Forest Avenue Capital Management LP Sells 3,617 Shares of Matson, Inc. (NYSE:MATX)

Forest Avenue Capital Management LP cut its stake in shares of Matson, Inc. (NYSE:MATX) by 1.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 228,838 shares of the shipping company’s stock after selling 3,617 shares during the quarter. Matson makes up 4.0% of Forest Avenue Capital Management LP’s portfolio, making the stock its 13th largest holding. Forest Avenue Capital Management LP owned about 0.69% of Matson worth $32,637,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MATX. Cynosure Group LLC bought a new position in shares of Matson in the third quarter valued at approximately $384,000. BNP Paribas Financial Markets raised its position in Matson by 7.5% in the 3rd 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. Hancock Whitney Corp acquired a new position in Matson in the third quarter worth $211,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Matson during the third quarter worth $310,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Matson in the third quarter valued at $1,599,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

Insider Buying and Selling at Matson

In related news, EVP Rusty K. Rolfe sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $165.97, for a total transaction of $497,910.00. Following the completion of the transaction, the executive vice president now owns 21,871 shares in the company, valued at approximately $3,629,929.87. The trade was a 12.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Cox sold 7,500 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $137.17, for a total transaction of $1,028,775.00. Following the completion of the sale, the chief executive officer now owns 215,397 shares in the company, valued at approximately $29,546,006.49. This trade represents a 3.36 % 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. 2.32% of the stock is currently owned by company insiders.

Matson Stock Performance

Matson stock opened at $157.10 on Wednesday. The company has a market cap of $5.22 billion, a PE ratio of 13.07 and a beta of 1.06. 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 1 year low of $93.75 and a 1 year high of $169.12. The company’s 50-day moving average is $145.03 and its two-hundred day moving average is $133.49.

Matson (NYSE:MATX) last announced its quarterly earnings data on Wednesday, October 30th. The shipping company reported $5.89 earnings per share for the quarter, beating the consensus estimate of $4.98 by $0.91. Matson had a net margin of 12.37% and a return on equity of 16.89%. The business had revenue of $962.00 million for the quarter, compared to analyst estimates of $965.73 million. During the same period in the prior year, the business posted $3.40 earnings per share. Matson’s revenue was up 16.3% compared to the same quarter last year. Equities analysts anticipate that Matson, Inc. will post 13.19 earnings per share for the current year.

Matson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 7th will be issued a $0.34 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.36 dividend on an annualized basis and a yield of 0.87%. Matson’s dividend payout ratio is presently 11.31%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Wolfe Research lowered shares of Matson from an “outperform” rating to a “peer perform” rating in a report on Monday, November 18th. Stephens raised their price target on shares of Matson from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, StockNews.com downgraded Matson from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th.

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.