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Mattel (MAT) Increased Despite Challenging Retail Environment

Ariel Investments, an investment management company, released its “Ariel Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The third quarter saw losses in the U.S. stock market due to concerns about a government shutdown, autoworker strikes, rising oil prices, and the possibility that interest rates might stay higher for longer. In the third quarter, Ariel fund declined -7.15% underperforming both the Russell 2500 Value Index and the Russell 2500 Index, which returned -3.66% and -4.78%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Ariel Fund highlighted stocks like Mattel, Inc. (NASDAQ:MAT) in the Q3 2023 investor letter. Headquartered in El Segundo, California, Mattel, Inc. (NASDAQ:MAT) is an entertainment company that designs and produces toys and consumer products. On November 28, 2023, Mattel, Inc. (NASDAQ:MAT) stock closed at $18.92 per share. One-month return of Mattel, Inc. (NASDAQ:MAT) was -2.12%, and its shares gained 3.78% of their value over the last 52 weeks. Mattel, Inc. (NASDAQ:MAT) has a market capitalization of $6.683 billion.

Ariel Fund made the following comment about Mattel, Inc. (NASDAQ:MAT) in its Q3 2023 investor letter:

"Toy manufacturer, Mattel, Inc. (NASDAQ:MAT) also increased in the period. Although the retail environment remains challenging, MAT delivered a solid earnings beat and maintained full-year guidance. The successful release of the Barbie movie is expected to generate over $125 million of gross billings this year from film royalty payments while boosting the franchises’ consumer products. These results continue to highlight MAT’s progress towards expanding its entertainment offering and executing on its strategy to grow market share, improve profitability and generate higher levels of cash flow. In our view, MAT remains an undervalued asset with attractive growth prospects for its Barbie and Hot Wheels brands, as well as its Disney Princess and Frozen toy lines, Trolls and the global launch of Monster High."

barbie, doll, mattel
barbie, doll, mattel

Photo by Elena Mishlanova on Unsplash

Mattel, Inc. (NASDAQ:MAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Mattel, Inc. (NASDAQ:MAT) at the end of third quarter which was 24 in the previous quarter.

We discussed Mattel, Inc. (NASDAQ:MAT) in another article and shared Longleaf Partners Small-Cap Fund's views on the company. In addition, please check out our hedge fund investor letters Q3 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.