Assetmark Inc. Has $5.89 Million Stock Holdings in Matson, Inc. $MATX

Key Points

• Assetmark Inc. cut its Matson stake by 40.3% in the first quarter, selling 24,201 shares and ending with 35,906 shares valued at about $5.89 million.
• Matson beat earnings expectations in its latest quarterly report, posting EPS of $1.85 versus the $1.65 consensus, though revenue came in below forecasts and fell 3.1% year over year.
• The company raised its quarterly dividend to $0.38 per share from $0.36, while analysts currently rate the stock a consensus “Moderate Buy” with an average price target of $181.25.

Assetmark Inc. lowered its position in shares of Matson, Inc. (NYSE:MATX - Free Report) by 40.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,906 shares of the shipping company's stock after selling 24,201 shares during the quarter. Assetmark Inc. owned approximately 0.12% of Matson worth $5,887,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MATX. Norges Bank bought a new stake in shares of Matson in the fourth quarter worth about $17,276,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Matson during the 4th quarter valued at about $2,017,000. Tudor Investment Corp ET AL lifted its holdings in shares of Matson by 2,944.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 57,850 shares of the shipping company's stock valued at $5,703,000 after purchasing an additional 55,950 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Matson by 97.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 79,767 shares of the shipping company's stock valued at $9,868,000 after purchasing an additional 39,370 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Matson by 887.1% in the 1st quarter. SG Americas Securities LLC now owns 57,586 shares of the shipping company's stock valued at $9,441,000 after purchasing an additional 51,752 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MATX. Zacks Research raised shares of Matson to a "hold" rating in a research note on Wednesday, April 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Matson in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. initiated coverage on Matson in a report on Monday, April 27th. They issued an "overweight" rating and a $230.00 price target on the stock. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $181.25.

Matson Trading Up 0.1%

Shares of MATX stock opened at $218.62 on Wednesday. Matson, Inc. has a 12-month low of $86.97 and a 12-month high of $230.74. The company has a market capitalization of $6.62 billion, a PE ratio of 16.06 and a beta of 1.28. The firm has a 50 day moving average price of $195.26 and a two-hundred day moving average price of $172.91. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11.

Matson (NYSE:MATX - Get Free Report) last announced its earnings results on Monday, May 4th. The shipping company reported $1.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.65 by $0.20. The company had revenue of $757.80 million during the quarter, compared to analysts' expectations of $777.55 million. Matson had a net margin of 12.92% and a return on equity of 15.90%. Matson's quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.18 earnings per share. As a group, analysts predict that Matson, Inc. will post 14.16 earnings per share for the current year.

Matson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, August 6th. This is a boost from Matson's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. Matson's payout ratio is presently 10.58%.

Insider Activity at Matson

In other Matson news, SVP Kuuhaku T. Park sold 2,500 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total value of $450,475.00. Following the completion of the transaction, the senior vice president owned 10,984 shares of the company's stock, valued at $1,979,206.96. This represents a 18.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Laura L. Rascon sold 2,800 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $188.53, for a total transaction of $527,884.00. Following the completion of the sale, the senior vice president directly owned 15,656 shares in the company, valued at approximately $2,951,625.68. This represents a 15.17% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 23,963 shares of company stock valued at $4,349,268. 2.51% of the stock is owned by company insiders.

Matson Company Profile

Matson, Inc NYSE: MATX is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson's ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.

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