Mattel Inc. (MAT) Sees Significant Growth in Short Interest
Mattel Inc. (NASDAQ:MAT) was the recipient of a significant 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 trading volume of 3,537,377 shares, the days-to-cover ratio is currently 9.7 days. Currently, 10.1% of the shares of the stock are sold short.
Mattel (NASDAQ:MAT) opened at 29.98 on Friday. The firm’s 50-day moving average is $31.63 and its 200-day moving average is $32.10. The stock has a market cap of $10.21 billion, a P/E ratio of 29.68 and a beta of 0.99. Mattel has a 52-week low of $22.63 and a 52-week high of $34.76.
Mattel (NASDAQ:MAT) last released its earnings results on Wednesday, July 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.03. Mattel had a net margin of 6.17% and a return on equity of 16.23%. The business earned $957.30 million during the quarter, compared to analyst estimates of $937.85 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities research analysts predict that Mattel will post $1.34 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Tuesday, August 23rd were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, August 19th. This represents a $1.52 annualized dividend and a dividend yield of 5.07%. Mattel’s payout ratio is 149.02%.
In related news, EVP Geoffrey H. Walker sold 7,128 shares of the company’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $33.57, for a total transaction of $239,286.96. Following the completion of the transaction, the executive vice president now owns 39,348 shares in the company, valued at $1,320,912.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.88% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in MAT. Parametrica Management Ltd purchased a new position in shares of Mattel during the third quarter valued at $372,000. MSI Financial Services Inc boosted its position in shares of Mattel by 11.2% in the third quarter. MSI Financial Services Inc now owns 17,189 shares of the company’s stock valued at $520,000 after buying an additional 1,726 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of Mattel by 7.0% in the third quarter. Capstone Asset Management Co. now owns 27,371 shares of the company’s stock valued at $829,000 after buying an additional 1,790 shares during the last quarter. Fox Run Management L.L.C. boosted its position in shares of Mattel by 8.6% in the third quarter. Fox Run Management L.L.C. now owns 7,600 shares of the company’s stock valued at $230,000 after buying an additional 600 shares during the last quarter. Finally, Atria Investments LLC boosted its position in shares of Mattel by 49.3% in the third quarter. Atria Investments LLC now owns 28,023 shares of the company’s stock valued at $849,000 after buying an additional 9,258 shares during the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.
MAT has been the subject of several research reports. Zacks Investment Research lowered shares of Mattel from a “buy” rating to a “hold” rating in a research report on Monday, July 11th. MKM Partners upgraded shares of Mattel from a “neutral” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Monday. Vetr upgraded shares of Mattel from a “buy” rating to a “strong-buy” rating and set a $41.14 price objective for the company in a research report on Monday, August 29th. Jefferies Group reiterated a “buy” rating and set a $36.00 price objective on shares of Mattel in a research report on Thursday. Finally, B. Riley reiterated a “buy” rating and set a $38.00 price objective on shares of Mattel in a research report on Tuesday, July 26th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $35.48.
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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