Zacks Investment Research upgraded shares of Matson Inc. (NYSE:MATX) from a hold rating to a buy rating in a research note published on Wednesday. The firm currently has $46.00 price target on the stock.
According to Zacks, “Matson, Inc. operates as an ocean transportation and logistics company. It offers shipping services in Hawaii, Guam, and Micronesia islands and expedited service from China to southern California. The company’s logistics services consist of rail intermodal service, long haul and regional highway truckload services, less-than-truckload transportation, specialized hauling, flatbed, and project works, warehousing and distribution services, transloading, cross-dock services, and packaging services, and network analysis and freight management services. Matson, Inc., formerly known as Alexander & Baldwin Holdings, Inc., is headquartered in Honolulu, Hawaii. “
Separately, Stifel Nicolaus reiterated a buy rating and issued a $46.00 price target on shares of Matson in a report on Monday, October 10th.
Shares of Matson (NYSE:MATX) opened at 40.07 on Wednesday. The company’s 50-day moving average price is $39.53 and its 200-day moving average price is $36.25. Matson has a 52-week low of $30.54 and a 52-week high of $53.18. The stock has a market cap of $1.72 billion, a PE ratio of 16.82 and a beta of 1.19.
Matson (NYSE:MATX) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.42 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.42. Matson had a return on equity of 25.99% and a net margin of 5.31%. The business had revenue of $467.70 million for the quarter, compared to the consensus estimate of $487.35 million. During the same period last year, the business posted $0.56 EPS. The business’s revenue was up 4.5% compared to the same quarter last year. On average, equities research analysts forecast that Matson will post $2.03 earnings per share for the current fiscal year.
In other Matson news, SVP Vic S. Angoco, Jr. sold 11,476 shares of Matson stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $36.35, for a total transaction of $417,152.60. Following the completion of the sale, the senior vice president now owns 51,621 shares of the company’s stock, valued at approximately $1,876,423.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Vic S. Angoco, Jr. sold 12,162 shares of Matson stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $40.20, for a total value of $488,912.40. Following the sale, the insider now directly owns 48,722 shares of the company’s stock, valued at approximately $1,958,624.40. The disclosure for this sale can be found here. 2.36% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of MATX. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Matson during the first quarter worth approximately $365,000. Hancock Holding Co. boosted its stake in shares of Matson by 4.7% in the first quarter. Hancock Holding Co. now owns 20,197 shares of the company’s stock worth $811,000 after buying an additional 900 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Matson by 4.4% in the first quarter. Geode Capital Management LLC now owns 383,981 shares of the company’s stock worth $15,424,000 after buying an additional 16,212 shares in the last quarter. UBS Group AG boosted its stake in shares of Matson by 61.9% in the first quarter. UBS Group AG now owns 32,051 shares of the company’s stock worth $1,287,000 after buying an additional 12,250 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Matson by 2.7% in the first quarter. State Street Corp now owns 970,099 shares of the company’s stock worth $38,961,000 after buying an additional 25,707 shares in the last quarter. 81.88% of the stock is owned by institutional investors.
Matson Inc is a transportation company in the Marine industry.
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