Matson Extends Stock Repurchase Program

By Chris Stiles • Friday, April 24 11:13 • Permanent Link

Matson added 3 million shares to its stock repurchase authorization and extended the program through Dec. 31, 2029, giving it room to buy back shares after nearly exhausting the current plan.

As of April 23, the existing authorization had about 700,000 shares left. Since launching the buyback program in August 2021, Matson said it has repurchased about 14.3 million shares, or roughly 33% of the shares outstanding at the time, at a total cost of $1.3 billion.

The company also declared a second-quarter dividend of $0.36 per share, unchanged from the prior payout level implied by the release. The dividend will be paid June 4 to shareholders of record as of May 7.

Matson said the repurchases will continue in the open market at management’s discretion, depending on capital needs, share price and market conditions. The market has reacted to these announcements by moving the company's shares -0.65% to a price of $163.24. For more information, read the company's full 8-K submission here.

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