Summit Global Investments Has $767,000 Stock Holdings in Matson, Inc. (NYSE:MATX)

Summit Global Investments lessened its stake in shares of Matson, Inc. (NYSE:MATX) by 52.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,858 shares of the shipping company’s stock after selling 6,545 shares during the quarter. Summit Global Investments’ holdings in Matson were worth $767,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Matson by 5.7% in the first quarter. Vanguard Group Inc. now owns 3,984,076 shares of the shipping company’s stock valued at $447,810,000 after buying an additional 215,452 shares during the last quarter. LSV Asset Management boosted its holdings in Matson by 450.4% during the fourth quarter. LSV Asset Management now owns 239,439 shares of the shipping company’s stock worth $26,243,000 after buying an additional 195,939 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in shares of Matson by 3,509.3% during the 1st quarter. Jupiter Asset Management Ltd. now owns 188,910 shares of the shipping company’s stock worth $21,233,000 after buying an additional 183,676 shares during the period. Norges Bank bought a new stake in shares of Matson in the 4th quarter valued at about $10,295,000. Finally, First Trust Advisors LP raised its position in shares of Matson by 25.5% in the 4th quarter. First Trust Advisors LP now owns 293,163 shares of the shipping company’s stock valued at $32,131,000 after acquiring an additional 59,652 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Matson Stock Down 3.7 %

MATX stock traded down $4.98 during mid-day trading on Tuesday, hitting $130.91. 201,377 shares of the company were exchanged, compared to its average volume of 269,195. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.97 and a current ratio of 0.97. Matson, Inc. has a 1-year low of $82.68 and a 1-year high of $137.29. The firm’s 50 day simple moving average is $128.09 and its 200 day simple moving average is $118.41. The firm has a market cap of $4.57 billion, a P/E ratio of 15.44 and a beta of 1.09.

Matson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 1st will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.04%. This is a positive change from Matson’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Thursday, August 1st. Matson’s dividend payout ratio (DPR) is presently 16.04%.

Insider Activity at Matson

In other news, CFO Joel M. Wine sold 12,821 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $123.24, for a total transaction of $1,580,060.04. Following the completion of the transaction, the chief financial officer now directly owns 126,418 shares of the company’s stock, valued at $15,579,754.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Joel M. Wine sold 11,444 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $128.65, for a total value of $1,472,270.60. Following the completion of the transaction, the chief financial officer now owns 114,974 shares of the company’s stock, valued at $14,791,405.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Joel M. Wine sold 12,821 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $123.24, for a total transaction of $1,580,060.04. Following the sale, the chief financial officer now directly owns 126,418 shares in the company, valued at $15,579,754.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 90,907 shares of company stock valued at $11,740,481. 2.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MATX has been the subject of a number of analyst reports. Stephens boosted 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. Stifel Nicolaus lifted their price target on shares of Matson from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Finally, StockNews.com upgraded shares of Matson from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 13th.

About Matson

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.