Hasbro Goes Green: Promises Environmentally-Friendly Packaging in 2011 (HAS,WMT)
Nov 22, 2010 (SmarTrend News Watch via COMTEX) --
Officials from Hasbro, Inc. (NYSE:HAS) said Monday that the toy-maker will build upon its green packaging initiatives, reports BusinessWire.
Hasbro plans to remove wire packaging ties in 2011 and aims to use 75% of recycled paper in its packaging next year.
In five years, the firm aims to use 90% recycled materials for in-box game content and outer packaging.
Officials said a director of product packaging sustainability will be hired by the firm to ensure that these goals are met.
"Hasbro's commitment to sustainability has been, and continues to be a high priority in virtually all facets of our operations," commented president and chief executive Brian Goldner. "The Company's ongoing focus on sustainability is critically important to Hasbro and to the consumers around the world who enjoy our brands and products. Importantly, we will be taking additional steps in the area of sustainability going forward, building upon what we have already accomplished in recent years."
Wal-Mart Stores, Inc.'s (NYSE:WMT) senior vice president of toys and seasonal merchandising, Laura Phillips, said, "Wal-Mart applauds Hasbro's industry leadership position in the area of environmental sustainability, which includes its initiative to systematically reduce, and eventually replace, wire ties with sustainable and innovative materials made from paper rattan and other materials."
Hasbro designs, manufactures, and markets toys, games, interactive software, puzzles, and infant products in the United States and internationally.
The company's products include a variety of games, including traditional board, card, hand-held electronic, trading card, role-playing and DVD games, as well as electronic learning aids and puzzles, dolls and action figures.
On October 19, 2010, Hasbro was downgraded to Hold from Buy at Morgan Joseph.
The stock is trading at $47.20, which is 2.14% higher than the downgrade price of $46.21.
Hasbro has a potential upside of 10.7% based on a current price of $47.20, and an average consensus analyst price target of $52.27.
The company is currently above its 50-day moving average (MA) of $45.78 and above its 200-day MA of $41.44.
In the last five trading sessions, the 50-day MA has climbed 0.79%, while the 200-day MA has risen 0.94%.
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