HONOLULU—Rolfe Rusty K, Executive Vice President and President of Matson (NYSE:MATX) Logistics at Matson, Inc. (NYSE:MATX), sold a substantial portion of the company's common stock recently, according to a regulatory filing. On November 13, Rusty executed two separate transactions, selling a total of 3,000 shares. The sales were conducted at prices ranging from $165.315 to $166.1311 per share, resulting in a total transaction value of approximately $497,903.
Following these transactions, Rusty holds 21,871 shares of Matson stock. The sales were executed in multiple trades, with the weighted average sale price reported. Rusty has committed to providing detailed information regarding the number of shares and specific prices upon request to relevant parties, including the Securities and Exchange Commission.
In other recent news, Matson Inc. reported a substantial increase in consolidated operating income, rising to $242.3 million, an increase of $110.2 million year-over-year, during its Third Quarter 2024 Earnings Call. The company's China service saw a 2.6% volume increase, driven by additional sailings and robust demand. On the other hand, container volumes in Hawaii and Guam declined, while Alaska experienced a rise. Matson also raised its 2024 outlook, indicating continued strength in the China service.
The company announced significant investments in its fleet, including the construction of three new Aloha Class vessels, with the first expected to be operational by late 2026. Matson also repurchased about 1.4 million shares for $169.2 million year-to-date and reported an interest income of $10.2 million from a federal tax refund. The company anticipates a reduction in charter costs by $8 million in 2025 after extending charters for six MAX service vessels through 2026.
Lastly, Matson is exploring market expansion opportunities due to limited availability of vessels for charter that match the company's size and speed. The leadership expressed optimism about Matson's positioning in the e-commerce sector and is currently in discussions with various e-commerce customers.
InvestingPro Insights
Matson, Inc. (NYSE:MATX) has been showing strong financial performance, which adds context to the recent insider sale by Executive Vice President Rolfe Rusty K. According to InvestingPro data, Matson's stock has seen impressive gains, with a 78.89% price total return over the past year and a 54.29% return year-to-date. The company is currently trading near its 52-week high, with its price at 98.34% of the highest point in the past year.
The company's financial health appears robust, with a P/E ratio of 13.73, suggesting a relatively attractive valuation compared to its earnings. Matson's revenue growth of 6.86% over the last twelve months and a strong quarterly revenue growth of 16.25% in Q3 2024 indicate positive business momentum.
InvestingPro Tips highlight that Matson has maintained dividend payments for 52 consecutive years and has raised its dividend for 11 consecutive years, demonstrating a commitment to shareholder returns. This consistent dividend policy is supported by the company's strong cash flows, which are sufficient to cover interest payments.
It's worth noting that while the insider sale occurred, management has been aggressively buying back shares, according to another InvestingPro Tip. This could signal confidence in the company's value proposition despite the individual sale.
For investors seeking a deeper understanding of Matson's potential, InvestingPro offers 16 additional tips, providing a comprehensive view of the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.