Envestnet Asset Management Inc. Acquires 2,837 Shares of Matson, Inc. $MATX

Envestnet Asset Management Inc. boosted its holdings in Matson, Inc. (NYSE:MATX) by 2.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,506 shares of the shipping company’s stock after purchasing an additional 2,837 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Matson were worth $11,080,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new position in shares of Matson in the first quarter worth $34,000. State of Wyoming lifted its stake in Matson by 495.3% in the 1st quarter. State of Wyoming now owns 381 shares of the shipping company’s stock worth $49,000 after purchasing an additional 317 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Matson by 42.6% during the 2nd quarter. IFP Advisors Inc now owns 442 shares of the shipping company’s stock valued at $49,000 after purchasing an additional 132 shares during the last quarter. NewEdge Advisors LLC purchased a new position in shares of Matson during the first quarter valued at about $78,000. Finally, Covestor Ltd grew its position in shares of Matson by 30.4% during the first quarter. Covestor Ltd now owns 764 shares of the shipping company’s stock valued at $98,000 after purchasing an additional 178 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MATX. Wolfe Research raised Matson from a “peer perform” rating to an “outperform” rating and set a $142.00 price target for the company in a research note on Friday. Stephens lifted their price objective on Matson from $160.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday. Zacks Research upgraded Matson from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Jefferies Financial Group restated a “hold” rating and issued a $115.00 price target on shares of Matson in a research report on Friday, August 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Matson in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Matson has an average rating of “Hold” and a consensus target price of $141.75.

Matson Stock Performance

Shares of NYSE:MATX opened at $110.72 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.13. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $169.12. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of 7.49 and a beta of 1.32. The firm’s 50-day moving average is $100.24 and its 200 day moving average is $106.19.

Matson (NYSE:MATX) last announced its quarterly earnings data on Tuesday, November 4th. The shipping company reported $4.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.99. The business had revenue of $880.10 million during the quarter, compared to the consensus estimate of $837.72 million. Matson had a net margin of 14.26% and a return on equity of 18.90%. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the firm earned $5.89 earnings per share. Research analysts predict that Matson, Inc. will post 13.27 EPS for the current year.

Matson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Thursday, November 6th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, November 6th. Matson’s dividend payout ratio is 10.96%.

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.