Victory Capital Management Inc. Sells 571 Shares of Matson, Inc. (NYSE:MATX)

Victory Capital Management Inc. lessened its holdings in shares of Matson, Inc. (NYSE:MATX) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,241 shares of the shipping company’s stock after selling 571 shares during the period. Victory Capital Management Inc. owned approximately 0.12% of Matson worth $5,882,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. TruNorth Capital Management LLC purchased a new position in shares of Matson during the 2nd quarter valued at about $27,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Matson during the 2nd quarter valued at about $34,000. International Assets Investment Management LLC acquired a new stake in shares of Matson during the 2nd quarter valued at about $39,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Matson during the 3rd quarter valued at about $50,000. Finally, Blue Trust Inc. grew its position in shares of Matson by 226.9% during the 2nd quarter. Blue Trust Inc. now owns 595 shares of the shipping company’s stock valued at $78,000 after acquiring an additional 413 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Wolfe Research cut Matson from an “outperform” rating to a “peer perform” rating in a research report on Monday, November 18th. Stephens lifted their price objective on Matson from $155.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, StockNews.com cut Matson from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th.

Insider Buying and Selling

In related news, SVP Jason Lee Taylor sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $135.73, for a total transaction of $135,730.00. Following the completion of the sale, the senior vice president now directly owns 9,392 shares of the company’s stock, valued at approximately $1,274,776.16. This trade represents a 9.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Cox sold 7,500 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $137.17, for a total transaction of $1,028,775.00. Following the completion of the transaction, the chief executive officer now directly owns 215,397 shares in the company, valued at $29,546,006.49. The trade was a 3.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,645 shares of company stock worth $3,677,960. Insiders own 2.32% of the company’s stock.

Matson Trading Up 0.9 %

MATX stock opened at $153.95 on Friday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.14. Matson, Inc. has a 12-month low of $93.75 and a 12-month high of $169.12. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 12.81 and a beta of 1.06. The business’s 50-day moving average is $143.59 and its 200 day moving average is $132.32.

Matson (NYSE:MATX) last released its earnings results on Wednesday, October 30th. The shipping company reported $5.89 earnings per share for the quarter, topping analysts’ consensus estimates of $4.98 by $0.91. The business had revenue of $962.00 million for the quarter, compared to analyst estimates of $965.73 million. Matson had a net margin of 12.37% and a return on equity of 16.89%. The business’s revenue was up 16.3% on a year-over-year basis. During the same period last year, the company posted $3.40 EPS. On average, sell-side analysts anticipate that Matson, Inc. will post 13.19 EPS for the current fiscal year.

Matson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 7th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Thursday, November 7th. Matson’s dividend payout ratio is currently 11.31%.

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.