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 17, 2023, there were 2,021 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, 2022. The graph is a historical representation of past performance only and is not necessarily indicative of future performance.
*
$100 invested on December 31, 2017 in stock or index, including reinvestment of dividends.
Trading volume averaged 431,336 shares a day in 2022, compared with 291,899 shares a day in 2021 and 234,930 shares a day in 2020, 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 2022, 2021 and 2020 were as follows:
Dividends Declared
2022
2021
2020
First Quarter
$
0.30
$
0.23
$
0.22
Second Quarter
$
0.30
$
0.23
$
0.22
Third Quarter
$
0.31
$
0.30
$
0.23
Fourth Quarter
$
0.31
$
0.30
$
0.23
Total
$
1.22
$
1.06
$
0.90
Matson’s Board of Directors also declared a cash dividend of $0.31 per share for the first quarter 2023, payable on March 2, 2023 to shareholders of record on February 9, 2023. 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, 2022:
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, 2022
768,161
$
68.80
768,161
2,291,571
November 1 – 30, 2022
406,200
$
66.85
406,200
1,885,371
December 1 – 31, 2022
352,000
$
62.05
352,000
1,533,371
Total
1,526,361
$
66.72
1,526,361
(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 from August 3, 2021 through August 2, 2024. On January 27, 2022, the Company’s Board of Directors approved an addition of 3.0 million shares to the Company’s existing share repurchase program. On August 23, 2022, the Company’s Board of Directors approved an addition of 3.0 million shares to the Company’s existing share repurchase program. 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 Security Exchange Act of 1934.
ITEM 6. REMOVED AND RESERVED
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