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Mattel Hikes Dividend, Share Repurchases


NEW YORK (TheStreet) -- Mattel (MAT) has raised its annual dividend for 2010 to 83 cents a share, from a 2009 dividend of 75 cents.

Mattel

The 2010 dividend is payable on Dec. 16 to shareholders of record on Dec. 3.

Mattel also said that it plans to begin paying quarterly rather than annual dividends starting in fiscal year 2011. The company plans to declare its quarterly dividends during quarterly earnings announcements.

Furthermore, Mattel has increased its share repurchase program by $500 million. The repurchases will take place from time to time depending on market conditions.

Under the share repurchase program, Mattel has repurchased about 117 million shares of common stock for about $2.3 billion so far. The program is part of a broader capital and investment plan announced in Feb. 2003.

A regulatory filing published on Monday shows that billionaire Carl Icahn's hedge fund Icahn Capital bought 2.4 million shares of Mattel and 5 million shares of Masco (MAS) in the third quarter. During the quarter, he also unloaded the rest of his shares in Yahoo! (YHOO) and Wendy's Arby's (WEN). In 2008, Icahn waged a proxy battle against Yahoo! after the company declined Microsoft's (MSFT) buyout offer of up to $47.5 billion; he backed down after obtaining three seats on Yahoo's board.

-- Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

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Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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