Ritholtz Wealth Management Lowers Stake in Matson, Inc. $MATX

Key Points

• Ritholtz Wealth Management cut its stake in Matson by 43.3%, selling 6,275 shares and leaving 8,226 shares worth about $1.016 million at quarter-end.
• Matson beat quarterly estimates with $4.60 EPS (vs. $3.69 consensus) and revenue of $851.9M, though revenue was down 4.3% year-over-year.
• Company insiders sold 42,550 shares (≈$7.03M) in the past 90 days; analysts' consensus is a "Hold" with an average target of $156.25 while the stock trades near $171.11 (market cap ~$5.21B, P/E 12.27).

Ritholtz Wealth Management lessened its stake in shares of Matson, Inc. (NYSE:MATX - Free Report) by 43.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,226 shares of the shipping company's stock after selling 6,275 shares during the quarter. Ritholtz Wealth Management's holdings in Matson were worth $1,016,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of MATX. Royal Bank of Canada lifted its stake in shares of Matson by 8.3% during the first quarter. Royal Bank of Canada now owns 41,346 shares of the shipping company's stock worth $5,300,000 after purchasing an additional 3,155 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Matson by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,511 shares of the shipping company's stock worth $2,501,000 after purchasing an additional 863 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Matson by 7.1% during the first quarter. Millennium Management LLC now owns 102,629 shares of the shipping company's stock worth $13,154,000 after purchasing an additional 6,778 shares in the last quarter. NewEdge Advisors LLC acquired a new position in shares of Matson during the first quarter worth about $78,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Matson by 11.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 24,459 shares of the shipping company's stock worth $3,135,000 after purchasing an additional 2,492 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Matson Trading Down 0.8%

NYSE:MATX opened at $171.11 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. Matson, Inc. has a one year low of $86.97 and a one year high of $177.51. The business's 50-day simple moving average is $162.70 and its 200 day simple moving average is $133.23. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of 12.27 and a beta of 1.33.

Matson (NYSE:MATX - Get Free Report) last released its quarterly earnings results on Tuesday, February 24th. The shipping company reported $4.60 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $847.30 million. During the same quarter in the previous year, the firm posted $3.80 earnings per share. The company's revenue was down 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Matson, Inc. will post 13.27 earnings per share for the current fiscal year.

Matson Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wall Street Zen cut Matson from a "buy" rating to a "hold" rating in a research note on Sunday, March 15th. Weiss Ratings restated a "hold (c)" rating on shares of Matson in a research note on Monday, December 29th. Stephens boosted their price objective on Matson from $190.00 to $213.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 21st. Finally, Wolfe Research restated an "outperform" rating and set a $167.00 price objective on shares of Matson in a research note on Thursday, January 8th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Matson presently has an average rating of "Hold" and an average target price of $156.25.

Insiders Place Their Bets

In related news, SVP Richard S. Kinney sold 5,225 shares of the business's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $165.32, for a total value of $863,797.00. Following the transaction, the senior vice president owned 6,746 shares in the company, valued at approximately $1,115,248.72. The trade was a 43.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John P. Lauer sold 8,603 shares of the business's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $166.13, for a total value of $1,429,216.39. Following the completion of the transaction, the executive vice president owned 23,738 shares in the company, valued at approximately $3,943,593.94. This trade represents a 26.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 42,550 shares of company stock valued at $7,034,602. Insiders own 2.51% of the company's stock.

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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