Allspring Global Investments Holdings LLC Trims Stock Position in Matson, Inc. (NYSE:MATX)

Allspring Global Investments Holdings LLC cut its position in Matson, Inc. (NYSE:MATX - Free Report) by 6.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,104 shares of the shipping company's stock after selling 4,567 shares during the period. Allspring Global Investments Holdings LLC owned 0.19% of Matson worth $9,428,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in MATX. TruNorth Capital Management LLC purchased a new position in Matson in the 2nd quarter worth approximately $27,000. Redwood Wealth Management Group LLC purchased a new position in Matson during the second quarter worth approximately $34,000. International Assets Investment Management LLC acquired a new position in Matson during the second quarter worth $39,000. DekaBank Deutsche Girozentrale purchased a new stake in Matson in the 1st quarter valued at $71,000. Finally, Blue Trust Inc. increased its stake in shares of Matson by 226.9% in the 2nd quarter. Blue Trust Inc. now owns 595 shares of the shipping company's stock worth $78,000 after acquiring an additional 413 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MATX has been the subject of a number of analyst reports. Stephens upped their price objective on shares of Matson from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Friday, August 2nd. StockNews.com cut shares of Matson from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 6th.

Matson Trading Down 0.0 %

MATX traded down $0.04 on Friday, hitting $133.31. The company had a trading volume of 117,802 shares, compared to its average volume of 272,645. The company's fifty day moving average price is $135.05 and its 200 day moving average price is $126.27. Matson, Inc. has a 1 year low of $82.68 and a 1 year high of $144.93. 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 $4.66 billion, a P/E ratio of 15.72 and a beta of 1.07.

Matson (NYSE:MATX - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The shipping company reported $3.31 EPS for the quarter, topping the consensus estimate of $3.05 by $0.26. The firm had revenue of $847.40 million for the quarter, compared to analyst estimates of $861.68 million. Matson had a net margin of 10.41% and a return on equity of 13.87%. As a group, equities analysts expect that Matson, Inc. will post 11.45 earnings per share for the current year.

Matson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 7th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.02%. Matson's payout ratio is presently 16.04%.

Insider Activity

In other Matson news, SVP Laura L. Rascon sold 744 shares of Matson stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $129.13, for a total value of $96,072.72. Following the completion of the transaction, the senior vice president now directly owns 12,369 shares of the company's stock, valued at $1,597,208.97. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Matson news, EVP Peter T. Heilmann sold 10,000 shares of Matson stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $129.37, for a total transaction of $1,293,700.00. Following the completion of the sale, the executive vice president now directly owns 38,356 shares of the company's stock, valued at $4,962,115.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Laura L. Rascon sold 744 shares of the firm's stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $129.13, for a total value of $96,072.72. Following the sale, the senior vice president now directly owns 12,369 shares in the company, valued at $1,597,208.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,736 shares of company stock valued at $6,672,494. 2.32% of the stock is currently owned by corporate insiders.

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.