Hasbro (NASDAQ:HAS) Posts Earnings Results

Key Points

• Hasbro reported earnings of $1.68 per share for the quarter, exceeding analysts' expectations of $1.63, with revenue of $1.39 billion, which is higher than the estimated $1.35 billion.
• The company's revenue increased by 8.3% year-over-year, although its earnings per share decreased from $1.73 in the same quarter last year.
• Insider selling included CEO Christian P. Cocks selling 27,800 shares at an average price of $78.92, indicating a significant 10.01% decrease in his ownership.

Hasbro (NASDAQ:HAS - Get Free Report) announced its earnings results on Thursday. The company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.05, Zacks reports. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.35 billion. Hasbro had a negative net margin of 13.37% and a positive return on equity of 64.49%. The business's revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.73 EPS.

Hasbro Trading Up 0.5%

NASDAQ HAS traded up $0.35 during mid-day trading on Thursday, reaching $75.51. 1,252,756 shares of the stock were exchanged, compared to its average volume of 1,935,490. Hasbro has a one year low of $49.00 and a one year high of $82.19. The stock has a 50 day simple moving average of $77.15 and a 200-day simple moving average of $70.91. The stock has a market cap of $10.59 billion, a P/E ratio of -18.45, a P/E/G ratio of 0.96 and a beta of 0.60. The company has a debt-to-equity ratio of 12.31, a current ratio of 1.66 and a quick ratio of 1.32.

Insider Buying and Selling

In related news, CEO Christian P. Cocks sold 27,800 shares of Hasbro stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $78.92, for a total transaction of $2,193,976.00. Following the completion of the transaction, the chief executive officer owned 249,861 shares of the company's stock, valued at $19,719,030.12. This trade represents a 10.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Roberta K. Thomson sold 1,002 shares of Hasbro stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $79.81, for a total transaction of $79,969.62. Following the transaction, the insider directly owned 51,301 shares of the company's stock, valued at $4,094,332.81. This represents a 1.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,359 shares of company stock valued at $2,970,828 over the last quarter. Insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On Hasbro

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp increased its stake in Hasbro by 2.1% in the second quarter. State Street Corp now owns 6,508,052 shares of the company's stock valued at $480,424,000 after purchasing an additional 131,678 shares in the last quarter. Bank of America Corp DE increased its position in shares of Hasbro by 128.7% during the second quarter. Bank of America Corp DE now owns 2,981,423 shares of the company's stock worth $220,089,000 after acquiring an additional 1,677,962 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Hasbro by 95.7% during the second quarter. AQR Capital Management LLC now owns 2,259,812 shares of the company's stock worth $164,831,000 after acquiring an additional 1,105,004 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Hasbro by 54.0% during the second quarter. Adage Capital Partners GP L.L.C. now owns 453,672 shares of the company's stock worth $33,490,000 after acquiring an additional 159,000 shares in the last quarter. Finally, Duquesne Family Office LLC bought a new stake in shares of Hasbro during the second quarter worth about $20,751,000. 91.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on HAS shares. Roth Capital increased their price target on shares of Hasbro from $86.00 to $92.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. UBS Group increased their price objective on shares of Hasbro from $82.00 to $88.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Hasbro in a research note on Wednesday, October 8th. Citigroup increased their price objective on shares of Hasbro from $79.00 to $91.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Monness Crespi & Hardt increased their price objective on shares of Hasbro from $80.00 to $90.00 in a research note on Wednesday, September 17th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Hasbro has a consensus rating of "Moderate Buy" and a consensus target price of $87.64.

About Hasbro

Hasbro, Inc, together with its subsidiaries, operates as a toy and game company in the United States, Europe, Canada, Mexico, Latin America, Australia, China, and Hong Kong. The company operates through Consumer Products; Wizards of the Coast and Digital Gaming; Entertainment; and Corporate and Other segments.

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