Perigon Wealth Management LLC Invests $1.26 Million in Matson, Inc. $MATX

Perigon Wealth Management LLC acquired a new stake in Matson, Inc. (NYSE:MATX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,548 shares of the shipping company’s stock, valued at approximately $1,259,000.

A number of other institutional investors have also modified their holdings of the company. Trust Co. of Vermont acquired a new stake in Matson during the 2nd quarter worth approximately $333,000. Global Retirement Partners LLC acquired a new position in Matson during the second quarter valued at approximately $44,000. Bank of New York Mellon Corp purchased a new stake in Matson during the second quarter worth approximately $50,637,000. State of Wyoming purchased a new stake in Matson during the second quarter worth approximately $153,000. Finally, Summit Global Investments acquired a new stake in shares of Matson in the second quarter worth $1,398,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Transactions at Matson

In other Matson news, SVP Laura L. Rascon sold 2,800 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $188.53, for a total transaction of $527,884.00. Following the completion of the transaction, the senior vice president directly owned 15,656 shares of the company’s stock, valued at $2,951,625.68. This trade represents a 15.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jennifer C. Tungul sold 402 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $208.49, for a total transaction of $83,812.98. Following the completion of the sale, the senior vice president directly owned 5,852 shares of the company’s stock, valued at $1,220,083.48. The trade was a 6.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 8,569 shares of company stock valued at $1,700,521 over the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MATX has been the topic of a number of research reports. Wall Street Zen raised shares of Matson from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Stephens increased their price target on Matson from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Zacks Research raised Matson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. boosted their price objective on Matson from $230.00 to $270.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings raised Matson from a “hold (c)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. According to MarketBeat.com, Matson currently has a consensus rating of “Buy” and a consensus target price of $232.33.

Matson Trading Down 0.6%

Shares of MATX opened at $218.61 on Wednesday. Matson, Inc. has a one year low of $86.97 and a one year high of $230.74. The stock has a 50-day moving average price of $205.21 and a 200 day moving average price of $182.55. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $6.54 billion, a P/E ratio of 14.61 and a beta of 1.27.

Matson (NYSE:MATX) last posted its quarterly earnings data on Monday, August 3rd. The shipping company reported $4.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.48. Matson had a return on equity of 16.94% and a net margin of 13.41%.The company had revenue of $969.40 million for the quarter, compared to the consensus estimate of $893.91 million. During the same period in the previous year, the business earned $2.92 EPS. Matson’s revenue for the quarter was up 16.7% compared to the same quarter last year. Sell-side analysts forecast that Matson, Inc. will post 16.01 EPS for the current fiscal year.

Matson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be paid a $0.38 dividend. 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 is Thursday, August 6th. Matson’s payout ratio is presently 10.16%.

About Matson

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.