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Trimming Sails - Bill Ackman Reduces Pacific Shipper MATX
Posted by: Sally Jones (IP Logged)
Date: May 16, 2013 04:54PM

Activist investor Bill Ackman, CEO of Pershing Square Capital Management, reduced only one holding in the first quarter of 2013.

Reduced: Matson Inc. (MATX) – Shipping & Ports

Bill Ackman reduced his position with Pacific shipper Matson Inc. by 16.76% as of March 31, 2013. He sold 610,963 shares at an average price of $26.03 per share, for a 0% gain. According to GuruFocus research, Ackman held MATX for three quarters; his highest gain was the fourth quarter of 2012 for 17.2%. Ackman holds 3,033,985 shares after the trade or 7.11% of shares outstanding. This trade impacts his portfolio by -0.16%.

The current share price is $25.96 compared to valuations over 10 years:

MATX data by

Shipping cargo across the Pacific Ocean, Matson Inc. offers shipping, transportation and logistics worldwide, with a focus on connecting the island economies of Hawaii, Guam and Micronesia to a wide range of transportation services throughout North America.

Up 1% over 12 months, Matson Inc. has a market cap of $1.11 billion and trades at a P/E of 22.0 and a P/S of 0.70. Matson Inc. reported a net income of $9.1 million, or $0.21 per diluted share for the quarter ended March 31, 2013. The company’s net income for the quarter ended March 31, 2012 was $3.8 million, or $0.09 per diluted share. Matson reported consolidated revenue for the first quarter 2013 was $394.7 million compared with $366.1 million in the first quarter of 2012.

Matt Cox, Matson's president and chief executive officer commented, "We had a good first quarter, driven by increased volume in our Hawaii trade and higher rates in our China service. We also benefited from operating an optimal nine-ship fleet for most of the quarter, which led to reduced vessel expenses compared to the 10-ship fleet deployed for the first quarter last year."

For 2013, the company expects moderate volume gains in the Hawaii trade for the full year. In the China trade, freight rates were higher in the first quarter of 2013 than in the year earlier period, reflecting a continuation of rate gains made in the latter half of 2012, the company said. Matson expects modest rate erosion, given the current surplus in global vessel capacity. The company’s Guam trade volume declined in the quarter due to lower shipment levels from the U.S. military, according to a company press release.

Guru William “Bill” Ackman formed Pershing Square Capital Management in November 2003. Ackman’s recently updated portfolio lists 10 stocks, one of them new, and a total value of $10.06 billion. The fund’s quarter-over-quarter turnover is 2%.

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Guru Discussed: Bill Ackman: Current Portfolio, Stock Picks
Stocks Discussed: MATX,
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