Primecap Management Co. CA Has $11.47 Million Stock Holdings in Matson, Inc. (NYSE:MATX)

Primecap Management Co. CA lowered its holdings in shares of Matson, Inc. (NYSE:MATX) by 49.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,550 shares of the shipping company’s stock after selling 85,412 shares during the period. Primecap Management Co. CA owned approximately 0.25% of Matson worth $11,466,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Matson by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 3,984,076 shares of the shipping company’s stock worth $447,810,000 after buying an additional 215,452 shares during the period. Jupiter Asset Management Ltd. grew its holdings in Matson by 3,509.3% in the first quarter. Jupiter Asset Management Ltd. now owns 188,910 shares of the shipping company’s stock worth $21,233,000 after purchasing an additional 183,676 shares during the period. Norges Bank bought a new stake in Matson in the fourth quarter valued at $10,295,000. First Trust Advisors LP raised its holdings in shares of Matson by 25.5% during the fourth quarter. First Trust Advisors LP now owns 293,163 shares of the shipping company’s stock valued at $32,131,000 after purchasing an additional 59,652 shares during the period. Finally, LSV Asset Management boosted its position in shares of Matson by 18.1% during the 1st quarter. LSV Asset Management now owns 282,763 shares of the shipping company’s stock worth $31,783,000 after purchasing an additional 43,324 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MATX has been the subject of a number of research analyst reports. StockNews.com lowered Matson from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Stephens boosted their price objective on Matson from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, August 2nd.

Insiders Place Their Bets

In other news, SVP Laura L. Rascon sold 744 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $129.13, for a total value of $96,072.72. Following the completion of the sale, the senior vice president now owns 12,369 shares in the company, valued at $1,597,208.97. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, SVP Laura L. Rascon sold 744 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $129.13, for a total transaction of $96,072.72. Following the transaction, the senior vice president now directly owns 12,369 shares in the company, valued at $1,597,208.97. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jason Lee Taylor sold 1,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were 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 owns 9,392 shares of the company’s stock, valued at approximately $1,274,776.16. The disclosure for this sale can be found here. Insiders have sold 104,376 shares of company stock valued at $13,565,120 in the last three months. 2.32% of the stock is currently owned by insiders.

Matson Trading Up 0.8 %

NYSE:MATX opened at $132.39 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.93 and a quick ratio of 0.93. Matson, Inc. has a one year low of $82.68 and a one year high of $138.84. The company has a market cap of $4.63 billion, a PE ratio of 15.61 and a beta of 1.07. The firm has a 50-day moving average of $131.00 and a 200-day moving average of $120.86.

Matson (NYSE:MATX) last issued its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.31 EPS for the quarter, topping analysts’ consensus estimates of $3.05 by $0.26. Matson had a return on equity of 13.87% and a net margin of 10.41%. The firm had revenue of $847.40 million during the quarter, compared to analyst estimates of $861.68 million. As a group, equities research analysts expect that Matson, Inc. will post 11.45 EPS for the current fiscal year.

Matson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 1st were paid a dividend of $0.34 per share. The ex-dividend date was Thursday, August 1st. This is a boost from Matson’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a yield of 1.03%. Matson’s dividend payout ratio (DPR) is 16.04%.

About Matson

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.