Assetmark Inc. Grows Holdings in Matson, Inc. $MATX

Assetmark Inc. grew its position in shares of Matson, Inc. (NYSE:MATX) by 24.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 67,332 shares of the shipping company’s stock after purchasing an additional 13,104 shares during the quarter. Assetmark Inc.’s holdings in Matson were worth $6,638,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MATX. Skylands Capital LLC acquired a new position in shares of Matson in the third quarter valued at approximately $1,144,000. Caprock Group LLC purchased a new stake in Matson in the 3rd quarter worth approximately $253,000. Rhumbline Advisers raised its holdings in Matson by 0.8% in the 3rd quarter. Rhumbline Advisers now owns 99,673 shares of the shipping company’s stock valued at $9,827,000 after acquiring an additional 777 shares during the last quarter. ProShare Advisors LLC raised its holdings in Matson by 8.2% in the 3rd quarter. ProShare Advisors LLC now owns 65,083 shares of the shipping company’s stock valued at $6,417,000 after acquiring an additional 4,912 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its stake in shares of Matson by 1.3% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 29,347 shares of the shipping company’s stock worth $2,893,000 after purchasing an additional 365 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Matson Stock Performance

Matson stock opened at $162.27 on Tuesday. The company has a market cap of $5.06 billion, a price-to-earnings ratio of 12.35 and a beta of 1.35. Matson, Inc. has a 12 month low of $86.97 and a 12 month high of $169.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s 50-day moving average is $140.53 and its 200-day moving average is $116.62.

Matson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Thursday, February 5th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, February 5th. Matson’s payout ratio is 10.96%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MATX. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Matson in a research report on Monday, December 29th. Stephens raised their price target 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 issued a $167.00 price target on shares of Matson in a report on Thursday, January 8th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Matson presently has an average rating of “Hold” and a consensus target price 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.