Tuesday, 20 February, 2018

Mattel stock soars on report of Hasbro takeover offer

Screen Shot 2017 11 10 Google Finance
Nellie Chapman | 11 November, 2017, 04:35

A merger, which would create a business with a combined value of almost $17 billion, comes after years of declining sales at Mattel and a corresponding fall in its share price. MKM Partners upgraded shares of Mattel from a "neutral" rating to a "buy" rating and set a $36.00 target price for the company in a research note on Monday, October 10th.

The two companies were not immediately available for comment. The stock has an average rating of "Hold" and an average target price of $21.46. The company had a trading volume of 9,871,886 shares, compared to its average volume of 7,648,982. Mattel has a 52-week low of $12.71 and a 52-week high of $32.48.

The two companies had a combined market capitalization of about US$16 billion as of Friday's close.

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Mattel (NASDAQ:MAT) last released its quarterly earnings results on Wednesday, October 19th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of $0.58 by ($0.49). Mattel had a positive return on equity of 2.51% and a negative net margin of 11.73%. The business had revenue of $1.56 billion for the quarter, compared to analysts' expectations of $1.82 billion.

Mattel in late October reported a 14% drop in its third-quarter sales, excluding the effect of currency fluctuations, and suspended its quarterly dividend. During the same period past year, the business posted $0.70 earnings per share. The company presently has an average rating of "Hold" and a consensus price target of $21.46. The shares were sold at an average price of $30.79, for a total value of $277,110.00. HighTower Advisors LLC now owns 51,921 shares of the company's stock valued at $1,345,000 after purchasing an additional 600 shares during the last quarter. The disclosure for this sale can be found here.

Large investors have recently added to or reduced their stakes in the stock.

Mattel's shares have slumped 47 percent this year, valuing the company at about $4.8 billion. Thrivent Financial For Lutherans raised its holdings in Mattel by 3.2% in the 2nd quarter. Russell Frank Co now owns 224,108 shares of the company's stock valued at $6,150,000 after buying an additional 2,634 shares during the last quarter. Aberdeen Asset Management PLC UK raised its holdings in Mattel by 43.8% in the 2nd quarter. Principal Financial Group Inc. now owns 527,888 shares of the company's stock valued at $13,519,000 after buying an additional 28,993 shares in the last quarter.