Mattel, Inc. (MAT) Up Slightly Despite Q2 Loss, Waning Barbie Sales

Hedge fund activity in Mattel, Inc. (NASDAQ:MAT)

Of the funds tracked by Insider Monkey, Israel Englander‘s Millennium Management had the largest position in Mattel, Inc. (NASDAQ:MAT), owning 2.97 million shares worth close to $68 million, amounting to 0.1% of its total 13F portfolio. The second-most bullish hedge fund manager was Jim Simons of Renaissance Technologies, with 2.69 million shares, a $61.5 million position; the fund manager had 0.1% of his fund’s 13F portfolio invested in the stock. Other hedgies that hold long positions include Glenn Russell Dubin’s Highbridge Capital Management, Joel Greenblatt’s Gotham Asset Management, and Alec Litowitz and Ross Laser’s Magnetar Capital.

As industrywide interest jumped, key hedge funds have been driving this bullishness. It should be noted that the previously mentioned Renaissance Technologies, managed by Jim Simons, established its substantial Mattel, Inc. (NASDAQ:MAT) holding entirely in the first quarter. Alec Litowitz and Ross Laser’s Magnetar Capital also made a $17.1 million investment in the stock during the quarter, opening a position of call options underlying 750,000 shares. Furthermore, Magnetar also bought a long position of 300,000 shares worth about $6.86 million. The other funds with new positions in the stock are John Overdeck and David Siegel’s Two Sigma Advisors, and Guy Shahar’s DSAM Partners.

As hedge funds are very confident in Mattel, Inc. (NASDAQ:MAT) and at least one insider has also bought shares recently, we are inclined to recommend a long position on the company’s shares, regardless of Barbie’s continuing decline.

Disclosure: None