Bank of America Corp DE lessened its stake in Hasbro, Inc. (NASDAQ:HAS) by 21.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,194,924 shares of the company’s stock after selling 587,593 shares during the quarter. Bank of America Corp DE owned 1.73% of Hasbro worth $202,613,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of HAS. Optimum Investment Advisors purchased a new position in shares of Hasbro in the 1st quarter valued at about $117,000. McKinley Carter Wealth Services Inc. purchased a new position in shares of Hasbro in the 1st quarter valued at about $136,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Hasbro in the 2nd quarter valued at about $136,000. Dupont Capital Management Corp increased its stake in shares of Hasbro by 88.4% in the 1st quarter. Dupont Capital Management Corp now owns 1,846 shares of the company’s stock valued at $156,000 after purchasing an additional 866 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new position in shares of Hasbro in the 2nd quarter valued at about $165,000. 80.08% of the stock is owned by institutional investors and hedge funds.
NASDAQ:HAS opened at $103.34 on Friday. Hasbro, Inc. has a 12 month low of $79.00 and a 12 month high of $107.58. The company has a quick ratio of 2.11, a current ratio of 2.69 and a debt-to-equity ratio of 0.96. The company has a market cap of $12.89 billion, a price-to-earnings ratio of 18.88, a PEG ratio of 1.83 and a beta of 0.90.
Hasbro (NASDAQ:HAS) last posted its quarterly earnings results on Monday, July 23rd. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.19. The business had revenue of $904.50 million during the quarter, compared to analyst estimates of $839.29 million. Hasbro had a return on equity of 35.34% and a net margin of 4.15%. The business’s revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. equities research analysts forecast that Hasbro, Inc. will post 4.75 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be given a $0.63 dividend. The ex-dividend date is Wednesday, October 31st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.44%. Hasbro’s dividend payout ratio (DPR) is presently 46.15%.
Hasbro announced that its board has initiated a share repurchase plan on Thursday, May 17th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Several research firms have commented on HAS. TheStreet upgraded Hasbro from a “c+” rating to a “b” rating in a research note on Monday, July 23rd. DA Davidson boosted their price objective on Hasbro to $124.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. B. Riley boosted their price objective on Hasbro from $106.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. Jefferies Financial Group set a $120.00 price objective on Hasbro and gave the stock a “buy” rating in a research note on Tuesday, July 24th. Finally, BidaskClub lowered Hasbro from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. Hasbro currently has an average rating of “Hold” and a consensus target price of $107.59.
In other news, EVP Wiebe Tinga sold 20,674 shares of the company’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $101.24, for a total value of $2,093,035.76. Following the completion of the sale, the executive vice president now directly owns 67,943 shares in the company, valued at $6,878,549.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Tarrant L. Sibley sold 1,525 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $100.00, for a total value of $152,500.00. Following the completion of the sale, the senior vice president now owns 21,262 shares of the company’s stock, valued at $2,126,200. The disclosure for this sale can be found here. Insiders sold 106,645 shares of company stock valued at $10,796,944 over the last 90 days. Company insiders own 9.90% of the company’s stock.
Hasbro, Inc, together with its subsidiaries, operates as a play and entertainment company. The company's U.S. and Canada segment markets and sells action figures, arts and crafts, and creative play products; electronic toys and related electronic interactive products; fashion and other dolls, infant products, play sets, preschool toys, plush products, and sports action blasters and accessories; and vehicles and toy-related specialty products, as well as traditional board games, and trading card and role-playing games primarily in the United States and Canada.
Further Reading: Leveraged Buyout (LBO)
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