Mattel Inc. (MAT) Stake Lowered by Cornerstone Investment Partners LLC
Cornerstone Investment Partners LLC lowered its position in Mattel Inc. (NASDAQ:MAT) by 0.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,380 shares of the company’s stock after selling 155 shares during the period. Cornerstone Investment Partners LLC’s holdings in Mattel were worth $1,526,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of MAT. Babson Capital Management LLC acquired a new position in shares of Mattel during the first quarter worth $926,000. Royal Bank of Canada raised its position in shares of Mattel by 4.9% in the first quarter. Royal Bank of Canada now owns 741,311 shares of the company’s stock valued at $24,923,000 after buying an additional 34,568 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Mattel during the first quarter valued at $1,065,000. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Mattel by 7.3% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 50,961 shares of the company’s stock valued at $1,714,000 after buying an additional 3,458 shares during the period. Finally, First Republic Investment Management Inc. raised its position in shares of Mattel by 29.2% in the first quarter. First Republic Investment Management Inc. now owns 34,067 shares of the company’s stock valued at $1,145,000 after buying an additional 7,692 shares during the period. 94.43% of the stock is currently owned by institutional investors.
Shares of Mattel Inc. (NASDAQ:MAT) traded down 2.81% during trading on Monday, reaching $31.49. The company’s stock had a trading volume of 4,703,011 shares. The company’s 50-day moving average price is $31.23 and its 200 day moving average price is $31.89. Mattel Inc. has a 1-year low of $23.85 and a 1-year high of $34.76. The stock has a market capitalization of $10.77 billion, a price-to-earnings ratio of 30.11 and a beta of 0.98.
Mattel (NASDAQ:MAT) last announced its quarterly earnings data on Wednesday, October 19th. The company reported $0.70 EPS for the quarter, missing the Zacks’ consensus estimate of $0.71 by $0.01. The company had revenue of $1.80 billion for the quarter, compared to analyst estimates of $940.30 million. Mattel had a net margin of 6.39% and a return on equity of 16.55%. The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 EPS. Analysts anticipate that Mattel Inc. will post $1.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Tuesday, November 22nd will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Friday, November 18th. Mattel’s dividend payout ratio is currently 146.16%.
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Several brokerages recently weighed in on MAT. B. Riley reaffirmed a “buy” rating and issued a $41.00 target price on shares of Mattel in a research report on Friday, November 4th. Citigroup Inc. increased their target price on Mattel from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, August 15th. Vetr raised Mattel from a “sell” rating to a “buy” rating and set a $36.30 target price on the stock in a research report on Monday, August 15th. Jefferies Group reaffirmed a “buy” rating and issued a $36.00 target price on shares of Mattel in a research report on Thursday, October 13th. Finally, MKM Partners raised Mattel from a “neutral” rating to a “buy” rating and set a $36.00 target price on the stock in a research report on Monday, October 10th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $35.38.
In related news, EVP Geoffrey H. Walker sold 7,128 shares of the company’s stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $33.57, for a total value of $239,286.96. Following the sale, the executive vice president now owns 39,348 shares of the company’s stock, valued at $1,320,912.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dominic Ng sold 9,000 shares of the company’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $30.79, for a total transaction of $277,110.00. Following the completion of the sale, the director now directly owns 14,000 shares in the company, valued at approximately $431,060. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.
Mattel Company Profile
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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