Assetmark Inc. Has $7.43 Million Stock Holdings in Matson, Inc. $MATX

Key Points

• Assetmark Inc. trimmed its stake in Matson by 10.7% to 60,107 shares (about $7.43 million), and institutional investors now own roughly 84.76% of the company.
• Matson beat Q4 expectations with $4.60 EPS vs. $3.69 consensus and revenue of $851.9M (down 4.3% YoY but slightly above estimates); the stock trades at a 12.67 P/E and pays a $0.36 quarterly dividend (annualized $1.44, 0.8% yield).
• Corporate insiders sold 42,550 shares worth about $7.03M over the last quarter, and analysts hold a mixed view — the consensus rating is "Hold" with an average price target of $156.25.

Assetmark Inc. cut its stake in Matson, Inc. (NYSE:MATX - Free Report) by 10.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,107 shares of the shipping company's stock after selling 7,225 shares during the period. Assetmark Inc. owned approximately 0.19% of Matson worth $7,426,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Federated Hermes Inc. grew its position in Matson by 124.3% during the 3rd quarter. Federated Hermes Inc. now owns 249 shares of the shipping company's stock worth $25,000 after acquiring an additional 138 shares during the last quarter. Headlands Technologies LLC bought a new stake in Matson during the 2nd quarter worth $28,000. Measured Wealth Private Client Group LLC bought a new stake in Matson during the 3rd quarter worth $30,000. Ameriflex Group Inc. grew its position in Matson by 100.8% during the 3rd quarter. Ameriflex Group Inc. now owns 510 shares of the shipping company's stock worth $50,000 after acquiring an additional 256 shares during the last quarter. Finally, State of Wyoming grew its position in Matson by 482.8% during the 3rd quarter. State of Wyoming now owns 542 shares of the shipping company's stock worth $53,000 after acquiring an additional 449 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Transactions at Matson

In related news, SVP Christopher A. Scott sold 2,509 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $155.00, for a total transaction of $388,895.00. Following the completion of the sale, the senior vice president directly owned 14,533 shares of the company's stock, valued at approximately $2,252,615. This trade represents a 14.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Kevin L. Stuck sold 2,524 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $167.08, for a total value of $421,709.92. Following the transaction, the vice president directly owned 2,331 shares of the company's stock, valued at approximately $389,463.48. This trade represents a 51.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 42,550 shares of company stock valued at $7,034,602. Corporate insiders own 2.51% of the company's stock.

Matson Stock Up 1.1%

Shares of NYSE:MATX opened at $176.64 on Friday. The business's 50-day moving average is $163.39 and its 200-day moving average is $134.31. Matson, Inc. has a 1 year low of $86.97 and a 1 year high of $180.21. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 12.67 and a beta of 1.33.

Matson (NYSE:MATX - Get Free Report) last posted its quarterly earnings results on Tuesday, February 24th. The shipping company reported $4.60 earnings per share for the quarter, topping analysts' consensus estimates of $3.69 by $0.91. Matson had a return on equity of 16.63% and a net margin of 13.30%.The business had revenue of $851.90 million for the quarter, compared to the consensus estimate of $847.30 million. During the same period in the prior year, the business earned $3.80 EPS. The firm's revenue for the quarter was down 4.3% on a year-over-year basis. Equities research analysts predict that Matson, Inc. will post 13.27 earnings per share for the current year.

Matson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Thursday, February 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, February 5th. This represents a $1.44 annualized dividend and a dividend yield of 0.8%. Matson's dividend payout ratio is 10.33%.

Wall Street Analyst Weigh In

MATX has been the topic of a number of analyst reports. Wall Street Zen lowered Matson from a "buy" rating to a "hold" rating in a research report on Sunday, March 15th. Stephens upped their price target on Matson from $190.00 to $213.00 and gave the company an "overweight" rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a "hold (c)" rating on shares of Matson in a research report on Monday, December 29th. Finally, Wolfe Research reiterated an "outperform" rating and issued a $167.00 price target on shares of Matson in a research report on Thursday, January 8th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $156.25.

About Matson

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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