Bank of New York Mellon Corp Sells 42,326 Shares of Matson, Inc. (NYSE:MATX)

Bank of New York Mellon Corp cut its holdings in Matson, Inc. (NYSE:MATX) by 12.9% during the 4th quarter, Holdings Channel reports. The firm owned 286,457 shares of the shipping company’s stock after selling 42,326 shares during the period. Bank of New York Mellon Corp’s holdings in Matson were worth $38,626,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MATX. Private Advisor Group LLC purchased a new stake in Matson in the third quarter worth about $210,000. Farther Finance Advisors LLC lifted its holdings in Matson by 1,661.3% in the third quarter. Farther Finance Advisors LLC now owns 1,092 shares of the shipping company’s stock worth $156,000 after buying an additional 1,030 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Matson in the third quarter worth about $50,000. Summit Global Investments lifted its holdings in Matson by 78.0% in the third quarter. Summit Global Investments now owns 10,425 shares of the shipping company’s stock worth $1,487,000 after buying an additional 4,567 shares during the period. Finally, Assetmark Inc. lifted its holdings in Matson by 13.1% in the third quarter. Assetmark Inc. now owns 47,868 shares of the shipping company’s stock worth $6,827,000 after buying an additional 5,536 shares during the period. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP John P. Lauer sold 7,985 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $134.73, for a total value of $1,075,819.05. Following the completion of the transaction, the executive vice president now directly owns 25,192 shares in the company, valued at $3,394,118.16. The trade was a 24.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Richard S. Kinney sold 1,997 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $137.11, for a total transaction of $273,808.67. Following the completion of the transaction, the senior vice president now owns 8,425 shares of the company’s stock, valued at approximately $1,155,151.75. The trade was a 19.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.32% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on MATX. Stephens raised their price objective on shares of Matson from $165.00 to $175.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Stifel Nicolaus raised their price objective on shares of Matson from $150.00 to $160.00 and gave the stock a “hold” rating in a report on Wednesday, February 26th. Finally, Wolfe Research lowered shares of Matson from an “outperform” rating to a “peer perform” rating in a report on Monday, November 18th.

Matson Price Performance

MATX stock opened at $133.08 on Friday. The firm has a 50 day moving average price of $139.57 and a 200-day moving average price of $141.38. Matson, Inc. has a 52-week low of $100.50 and a 52-week high of $169.12. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 11.07 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.13 and a current ratio of 1.13.

Matson (NYSE:MATX) last released its earnings results on Tuesday, February 25th. The shipping company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.60. Matson had a net margin of 12.37% and a return on equity of 16.89%. The firm had revenue of $890.30 million during the quarter, compared to analyst estimates of $851.78 million. Equities research analysts forecast that Matson, Inc. will post 13.27 EPS for the current fiscal year.

Matson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Thursday, February 6th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, February 6th. This represents a $1.36 annualized dividend and a dividend yield of 1.02%. Matson’s payout ratio is 9.69%.

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.