Caitong International Asset Management Co. Ltd has significantly reduced its stake in Matson, Inc. (NYSE: MATX), decreasing its holdings by 56.8% during the second quarter of 2023. According to a recent Form 13F filing with the Securities and Exchange Commission (SEC), the fund now owns 332 shares of the shipping company’s stock after selling 437 shares in that period. The remaining shares are valued at approximately $37,000.
Several other institutional investors have also made adjustments to their positions in Matson. BlueChip Wealth Advisors LLC acquired a new position worth around $294,000 during the same quarter. Meanwhile, Retirement Planning Group LLC increased its stake by 45.4%, resulting in ownership of 2,667 shares valued at about $297,000 after adding 833 shares. Additionally, the Virginia Retirement Systems invested $1,381,000 in Matson, while William Blair Investment Management LLC’s new position is valued at approximately $21,037,000. Ritholtz Wealth Management also raised its holdings by 1.4%, bringing its total to 18,501 shares, valued at $2,060,000. Presently, institutional investors and hedge funds own 84.76% of Matson’s stock.
Recent Insider Activity and Stock Performance
In related news, Senior Vice President Christopher A. Scott sold 1,044 shares of Matson’s stock on August 7, 2023, at an average price of $109.94, totaling $114,777.36. Following this transaction, Scott holds 13,441 shares, valued at $1,477,703.54, marking a 7.21% decrease in ownership. This sale was disclosed in a document filed with the SEC, which is accessible on their website. Company insiders currently own 2.05% of Matson’s stock.
Matson recently announced its quarterly earnings results, revealing earnings per share (EPS) of $2.92 for the quarter ending July 31, 2023. This figure surpassed the consensus estimate of $2.18 by $0.74. The company reported a net margin of 14.26% and a return on equity of 18.90%, with total revenue reaching $830.50 million, exceeding analyst expectations of $727.30 million. In comparison to the same quarter last year, revenue declined by 2.0%.
Dividend Announcement and Analyst Ratings
Matson has declared a quarterly dividend of $0.36, scheduled for payment on December 4, 2023, for stockholders of record on November 6, 2023. The ex-dividend date is also set for November 6. This dividend represents an annualized payout of $1.44 and a yield of 1.5%, with a payout ratio of 9.74%.
Recent analyst assessments have varied, with Zacks Research upgrading Matson from a “strong sell” to a “hold” rating on September 16, 2023. Jefferies Financial Group maintained a “hold” rating with a price target of $115.00, while Weiss Ratings reaffirmed a “hold (c+)” rating on October 8, 2023. Currently, one investment analyst has rated Matson as a Buy, while five have assigned a Hold rating. The average rating stands at “Hold,” with a target price of $131.67 according to MarketBeat.
Matson, Inc., along with its subsidiaries, specializes in providing ocean transportation and logistics services. It operates through two main segments: Ocean Transportation and Logistics, offering freight services to locations including Hawaii, Japan, Alaska, and Guam.
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