CIBC Asset Management Inc Invests $386,000 in Matson, Inc. $MATX

CIBC Asset Management Inc purchased a new position in shares of Matson, Inc. (NYSE:MATX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,126 shares of the shipping company’s stock, valued at approximately $386,000.

A number of other large investors also recently modified their holdings of MATX. Federated Hermes Inc. lifted its holdings in shares of Matson by 124.3% during the third quarter. Federated Hermes Inc. now owns 249 shares of the shipping company’s stock worth $25,000 after buying an additional 138 shares during the last quarter. Danske Bank A S acquired a new position in shares of Matson during the fourth quarter worth approximately $25,000. Headlands Technologies LLC bought a new stake in shares of Matson during the second quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Matson during the third quarter valued at approximately $30,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Matson by 57.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock valued at $32,000 after purchasing an additional 94 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Matson

In other Matson news, SVP Christopher A. Scott sold 1,520 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $181.05, for a total value of $275,196.00. Following the sale, the senior vice president directly owned 9,708 shares in the company, valued at $1,757,633.40. This represents a 13.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter T. Heilmann sold 7,173 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $180.19, for a total value of $1,292,502.87. Following the completion of the sale, the executive vice president owned 25,506 shares in the company, valued at $4,595,926.14. This trade represents a 21.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over 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 insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MATX shares. Zacks Research upgraded Matson to a “hold” rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. started coverage on Matson in a research report on Monday, April 27th. They set an “overweight” rating and a $230.00 price objective on the stock. Wall Street Zen cut Matson from a “buy” rating to a “hold” rating in a research report on Sunday, March 15th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Matson in a research report on Friday, May 29th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $181.25.

Matson Stock Performance

MATX opened at $194.60 on Wednesday. The stock has a market cap of $5.89 billion, a PE ratio of 14.30 and a beta of 1.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. Matson, Inc. has a 1 year low of $86.97 and a 1 year high of $197.63. The stock’s 50 day simple moving average is $177.77 and its 200-day simple moving average is $155.03.

Matson (NYSE:MATX) last announced its quarterly earnings results on Monday, May 4th. The shipping company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.20. Matson had a return on equity of 15.90% and a net margin of 12.92%.The firm had revenue of $757.80 million for the quarter, compared to analysts’ expectations of $777.55 million. During the same period in the prior year, the business posted $2.18 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. Sell-side analysts forecast that Matson, Inc. will post 13.96 EPS for the current year.

Matson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 7th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Thursday, May 7th. Matson’s dividend payout ratio is 10.58%.

Matson 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.