Short Interest in Matson Inc (NYSE:MATX) Expands By 12.1%

Matson Inc (NYSE:MATX) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 1,016,300 shares, an increase of 12.1% from the May 15th total of 906,800 shares. Based on an average daily volume of 132,000 shares, the days-to-cover ratio is currently 7.7 days. Currently, 2.4% of the shares of the company are sold short.

In other news, CEO Matthew J. Cox sold 30,000 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $37.94, for a total transaction of $1,138,200.00. Following the completion of the transaction, the chief executive officer now owns 274,742 shares of the company’s stock, valued at $10,423,711.48. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director W Blake Baird sold 2,500 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $37.63, for a total transaction of $94,075.00. Following the transaction, the director now directly owns 17,142 shares of the company’s stock, valued at approximately $645,053.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,000 shares of company stock valued at $2,114,465. 2.00% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in MATX. LSV Asset Management grew its stake in shares of Matson by 4.0% in the 1st quarter. LSV Asset Management now owns 486,442 shares of the shipping company’s stock valued at $17,555,000 after buying an additional 18,600 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Matson by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 444,885 shares of the shipping company’s stock valued at $14,245,000 after buying an additional 31,971 shares in the last quarter. William Blair Investment Management LLC grew its stake in shares of Matson by 8.4% in the 1st quarter. William Blair Investment Management LLC now owns 386,929 shares of the shipping company’s stock valued at $13,964,000 after buying an additional 29,822 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Matson by 5.3% in the 4th quarter. Principal Financial Group Inc. now owns 373,077 shares of the shipping company’s stock valued at $11,946,000 after buying an additional 18,822 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Matson by 6.0% in the 4th quarter. Bank of America Corp DE now owns 344,947 shares of the shipping company’s stock valued at $11,045,000 after buying an additional 19,599 shares in the last quarter. 86.54% of the stock is currently owned by institutional investors.

Separately, Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Matson has an average rating of “Hold” and a consensus price target of $40.25.

NYSE MATX traded up $0.06 on Friday, hitting $39.63. 121,370 shares of the company were exchanged, compared to its average volume of 149,009. The company’s 50 day moving average price is $37.33. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.34. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 3.36 and a beta of 1.55. Matson has a twelve month low of $30.60 and a twelve month high of $41.96.

Matson (NYSE:MATX) last posted its quarterly earnings data on Wednesday, May 8th. The shipping company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The firm had revenue of $532.40 million for the quarter, compared to the consensus estimate of $522.89 million. Matson had a return on equity of 14.49% and a net margin of 4.78%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 EPS. Equities research analysts expect that Matson will post 2.35 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Wednesday, July 31st. This is a boost from Matson’s previous quarterly dividend of $0.21. Matson’s payout ratio is 33.20%.

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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