Envestnet Asset Management Inc. Boosts Holdings in Matson, Inc. (NYSE:MATX)

Envestnet Asset Management Inc. raised its holdings in shares of Matson, Inc. (NYSE:MATX) by 13.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,902 shares of the shipping company’s stock after buying an additional 9,351 shares during the period. Envestnet Asset Management Inc.’s holdings in Matson were worth $10,203,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. TruNorth Capital Management LLC bought a new position in shares of Matson in the second quarter worth about $27,000. International Assets Investment Management LLC bought a new stake in Matson during the 2nd quarter worth approximately $39,000. Security National Bank purchased a new stake in shares of Matson in the fourth quarter worth $36,000. Blue Trust Inc. increased its stake in shares of Matson by 226.9% in the second quarter. Blue Trust Inc. now owns 595 shares of the shipping company’s stock worth $78,000 after purchasing an additional 413 shares in the last quarter. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Matson during the 2nd quarter valued at $79,000. Institutional investors own 84.76% of the company’s stock.

Matson Price Performance

Shares of NYSE:MATX opened at $141.71 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 16.71 and a beta of 1.07. The firm has a fifty day moving average price of $132.31 and a 200 day moving average price of $122.12. Matson, Inc. has a fifty-two week low of $82.68 and a fifty-two week high of $144.43.

Matson (NYSE:MATX) last issued its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.31 earnings per share for the quarter, beating 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, sell-side analysts expect that Matson, Inc. will post 11.45 earnings per share for the current fiscal year.

Insider Activity at Matson

In related news, SVP Richard S. Kinney sold 1,615 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $133.62, for a total value of $215,796.30. Following the completion of the transaction, the senior vice president now owns 7,973 shares of the company’s stock, valued at approximately $1,065,352.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Jason Lee Taylor sold 1,000 shares of Matson 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 transaction, the senior vice president now directly owns 9,392 shares of the company’s stock, valued at approximately $1,274,776.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Richard S. Kinney sold 1,615 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $133.62, for a total transaction of $215,796.30. Following the completion of the sale, the senior vice president now directly owns 7,973 shares in the company, valued at $1,065,352.26. The disclosure for this sale can be found here. Insiders have sold a total of 87,592 shares of company stock valued at $11,389,694 over the last 90 days. 2.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. StockNews.com lowered Matson from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Stephens increased their target price on Matson from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd.

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.