Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
General Information: Matson’s common stock is traded on the New York Stock Exchange under the ticker symbol “MATX”. As of February 18, 2022, there were 2,018 shareholders of record of Matson common stock.
Stockholder Return Performance Graph and Trading Information: The following information in this Item 5 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
The cumulative total return listed below assumed an initial investment of $100 and reinvestment of dividends at each fiscal end and measures the performance of this investment as of the last trading day in the month of December for each of the five years ended December 31, 2021. The graph is a historical representation of past performance only and is not necessarily indicative of future performance.
*
$100 invested on December 31, 2016 in stock or index, including reinvestment of dividends.
Trading volume averaged 291,899 shares a day in 2021, compared with 234,930 shares a day in 2020 and 155,804 shares a day in 2019, as reported by the New York Stock Exchange.
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Dividends: Dividends declared per share of common stock by the Company for each fiscal quarter during 2021, 2020 and 2019 were as follows:
Dividends Declared
2021
2020
2019
First Quarter
$
0.23
$
0.22
$
0.21
Second Quarter
$
0.23
$
0.22
$
0.21
Third Quarter
$
0.30
$
0.23
$
0.22
Fourth Quarter
$
0.30
$
0.23
$
0.22
Matson’s Board of Directors also declared a cash dividend of $0.30 per share for the first quarter 2022, payable on March 3, 2022 to shareholders of record on February 10, 2022. Although Matson expects to continue paying quarterly cash dividends on its common stock, the declaration and payment of dividends are subject to the discretion of the Board of Directors and will depend upon Matson’s financial condition, results of operations, cash requirements and other factors deemed relevant by the Board of Directors.
Share Repurchases: The following is a summary of Matson common stock repurchased by the Company during the three months ended December 31, 2021:
Total Number of
Maximum Number
Shares Purchased
of Shares that May
Total Number of
as Part of Publicly
Be Purchased
Shares
Average Price
Announced Plans or
Under the Plans or
Period
Purchased
Paid Per Share
Programs (1)
Programs
October 1 – 31, 2021
368,259
$
83.10
368,259
1,152,317
November 1 – 30, 2021
220,000
$
87.13
220,000
932,317
December 1 – 31, 2021
416,520
$
83.27
416,520
515,797
Total
1,004,779
$
84.05
1,004,779
(1) On June 24, 2021, the Company announced that Matson’s Board of Directors had approved a share repurchase program of up to 3.0 million shares of common stock through August 3, 2024. Shares will be repurchased in the open market from time to time, and may be made pursuant to a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
On January 27, 2022, the Company’s Board of Directors approved the addition of three million shares to the Company’s existing share repurchase program.
ITEM 6. REMOVED AND RESERVED
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