Corebridge Financial Inc. Sells 2,051 Shares of Matson, Inc. (NYSE:MATX)

Corebridge Financial Inc. cut its holdings in Matson, Inc. (NYSE:MATX - Free Report) by 10.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,454 shares of the shipping company's stock after selling 2,051 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Matson worth $2,353,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MATX. Cerity Partners LLC lifted its position in shares of Matson by 26.1% during the 3rd quarter. Cerity Partners LLC now owns 3,304 shares of the shipping company's stock valued at $471,000 after acquiring an additional 684 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Matson by 7.5% during the third quarter. BNP Paribas Financial Markets now owns 10,079 shares of the shipping company's stock valued at $1,437,000 after purchasing an additional 703 shares during the last quarter. CreativeOne Wealth LLC boosted its position in shares of Matson by 41.5% in the 3rd quarter. CreativeOne Wealth LLC now owns 2,378 shares of the shipping company's stock valued at $339,000 after purchasing an additional 697 shares during the period. Verition Fund Management LLC increased its stake in Matson by 1.9% in the 3rd quarter. Verition Fund Management LLC now owns 7,528 shares of the shipping company's stock worth $1,074,000 after purchasing an additional 139 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in Matson during the 3rd quarter worth about $6,735,000. 84.76% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several research firms have recently weighed in on MATX. Stephens lifted their target price on shares of Matson from $165.00 to $175.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Stifel Nicolaus lifted their price objective on shares of Matson from $150.00 to $160.00 and gave the stock a "hold" rating in a research report on Wednesday, February 26th.

Insider Activity at Matson

In related news, SVP Richard S. Kinney sold 1,997 shares of Matson stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $137.11, for a total value of $273,808.67. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John P. Lauer sold 7,985 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $134.73, for a total transaction of $1,075,819.05. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.05% of the company's stock.

Matson Stock Down 2.5 %

NYSE MATX traded down $2.94 during trading on Friday, reaching $112.26. 433,110 shares of the company's stock were exchanged, compared to its average volume of 285,191. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.14. Matson, Inc. has a fifty-two week low of $100.50 and a fifty-two week high of $169.12. The company's fifty day simple moving average is $135.57 and its 200-day simple moving average is $140.91. The firm has a market capitalization of $3.69 billion, a PE ratio of 9.34 and a beta of 1.12.

Matson (NYSE:MATX - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The shipping company reported $3.80 EPS for the quarter, topping the consensus estimate of $3.20 by $0.60. The business had revenue of $890.30 million during the quarter, compared to analysts' expectations of $851.78 million. Matson had a net margin of 12.37% and a return on equity of 16.89%. Sell-side analysts predict that Matson, Inc. will post 13.27 EPS for the current year.

Matson Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Thursday, February 6th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $1.36 annualized dividend and a dividend yield of 1.21%. Matson's dividend payout ratio is 9.69%.

Matson 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.