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

CIBC Asset Management Inc bought a new position in shares of Matson, Inc. (NYSE:MATX) during the 4th quarter, Holdings Channel reports. The firm bought 3,126 shares of the shipping company’s stock, valued at approximately $386,000.

Several other large investors also recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in shares of Matson by 4.9% during the fourth quarter. Bank of New York Mellon Corp now owns 269,691 shares of the shipping company’s stock worth $33,320,000 after purchasing an additional 12,654 shares during the last quarter. Natixis Advisors LLC grew its holdings in shares of Matson by 67.3% during the fourth quarter. Natixis Advisors LLC now owns 18,883 shares of the shipping company’s stock worth $2,333,000 after purchasing an additional 7,594 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Matson by 88.9% during the fourth quarter. BNP Paribas Financial Markets now owns 41,925 shares of the shipping company’s stock worth $5,180,000 after purchasing an additional 19,734 shares during the last quarter. Norges Bank bought a new stake in shares of Matson during the fourth quarter worth $17,276,000. Finally, Royce & Associates LP grew its holdings in shares of Matson by 59.3% during the fourth quarter. Royce & Associates LP now owns 153,566 shares of the shipping company’s stock worth $18,973,000 after purchasing an additional 57,175 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Insider Buying and Selling at Matson

In other news, EVP Peter T. Heilmann sold 7,173 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $180.19, for a total transaction of $1,292,502.87. Following the transaction, the executive vice president owned 25,506 shares of the company’s stock, valued at $4,595,926.14. This represents a 21.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John Warren Sullivan sold 3,331 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $180.14, for a total value of $600,046.34. Following the completion of the transaction, the senior vice president directly owned 9,547 shares in the company, valued at $1,719,796.58. The trade was a 25.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,963 shares of company stock valued at $4,349,268 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Matson Trading Up 1.2%

Shares of MATX opened at $194.60 on Wednesday. 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, Inc. has a 12-month low of $86.97 and a 12-month high of $197.63. The firm has a market capitalization of $5.89 billion, a PE ratio of 14.30 and a beta of 1.29. The stock’s fifty day simple moving average is $177.77 and its 200-day simple moving average is $155.03.

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

Matson Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.