- The Board of Directors of the U.S. carrier Matson Inc (NYSE:MATX) approved adding three million shares to the existing nine million share repurchase program.
- The board has also extended the existing repurchase program to December 31, 2025.
- As of April 26, 2023, the existing share repurchase program had approximately 0.7 million shares remaining.
- The Board also declared a second-quarter dividend of $0.31 per common share.
- The dividend will be paid on June 1, 2023, to shareholders of record on May 11, 2023.
- “Since we commenced our share repurchase program in August 2021, we have repurchased approximately 8.3 million shares for a total cost of nearly $650 million,” said chairman and CEO Matt Cox.
- The company held cash and equivalents of $88.0 million as of March 31, 2023.
- Price Action: MATX shares are trading higher by 7.6% at $68.88 on the last check Friday.
Amidst Turmoil In Semiconductor Chip Space, Analyst Picks 3 Stocks That Can Survive The Storm
Mizuho hosted its quarterly handset industry call for checks on the state of the global handset supply chain amidst escalating geopolitical risks and deteriorating macro conditions.
Analyst Vijay Rakesh listed his key takeaways.
Handset component inventory was more than two times standard as distribution channels remain stressed.
