research note on Friday, August 18th. BidaskClub raised shares of Matson from a sell rating to a hold rating in a research note on Friday, September 22nd. Finally, Wells Fargo & Company reissued an underperform rating and issued a $22.00 target price on shares of Matson in a research note on Monday, September 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $27.25.

Shares of Matson (NYSE:MATX) opened at $27.03 on Friday. The firm has a market capitalization of $1,166.04, a P/E ratio of 14.16, a PEG ratio of 3.13 and a beta of 1.23. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.56. Matson has a twelve month low of $21.63 and a twelve month high of $40.26.

Matson (NYSE:MATX) last released its quarterly earnings results on Thursday, November 2nd. The shipping company reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.20. Matson had a return on equity of 17.49% and a net margin of 4.12%. The company had revenue of $543.90 million for the quarter, compared to analysts’ expectations of $531.61 million. During the same quarter in the previous year, the company posted $0.59 earnings per share. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. sell-side analysts forecast that Matson will post 1.76 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Thursday, November 9th will be paid a $0.20 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.96%. Matson’s payout ratio is currently 41.24%.

In other Matson news, President Ronald J. Forest sold 16,491 shares of the company’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $29.28, for a total transaction of $482,856.48. Following the sale, the president now directly owns 94,977 shares of the company’s stock, valued at $2,780,926.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey N. Watanabe acquired 4,100 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were purchased at an average cost of $24.07 per share, for a total transaction of $98,687.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 12,200 shares of company stock worth $292,734. 2.60% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of MATX. Riverhead Capital Management LLC lifted its position in shares of Matson by 89.2% during the second quarter. Riverhead Capital Management LLC now owns 3,595 shares of the shipping company’s stock worth $108,000 after purchasing an additional 1,695 shares in the last quarter. UBS Group AG lifted its position in shares of Matson by 14.0% during the first quarter. UBS Group AG now owns 4,019 shares of the shipping company’s stock worth $127,000 after purchasing an additional 495 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Matson during the third quarter worth approximately $191,000. Virtu KCG Holdings LLC acquired a new position in shares of Matson during the second quarter worth approximately $248,000. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Matson during the third quarter worth approximately $234,000. 85.38% of the stock is currently owned by hedge funds and other institutional investors.

Matson Company Profile

Matson, Inc, through its subsidiaries, operates as an ocean cargo carrier. The company operates in two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean transportation services to the domestic economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia and in the South Pacific.

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