Matson Inc (NYSE:MATX) was the recipient of a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 706,000 shares, a decline of 9.9% from the August 31st total of 783,700 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average trading volume of 268,300 shares, the days-to-cover ratio is currently 2.6 days.
Shares of Matson stock traded up $0.92 during trading hours on Friday, hitting $40.80. The company’s stock had a trading volume of 179,257 shares, compared to its average volume of 233,827. The company has a market cap of $1.76 billion, a PE ratio of 19.90 and a beta of 1.21. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.61 and a current ratio of 0.61. The business has a 50 day moving average price of $39.92 and a two-hundred day moving average price of $33.09. Matson has a 12-month low of $23.75 and a 12-month high of $42.60.
Matson (NYSE:MATX) last posted its quarterly earnings results on Wednesday, August 5th. The shipping company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.02. Matson had a return on equity of 10.98% and a net margin of 4.11%. The company had revenue of $524.10 million for the quarter, compared to analysts’ expectations of $589.86 million. As a group, research analysts anticipate that Matson will post 2.17 earnings per share for the current year.
A number of research firms have weighed in on MATX. TheStreet raised Matson from a “c+” rating to a “b-” rating in a report on Tuesday, August 11th. Stifel Nicolaus raised their price objective on Matson from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Zacks Investment Research raised Matson from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $41.00.
Several hedge funds have recently added to or reduced their stakes in MATX. Glenmede Trust Co. NA grew its stake in Matson by 9.6% during the second quarter. Glenmede Trust Co. NA now owns 3,505 shares of the shipping company’s stock valued at $101,000 after acquiring an additional 308 shares in the last quarter. Advisor Group Holdings Inc. purchased a new position in shares of Matson during the first quarter valued at about $111,000. Bank of Montreal Can lifted its position in shares of Matson by 258.2% in the second quarter. Bank of Montreal Can now owns 5,480 shares of the shipping company’s stock worth $151,000 after buying an additional 3,950 shares in the last quarter. Sciencast Management LP purchased a new stake in shares of Matson in the second quarter worth about $211,000. Finally, Everence Capital Management Inc. boosted its stake in Matson by 47.6% during the second quarter. Everence Capital Management Inc. now owns 8,190 shares of the shipping company’s stock valued at $234,000 after buying an additional 2,640 shares during the last quarter. 86.07% of the stock is currently owned by hedge funds and other institutional investors.
Matson Company Profile
Matson, Inc provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, and other retail merchandise.
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