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 16, 2024, there were 1,904 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, 2023. The graph is a historical representation of past performance only and is not necessarily indicative of future performance.
The graph above represents $100 invested on December 31, 2018 in the Company’s stock or the indicated index, including reinvestment of dividends.
Trading volume averaged 274,339 shares a day in 2023, compared with 431,336 shares a day in 2022 and 291,899 shares a day in 2021, as reported by the New York Stock Exchange.
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Dividends: Dividends per share of common stock declared by the Company for each fiscal quarter during 2023, 2022 and 2021 were as follows:
Dividends Declared
2023
2022
2021
First Quarter
$
0.31
$
0.30
$
0.23
Second Quarter
$
0.31
$
0.30
$
0.23
Third Quarter
$
0.32
$
0.31
$
0.30
Fourth Quarter
$
0.32
$
0.31
$
0.30
Total
$
1.26
$
1.22
$
1.06
Matson’s Board of Directors also declared a cash dividend of $0.32 per share for the first quarter 2024, payable on March 7, 2024 to shareholders of record on February 8, 2024. 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 depends 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 common stock repurchased by the Company during the three months ended December 31, 2023:
Total Number of
Maximum Number
Shares Purchased
of Shares that May
Total Number of
as Part of Publicly
Yet Be Purchased
Shares
Average Price
Announced Plans or
Under the Plans or
Period
Purchased
Paid Per Share
Programs (1)
Programs
October 1 – 31, 2023
131,744
$
89.55
131,744
2,829,883
November 1 – 30, 2023
216,664
$
93.19
216,664
2,613,219
December 1 – 31, 2023
151,031
$
103.04
151,031
2,462,188
Total
499,439
$
95.21
499,439
(1) On June 24, 2021, the Company announced that its 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. On April 27, 2023, the Company’s Board of Directors approved an addition of 3.0 million shares to the Company’s existing share repurchase program, for a total of 12.0 million shares of common stock approved under the program since it was established, and extended the program to December 31, 2025. Shares may be repurchased in the open market from time to time, and may be repurchased pursuant to a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
ITEM 6. REMOVED AND RESERVED
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