Zacks Investment Research upgraded shares of Mattel Inc. (NASDAQ:MAT) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $35.00 target price on the stock.
According to Zacks, “Mattel’s increased focus on improving its point of sale through introduction of more products, brand innovation and strategic initiatives like entering new categories and strengthening of the Girls portfolio bode well. We believe the company’s renewed contracts for toy franchisees of Cars 3 and Toy Story 4, set to release in 2017 and 2018, respectively, will significantly boost revenues. Also, efforts to achieve cumulative cost savings and enhanced margins are added positives. Estimates have been stable lately ahead of the company’s third quarter earnings release and the company has mixed record of earnings surprises in recent quarters. However, it will take time for all the brands to show consistent improvement. Moreover, negative currency translation remains a major headwind. Also, costs related to sales boosting initiatives may keep profits under pressure while macroeconomic concerns might continue to hurt revenues.”
A number of other research firms have also recently issued reports on MAT. Vetr upgraded shares of Mattel from a buy rating to a strong-buy rating and set a $41.14 target price for the company in a research note on Monday, August 29th. Monness Crespi & Hardt upgraded shares of Mattel from a neutral rating to a buy rating and set a $37.00 target price for the company in a research note on Monday, September 19th. MKM Partners boosted their price objective on shares of Mattel from $33.00 to $36.00 and gave the stock a neutral rating in a research report on Thursday, July 21st. Piper Jaffray Cos. restated a neutral rating and issued a $30.00 price objective (up previously from $28.00) on shares of Mattel in a research report on Friday, July 22nd. Finally, Jefferies Group set a $36.00 price objective on shares of Mattel and gave the stock a buy rating in a research report on Thursday, July 21st. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Mattel presently has an average rating of Buy and a consensus target price of $35.07.
Mattel (NASDAQ:MAT) opened at 31.97 on Wednesday. The company has a market capitalization of $10.89 billion, a price-to-earnings ratio of 31.65 and a beta of 0.93. Mattel has a 52 week low of $19.45 and a 52 week high of $34.76. The firm’s 50-day moving average price is $32.93 and its 200-day moving average price is $32.32.
Mattel (NASDAQ:MAT) last announced its quarterly earnings results on Wednesday, July 20th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm earned $957.30 million during the quarter, compared to analysts’ expectations of $937.85 million. Mattel had a net margin of 6.17% and a return on equity of 16.23%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.01 earnings per share. On average, equities analysts expect that Mattel will post $1.34 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Tuesday, August 23rd were given a $0.38 dividend. The ex-dividend date was Friday, August 19th. This represents a $1.52 annualized dividend and a yield of 4.75%. Mattel’s dividend payout ratio is currently 149.02%.
In related news, EVP Geoffrey H. Walker sold 7,128 shares of the business’s stock in a transaction on 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 directly owns 39,348 shares of the company’s stock, valued at approximately $1,320,912.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of MAT. Bollard Group LLC boosted its stake in shares of Mattel by 1.2% in the second quarter. Bollard Group LLC now owns 4,078 shares of the company’s stock valued at $128,000 after buying an additional 48 shares during the period. Mizuho Asset Management Co. Ltd. boosted its stake in shares of Mattel by 130.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 4,258 shares of the company’s stock valued at $133,000 after buying an additional 2,410 shares during the period. Checchi Capital Advisers LLC boosted its stake in shares of Mattel by 4.2% in the second quarter. Checchi Capital Advisers LLC now owns 5,573 shares of the company’s stock valued at $174,000 after buying an additional 226 shares during the period. IFP Advisors Inc boosted its stake in shares of Mattel by 67.1% in the first quarter. IFP Advisors Inc now owns 5,265 shares of the company’s stock valued at $177,000 after buying an additional 2,114 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Mattel by 268.4% in the second quarter. Tower Research Capital LLC TRC now owns 5,688 shares of the company’s stock valued at $178,000 after buying an additional 4,144 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.
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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