Toy company Mattel (MAT) is engaging in some surprising new refreshment moves, more than you might expect from a company that has been working the same product lines for decades, in some cases. Not only did it lose its chief financial officer, it is also bringing in a new doll. This combination sat well with investors, who sent shares up fractionally in Friday afternoon’s trading.
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Anthony DiSilvestro, currently chief financial officer of Mattel, is poised to retire. He had been with Mattel for five years before making the announcement. Though he will not be retiring all at once, a Wall Street Journal report noted. He will officially retire on May 15, and remain on as an “adviser” until August 15, when he will depart for good.
DiSilvestro delivered quite a bit of value for Mattel; he improved operations and made things substantially more efficient, ultimately bringing in about $400 million in cost savings. As such, Mattel has already engaged an executive search firm in a bid to find his replacement.
All This and a Brand New Doll
The news of DiSilvestro’s retirement comes hot on the heels of a new introduction: Aaliyah. For those not familiar, Aaliyah was one of the biggest names in 1990s rhythm and blues, with some even calling her the “princess of R&B,” noted a Good Morning America report.
The doll, currently available in stores, celebrates the life of the young singer who died back in 2001, when she was just 22. Interestingly, the doll’s launch date would have been the singer’s 46th birthday. The doll is part of the “Barbie Music Collector Series,” and has been attired in a fashion similar to what she wore for the music video for her song “One in a Million.” And this one proved to be a hit; a CNN report noted that the doll sold out within hours of its launch.
Is Mattel a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on MAT stock based on five Buys and four Holds assigned in the past three months, as indicated by the graphic below. After a 1.73% rally in its share price over the past year, the average MAT price target of $23 per share implies 28.06% upside potential.
