Primecap Management Co. CA Sells 28,000 Shares of Matson, Inc. (NYSE:MATX)

Primecap Management Co. CA cut its holdings in Matson, Inc. (NYSE:MATX - Free Report) by 32.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,550 shares of the shipping company's stock after selling 28,000 shares during the period. Primecap Management Co. CA owned approximately 0.18% of Matson worth $8,493,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. TruNorth Capital Management LLC bought a new position in Matson in the 2nd quarter valued at approximately $27,000. Redwood Wealth Management Group LLC bought a new stake in Matson during the 2nd quarter worth $34,000. International Assets Investment Management LLC acquired a new position in Matson in the 2nd quarter worth about $39,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Matson during the third quarter valued at about $50,000. Finally, 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 valued at $78,000 after buying an additional 413 shares during the period. 84.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Jason Lee Taylor sold 1,000 shares of the business's stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $135.73, for a total value of $135,730.00. Following the sale, the senior vice president now directly owns 9,392 shares in the company, valued at approximately $1,274,776.16. The trade was a 9.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Cox sold 6,499 shares of the company's stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $143.82, for a total transaction of $934,686.18. Following the sale, the chief executive officer now directly owns 208,898 shares in the company, valued at approximately $30,043,710.36. This trade represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,645 shares of company stock valued at $3,677,960. Insiders own 2.32% of the company's stock.

Matson Trading Up 0.9 %

Shares of NYSE:MATX traded up $1.31 during mid-day trading on Friday, hitting $153.95. The company had a trading volume of 238,838 shares, compared to its average volume of 282,068. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 1.13. Matson, Inc. has a one year low of $93.75 and a one year high of $169.12. The firm has a fifty day moving average price of $144.02 and a 200 day moving average price of $132.61. The company has a market capitalization of $5.11 billion, a PE ratio of 12.81 and a beta of 1.06.

Matson (NYSE:MATX - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The shipping company reported $5.89 EPS for the quarter, beating the consensus estimate of $4.98 by $0.91. The firm had revenue of $962.00 million during the quarter, compared to the consensus estimate of $965.73 million. Matson had a return on equity of 16.89% and a net margin of 12.37%. The company's quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.40 earnings per share. As a group, research analysts forecast that Matson, Inc. will post 13.19 EPS for the current year.

Matson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 7th will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, November 7th. This represents a $1.36 dividend on an annualized basis and a yield of 0.88%. Matson's dividend payout ratio (DPR) is currently 11.31%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MATX shares. Wolfe Research downgraded shares of Matson from an "outperform" rating to a "peer perform" rating in a research note on Monday, November 18th. Stephens increased their price target on Matson from $155.00 to $160.00 and gave the company an "overweight" rating in a research note on Friday, August 2nd. Finally, StockNews.com cut Matson from a "strong-buy" rating to a "buy" rating in a report on Friday, September 6th.

Matson Company 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.