Matson Inc (NYSE:MATX) declared a quarterly dividend on Monday, July 2nd, Wall Street Journal reports. Investors of record on Thursday, August 2nd will be given a dividend of 0.21 per share by the shipping company on Thursday, September 6th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Wednesday, August 1st. This is an increase from Matson’s previous quarterly dividend of $0.20.
Matson has raised its dividend payment by an average of 5.7% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Matson has a dividend payout ratio of 44.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Matson to earn $2.39 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 33.5%.
Matson opened at $39.20 on Tuesday, Marketbeat reports. Matson has a 52-week low of $21.63 and a 52-week high of $40.32. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.27. The stock has a market cap of $1.64 billion, a P/E ratio of 19.68, a PEG ratio of 3.47 and a beta of 1.46.
Matson (NYSE:MATX) last issued its quarterly earnings results on Tuesday, May 1st. The shipping company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.23 by $0.10. Matson had a return on equity of 14.30% and a net margin of 11.48%. The firm had revenue of $511.40 million during the quarter, compared to analysts’ expectations of $463.48 million. During the same period in the prior year, the firm posted $0.16 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. research analysts predict that Matson will post 2.21 earnings per share for the current year.
MATX has been the subject of several recent research reports. Zacks Investment Research cut Matson from a “buy” rating to a “hold” rating in a research report on Wednesday, March 28th. TheStreet raised Matson from a “c+” rating to a “b-” rating in a research report on Thursday, May 24th. Oppenheimer set a $52.00 price target on Matson and gave the company a “buy” rating in a research report on Wednesday, May 2nd. Stephens set a $33.00 price target on Matson and gave the company a “hold” rating in a research report on Monday, April 9th. Finally, ValuEngine raised Matson from a “hold” rating to a “buy” rating in a research report on Saturday, June 16th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $37.50.
In other news, Director W Blake Baird sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $31.12, for a total value of $62,240.00. Following the completion of the sale, the director now directly owns 17,015 shares of the company’s stock, valued at $529,506.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Ronald J. Forest sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, May 4th. The shares were sold at an average price of $30.63, for a total value of $367,560.00. Following the completion of the sale, the president now directly owns 65,884 shares of the company’s stock, valued at $2,018,026.92. The disclosure for this sale can be found here. Insiders have sold 17,558 shares of company stock valued at $548,104 over the last three months. Insiders own 2.48% of the company’s stock.
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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