Mattel Inc. (MAT) Sees Significant Growth in Short Interest
Mattel Inc. (NASDAQ:MAT) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 34,276,163 shares, an increase of 4.4% from the September 15th total of 32,825,406 shares. Based on an average daily trading volume, of 3,537,377 shares, the days-to-cover ratio is currently 9.7 days. Currently, 10.1% of the company’s stock are sold short.
Several research firms have weighed in on MAT. B. Riley reiterated a “buy” rating and set a $38.00 price target on shares of Mattel in a research note on Tuesday, July 26th. Zacks Investment Research downgraded Mattel from a “buy” rating to a “hold” rating in a research note on Monday, July 11th. Jefferies Group set a $36.00 price target on Mattel and gave the company a “buy” rating in a research note on Thursday, July 21st. MKM Partners boosted their price target on Mattel from $33.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, July 21st. Finally, Piper Jaffray Cos. reiterated a “neutral” rating and set a $30.00 price target (up previously from $28.00) on shares of Mattel in a research note on Friday, July 22nd. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.48.
In related news, EVP Geoffrey H. Walker sold 7,128 shares of the business’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $33.57, for a total transaction of $239,286.96. Following the transaction, the executive vice president now directly owns 39,348 shares in the company, valued at approximately $1,320,912.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.88% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in MAT. Simmons Bank bought a new position in Mattel during the first quarter worth about $1,590,000. Geode Capital Management LLC raised its stake in shares of Mattel by 3.1% in the first quarter. Geode Capital Management LLC now owns 2,914,904 shares of the company’s stock worth $97,809,000 after buying an additional 88,264 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in shares of Mattel by 1.3% in the first quarter. Pictet Asset Management Ltd. now owns 222,031 shares of the company’s stock worth $7,220,000 after buying an additional 2,800 shares in the last quarter. Pacific Global Investment Management CO acquired a new stake in shares of Mattel during the first quarter worth $237,000. Finally, Scotia Capital Inc. acquired a new stake in shares of Mattel during the first quarter worth $1,106,000. 95.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Mattel (NASDAQ:MAT) opened at 30.71 on Wednesday. Mattel has a 52-week low of $22.63 and a 52-week high of $34.76. The stock has a market capitalization of $10.46 billion, a price-to-earnings ratio of 30.41 and a beta of 0.99. The stock has a 50 day moving average price of $31.35 and a 200-day moving average price of $32.02.
Mattel, Inc manufactures and markets a range of toy products around the world. The Company’s segments are North America; International and American Girl. Its portfolio of brands and products are grouped into approximately four major brand categories, including Mattel Girls & Boys Brands, Fisher-Price Brands, American Girl Brands and Construction and Arts & Crafts Brands.
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