In a recent transaction reported to the Securities and Exchange Commission, Scott Christopher A, Senior Vice President at Matson , Inc. (NYSE:), sold 2,000 shares of the company’s common stock. The shares were sold at a weighted average price of $161.34, with the total transaction valued at $322,677. Following this sale, Scott retains ownership of approximately 10,958 shares in the company. The sale was executed in multiple trades with prices ranging from $161.00 to $161.77.
In other recent news, Matson, Inc. reported substantial Q3 results, with consolidated operating income rising to $242.3 million, marking an increase of $110.2 million from the previous year. The company’s China service saw a 2.6% increase in volume, fueled by additional sailings and robust demand. However, container volumes in Hawaii and Guam saw a decrease, while Alaska experienced a surge.
Matson also raised its 2024 outlook, attributing this to continued strength in its China service. The company announced the construction of three new dual fuel Aloha Class vessels, with the first expected to arrive in late 2026. The corporation repurchased about 1.4 million shares for $169.2 million throughout the year.
Matson expects Q4 to present significantly higher operating income year-over-year, despite freight rates moderating from Q3’s peak. The company is also exploring market expansion opportunities due to limited vessel availability for charter that aligns with their size and speed requirements. The firm is optimistic about its positioning in the e-commerce sector and is in active discussions with various e-commerce customers.
InvestingPro Insights
As Matson, Inc. (NYSE:MATX) experiences insider selling activity, it’s worth noting some key financial metrics and insights from InvestingPro that paint a broader picture of the company’s performance and valuation.
According to InvestingPro data, Matson’s market capitalization stands at $5.54 billion, with a price-to-earnings (P/E) ratio of 13.85. This relatively low P/E ratio, combined with the company’s strong financial performance, suggests that Matson may be undervalued relative to its earnings potential. In fact, an InvestingPro Tip highlights that Matson is trading at a low P/E ratio relative to its near-term earnings growth, which could be attractive to value investors.
The company’s financial health appears robust, with revenue growth of 6.86% over the last twelve months as of Q3 2024, reaching $3.32 billion. More impressively, Matson’s quarterly revenue growth in Q3 2024 was 16.25%, indicating accelerating top-line performance. This growth is reflected in the stock’s performance, with a remarkable 81.31% total return over the past year.
Matson’s commitment to shareholder returns is evident from two InvestingPro Tips: the company has maintained dividend payments for 52 consecutive years and has raised its dividend for 11 consecutive years. Currently, Matson offers a dividend yield of 0.84%, with a 6.25% dividend growth rate over the last twelve months.
It’s worth noting that while insiders like Scott Christopher A are selling shares, management has been aggressively buying back stock, according to another InvestingPro Tip. This could signal confidence in the company’s future prospects and a commitment to enhancing shareholder value.
For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips on Matson, providing a deeper understanding of the company’s financial position and market performance.
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