Hasbro (HAS) Fell on a Weak Holiday Season
The London Company, an investment management company, released “The London Company Mid Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. Q4 saw a remarkable broadening of market strength, with small and mid-cap companies posting robust increases. In Q4, the fund gained 12.9% (12.8, net) vs a 12.8% gain for the Russell Midcap Index. Positive stock selection boosted the fund's outperformance in the quarter, partly offset by headwinds from sector exposure. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy featured stocks such as Hasbro, Inc. (NASDAQ:HAS) in the fourth quarter 2023 investor letter. Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NASDAQ:HAS) is a play and entertainment company. On February 7, 2024, Hasbro, Inc. (NASDAQ:HAS) stock closed at $49.90 per share. One-month return of Hasbro, Inc. (NASDAQ:HAS) was 0.81%, and its shares lost 12.19% of their value over the last 52 weeks. Hasbro, Inc. (NASDAQ:HAS) has a market capitalization of $6.924 billion.
The London Company Mid Cap Strategy stated the following regarding Hasbro, Inc. (NASDAQ:HAS) in its fourth quarter 2023 investor letter:
"Hasbro, Inc. (NASDAQ:HAS)-Shares of HAS underperformed in 4Q due to concerns of another weak holiday season. Hasbro has been taking costs out of the business by eliminating roughly one- third of its headcount this year. However, results for 3Q were disappointing with revenues continuing to decline in Consumer and Entertainment, causing none of the cost saving efforts to flow through to the bottom line. Management lowered guidance based on the results. The company completed the sale of eOne in December 2023 and will use the proceeds to de-lever the balance sheet, which should help protect the dividend. We believe reduced corporate complexity and improving fundamentals are both near-term catalysts for the stock."
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Hasbro, Inc. (NASDAQ:HAS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Hasbro, Inc. (NASDAQ:HAS) at the end of third quarter which was 32 in the previous quarter.
We discussed Hasbro, Inc. (NASDAQ:HAS) in another article and shared Heartland Mid Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
