Peter T. Heilmann, Executive Vice President, Chief Administrative Officer, and General Counsel at Matson , Inc. (NYSE:MATX), recently sold a portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Heilmann disposed of 5,404 shares of common stock on November 6, 2024. The shares were sold at a weighted average price of approximately $162.36, with transactions executed at prices ranging from $162.35 to $162.84. This sale amounted to a total value of $877,373. Following this transaction, Heilmann retains direct ownership of 32,952 shares of Matson.
In other recent news, Matson, Inc. reported a substantial increase in its third quarter consolidated operating income, rising to $242.3 million, which is up $110.2 million year-over-year. This robust financial performance is attributed to strong demand and additional sailings which led to a 2.6% increase in volume in the China service. However, the company noted a decline in container volumes in Hawaii and Guam, while Alaska experienced an increase.
In addition to these developments, Matson raised its 2024 outlook, citing continued strength in the China service. The company also announced the commencement of construction on three new dual fuel Aloha Class vessels, with the first expected to be operational by late 2026.
Matson made significant investments, repurchasing approximately 1.4 million shares for $169.2 million. The company also reported an interest income of $10.2 million from a federal tax refund. Despite freight rates moderating from the third quarter's peak, Matson expects the fourth quarter to show significantly higher operating income year-over-year.
In other company news, Matson completed all LNG projects by October and is anticipating the return of the Kamina Hila vessel to service soon. The company has also extended charters for six MAX service vessels through 2026, with an $8 million reduction in charter costs expected in 2025.
InvestingPro Insights
The recent sale by Peter T. Heilmann comes at a time when Matson, Inc. (NYSE:MATX) is experiencing strong market performance. According to InvestingPro data, the company's stock is trading near its 52-week high, with a significant 76.67% price total return over the past year. This aligns with the InvestingPro Tip that Matson has seen a "high return over the last year."
Matson's financial health appears robust, with a market capitalization of $5.48 billion and a P/E ratio of 13.57, suggesting a relatively attractive valuation compared to its earnings. The company's revenue growth of 6.86% in the last twelve months, coupled with a strong EBITDA growth of 22.04%, indicates positive operational performance.
Investors may find it particularly interesting that Matson has maintained dividend payments for 52 consecutive years, as highlighted by an InvestingPro Tip. This long-standing commitment to shareholder returns is further supported by a current dividend yield of 0.85% and a dividend growth rate of 6.25% in the last twelve months.
For those seeking a deeper analysis, InvestingPro offers 17 additional tips on Matson, providing a comprehensive view of the company's financial position and market performance. These insights could be valuable for investors looking to understand the context of insider transactions like Heilmann's recent sale.
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