Here’s Why Mattel (MAT) Fell in Q4
Ariel Investments, an investment management company, released its “Ariel Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Global markets in 2023 outperformed expectations, led by large-cap tech stocks known as the "magnificent seven." Improving inflation data and dovish comments from the Fed drove a strong finish to the year. Ariel Fund rose +13.41% in the fourth quarter, in line with the +13.35% of the Russell 2500 Index, but short of the +13.76% of the Russell 2500 Value Index. Over the past year, Ariel Fund increased by +15.81%, slightly below the +15.98% of the Russell 2500 Value Index and behind the +17.42% gain of the Russell 2500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Fund featured stocks like Mattel, Inc. (NASDAQ:MAT) in the Q4 2023 investor letter. Headquartered in El Segundo, California, Mattel, Inc. (NASDAQ:MAT) is a children’s and family entertainment company. On March 8, 2024, Mattel, Inc. (NASDAQ:MAT) stock closed at $19.79 per share. One-month return of Mattel, Inc. (NASDAQ:MAT) was 3.23%, and its shares gained 21.41% of their value over the last 52 weeks. Mattel, Inc. (NASDAQ:MAT) has a market capitalization of $6.99 billion.
Ariel Fund stated the following regarding Mattel, Inc. (NASDAQ:MAT) in its fourth quarter 2023 investor letter:
"Toy manufacturer, Mattel, Inc. (NASDAQ:MAT), also traded lower in the period. Despite delivering a significant earnings beat, management maintained full-year guidance signaling a lighter-than-expected holiday outlook to investors. Nonetheless, we continue to expect MAT will gain share, improve profitability and generate higher levels of cash flow in this weaker retail environment. In our view, MAT remains an undervalued company with resilient consumer demand for toys such as Barbie, Hot Wheels and Disney Princesses, as well as an attractive opportunity for future film and TV projects."
Mattel, Inc. (NASDAQ:MAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Mattel, Inc. (NASDAQ:MAT) was held by 32 hedge fund portfolios, up from 30 in the previous quarter, according to our database.
We discussed Mattel, Inc. (NASDAQ:MAT) in another article and shared the list of stocks billionaires Mario Gabelli and Mason Hawkins love. 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.
