Hasbro, Inc. $HAS Stock Position Reduced by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Hasbro stake by 82.2% in the third quarter, selling 14,501 shares and retaining 3,140 shares valued at approximately $275,000. Institutional investors collectively own 91.83% of Hasbro.
• Hasbro reported a strong quarter, with earnings of $2.90 per share versus the $1.86 consensus estimate and revenue of $1.60 billion, up 15% year over year. The company also maintained a quarterly dividend of $0.70 per share, representing a 2.4% annualized yield.
• Analysts remain broadly positive, giving Hasbro a consensus “Moderate Buy” rating and an average price target of $114.93, while insiders sold 8,021 shares worth about $749,154 during the latest quarter.

Sterling Capital Management LLC decreased its position in shares of Hasbro, Inc. (NASDAQ:HAS - Free Report) by 82.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,140 shares of the company's stock after selling 14,501 shares during the quarter. Sterling Capital Management LLC's holdings in Hasbro were worth $275,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Hasbro during the second quarter worth $2,204,689,000. Bank of America Corp DE bought a new position in shares of Hasbro in the 2nd quarter valued at about $289,258,000. Bank of New York Mellon Corp bought a new position in shares of Hasbro in the 2nd quarter valued at about $130,731,000. Deutsche Bank AG purchased a new position in Hasbro in the second quarter worth about $89,467,000. Finally, Hsbc Holdings PLC purchased a new position in Hasbro in the second quarter worth about $66,071,000. 91.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Holly Barbacovi sold 5,057 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $94.20, for a total value of $476,369.40. Following the completion of the transaction, the insider directly owned 37,486 shares in the company, valued at approximately $3,531,181.20. This represents a 11.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Elizabeth Hamren sold 1,975 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $92.84, for a total value of $183,359.00. Following the transaction, the director owned 9,896 shares of the company's stock, valued at approximately $918,744.64. This represents a 16.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 8,021 shares of company stock worth $749,154 over the last quarter. 0.71% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Hasbro from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 15th. Jefferies Financial Group reduced their price target on Hasbro from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, July 16th. BNP Paribas Exane reiterated an "outperform" rating and issued a $127.00 price target (up from $116.00) on shares of Hasbro in a research note on Wednesday, October 21st. Wells Fargo & Company lifted their target price on Hasbro from $90.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 21st. Finally, The Goldman Sachs Group decreased their price objective on Hasbro from $117.00 to $115.00 and set a "buy" rating for the company in a report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $114.93.

Hasbro Stock Down 0.4%

NASDAQ HAS opened at $119.09 on Friday. The company has a market cap of $16.80 billion, a P/E ratio of 16.70, a P/E/G ratio of 1.55 and a beta of 0.45. Hasbro, Inc. has a one year low of $74.78 and a one year high of $121.04. The business has a fifty day moving average price of $96.38 and a 200 day moving average price of $92.36. The company has a debt-to-equity ratio of 2.79, a quick ratio of 1.24 and a current ratio of 1.40.

Hasbro (NASDAQ:HAS - Get Free Report) last released its quarterly earnings data on Tuesday, October 20th. The company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $1.86 by $1.04. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Hasbro had a net margin of 18.44% and a return on equity of 140.60%. Hasbro's quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.68 EPS. Research analysts anticipate that Hasbro, Inc. will post 6.69 EPS for the current fiscal year.

Hasbro Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $2.80 dividend on an annualized basis and a yield of 2.4%. Hasbro's payout ratio is 41.85%.

Hasbro Company Profile

Hasbro, Inc is a global branded entertainment company that develops and markets toys, games, entertainment experiences and consumer products. Its portfolio includes well-known brands such as Monopoly, Play-Doh, Transformers, Nerf, My Little Pony, Dungeons & Dragons and Magic: The Gathering.

The company serves consumers through a range of channels, including retail, e-commerce, digital gaming, entertainment content and licensing. Hasbro also works with third-party partners to extend its brands into film and television, apparel, publishing and other consumer products.

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