Seven Eight Capital LP Reduces Position in Matson, Inc. (NYSE:MATX)

Seven Eight Capital LP trimmed its holdings in Matson, Inc. (NYSE:MATX) by 43.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,594 shares of the shipping company’s stock after selling 5,949 shares during the quarter. Seven Eight Capital LP’s holdings in Matson were worth $995,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Hsbc Holdings PLC lifted its holdings in Matson by 99.4% during the 2nd quarter. Hsbc Holdings PLC now owns 17,322 shares of the shipping company’s stock valued at $2,246,000 after buying an additional 8,634 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Matson by 6.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 3,414 shares of the shipping company’s stock valued at $447,000 after acquiring an additional 201 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in shares of Matson by 98.1% in the second quarter. Edgestream Partners L.P. now owns 10,044 shares of the shipping company’s stock valued at $1,315,000 after purchasing an additional 4,973 shares during the period. Redwood Wealth Management Group LLC bought a new position in Matson in the second quarter worth approximately $34,000. Finally, Envestnet Asset Management Inc. increased its holdings in Matson by 13.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 77,902 shares of the shipping company’s stock worth $10,203,000 after purchasing an additional 9,351 shares during the period. 84.76% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Laura L. Rascon sold 744 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was 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 approximately $1,597,208.97. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Laura L. Rascon sold 744 shares of Matson stock in a transaction that occurred on 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 directly owns 12,369 shares in the company, valued at approximately $1,597,208.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Joel M. Wine sold 8,941 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $128.80, for a total transaction of $1,151,600.80. Following the completion of the transaction, the chief financial officer now directly owns 151,329 shares of the company’s stock, valued at approximately $19,491,175.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,376 shares of company stock worth $13,565,120. Insiders own 2.32% of the company’s stock.

Matson Trading Down 1.8 %

MATX opened at $134.72 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.15. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of 15.89 and a beta of 1.07. Matson, Inc. has a 12 month low of $82.68 and a 12 month high of $140.91. The stock has a fifty day moving average price of $131.40 and a 200-day moving average price of $121.16.

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

Matson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 1st were given a dividend of $0.34 per share. The ex-dividend date was Thursday, August 1st. This is an increase from Matson’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.01%. Matson’s dividend payout ratio is presently 16.04%.

Analysts Set New Price Targets

MATX has been the topic of a number of recent research reports. Stephens increased their price target on Matson from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. StockNews.com cut shares of Matson from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th.

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.