Primecap Management Co. CA Cuts Stock Holdings in Matson, Inc. (NYSE:MATX)

Primecap Management Co. CA lowered its position in Matson, Inc. (NYSE:MATX) by 32.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,550 shares of the shipping company’s stock after selling 28,000 shares during the period. Primecap Management Co. CA’s holdings in Matson were worth $8,493,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in MATX. Vanguard Group Inc. lifted its holdings in shares of Matson by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 3,984,076 shares of the shipping company’s stock valued at $447,810,000 after buying an additional 215,452 shares during the period. American Century Companies Inc. raised its position in Matson by 4.2% in the second quarter. American Century Companies Inc. now owns 911,827 shares of the shipping company’s stock worth $119,422,000 after acquiring an additional 36,901 shares in the last quarter. Encompass Capital Advisors LLC lifted its holdings in Matson by 52.1% in the second quarter. Encompass Capital Advisors LLC now owns 356,416 shares of the shipping company’s stock valued at $46,680,000 after acquiring an additional 122,017 shares during the period. Millennium Management LLC boosted its position in shares of Matson by 126.5% during the 2nd quarter. Millennium Management LLC now owns 240,117 shares of the shipping company’s stock worth $31,448,000 after purchasing an additional 134,092 shares in the last quarter. Finally, Forest Avenue Capital Management LP boosted its position in shares of Matson by 50.2% during the 2nd quarter. Forest Avenue Capital Management LP now owns 232,455 shares of the shipping company’s stock worth $30,445,000 after purchasing an additional 77,731 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Ratings Changes

MATX has been the subject of several recent analyst reports. Stephens raised their price objective on shares of Matson from $155.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. StockNews.com lowered Matson from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Finally, Wolfe Research downgraded Matson from an “outperform” rating to a “peer perform” rating in a research note on Monday, November 18th.

Insider Transactions at Matson

In other news, SVP John Warren Sullivan sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $165.50, for a total value of $124,125.00. Following the completion of the transaction, the senior vice president now owns 12,745 shares of the company’s stock, valued at $2,109,297.50. The trade was a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew J. Cox sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $137.17, for a total transaction of $1,028,775.00. Following the sale, the chief executive officer now owns 215,397 shares in the company, valued at approximately $29,546,006.49. This trade represents a 3.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,645 shares of company stock valued at $3,677,960 over the last three months. 2.32% of the stock is currently owned by insiders.

Matson Price Performance

Shares of NYSE MATX 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. The company’s 50-day moving average price is $143.59 and its 200 day moving average price is $132.32. Matson, Inc. has a 52 week low of $93.75 and a 52 week 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.

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

Matson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 7th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 0.88%. The ex-dividend date is Thursday, November 7th. Matson’s payout ratio is 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.