Encompass Capital Advisors LLC Takes $32.76 Million Position in Matson, Inc. $MATX

Encompass Capital Advisors LLC acquired a new stake in shares of Matson, Inc. (NYSE:MATX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 199,834 shares of the shipping company’s stock, valued at approximately $32,761,000. Matson accounts for approximately 1.0% of Encompass Capital Advisors LLC’s portfolio, making the stock its 28th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MATX. Norges Bank bought a new position in shares of Matson in the fourth quarter worth approximately $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Matson during the 4th quarter valued at $2,017,000. SG Americas Securities LLC lifted its stake in shares of Matson by 887.1% during the 1st quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company’s stock valued at $9,441,000 after buying an additional 51,752 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Matson by 97.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 79,767 shares of the shipping company’s stock valued at $9,868,000 after buying an additional 39,370 shares in the last quarter. Finally, Tudor Investment Corp ET AL boosted its holdings in Matson by 2,944.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 57,850 shares of the shipping company’s stock worth $5,703,000 after buying an additional 55,950 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

Matson Stock Down 2.6%

NYSE:MATX opened at $205.19 on Tuesday. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 15.08 and a beta of 1.28. Matson, Inc. has a twelve month low of $86.97 and a twelve month high of $230.74. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $197.63 and a 200-day simple moving average of $175.32.

Matson (NYSE:MATX) last posted its quarterly earnings results on Monday, May 4th. The shipping company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.20. The firm had revenue of $757.80 million for the quarter, compared to analysts’ expectations of $777.55 million. Matson had a net margin of 12.92% and a return on equity of 15.90%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.18 earnings per share. Analysts anticipate that Matson, Inc. will post 14.16 EPS for the current year.

Matson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 6th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Matson’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 6th. Matson’s dividend payout ratio is 10.58%.

Wall Street Analyst Weigh In

MATX has been the subject of a number of analyst reports. Zacks Research upgraded Matson to a “hold” rating in a research note on Wednesday, April 29th. Weiss Ratings restated a “hold (c)” rating on shares of Matson in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. began coverage on Matson in a research note on Monday, April 27th. They issued an “overweight” rating and a $230.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Matson presently has an average rating of “Moderate Buy” and an average target price of $181.25.

Insider Activity

In related news, SVP Kuuhaku T. Park sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total value of $450,475.00. Following the completion of the sale, the senior vice president owned 10,984 shares in the company, valued at approximately $1,979,206.96. The trade was a 18.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Christopher A. Scott sold 1,520 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $181.05, for a total value of $275,196.00. Following the completion of the transaction, the senior vice president directly owned 9,708 shares in the company, valued at approximately $1,757,633.40. This trade represents a 13.54% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 23,963 shares of company stock valued at $4,349,268. Insiders own 2.51% of the company’s stock.

Matson Company Profile

Matson, Inc (NYSE: MATX) is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson’s ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.