Equities researchers at J P Morgan Chase & Co assumed coverage on shares of Party City Holdco Inc. (NYSE:PRTY) in a note issued to investors on Monday. The brokerage set an “overweight” rating on the specialty retailer’s stock.
PRTY has been the topic of several other research reports. ValuEngine downgraded Party City Holdco from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research upgraded Party City Holdco from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Saturday, August 5th. BMO Capital Markets set a $16.00 target price on Party City Holdco and gave the stock a “hold” rating in a research report on Thursday, August 3rd. Finally, BidaskClub downgraded Party City Holdco from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $16.38.
Party City Holdco (PRTY) traded down $0.50 during trading on Monday, reaching $11.20. The company had a trading volume of 1,639,400 shares, compared to its average volume of 462,488. Party City Holdco has a fifty-two week low of $9.50 and a fifty-two week high of $17.70. The company has a current ratio of 1.64, a quick ratio of 0.51 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $1,340.98, a P/E ratio of 9.41, a price-to-earnings-growth ratio of 0.90 and a beta of 2.54.
Party City Holdco (NYSE:PRTY) last posted its quarterly earnings data on Thursday, November 9th. The specialty retailer reported $0.13 EPS for the quarter, meeting the consensus estimate of $0.13. Party City Holdco had a return on equity of 13.74% and a net margin of 4.96%. The business had revenue of $560.11 million for the quarter, compared to the consensus estimate of $587.74 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. Party City Holdco’s revenue for the quarter was up .6% on a year-over-year basis. equities analysts anticipate that Party City Holdco will post 1.25 earnings per share for the current year.
Party City Holdco announced that its board has initiated a stock repurchase program on Thursday, November 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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In other news, insider Ryan T. Vero purchased 2,921 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were purchased at an average price of $13.70 per share, with a total value of $40,017.70. Following the completion of the acquisition, the insider now owns 2,921 shares in the company, valued at approximately $40,017.70. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 5.02% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Party City Holdco by 7.0% in the second quarter. Bank of New York Mellon Corp now owns 191,945 shares of the specialty retailer’s stock worth $3,004,000 after purchasing an additional 12,484 shares during the period. Neuberger Berman Group LLC increased its holdings in shares of Party City Holdco by 4.7% in the second quarter. Neuberger Berman Group LLC now owns 2,434,678 shares of the specialty retailer’s stock worth $38,103,000 after purchasing an additional 109,750 shares during the period. American International Group Inc. increased its holdings in shares of Party City Holdco by 7.1% in the first quarter. American International Group Inc. now owns 16,587 shares of the specialty retailer’s stock worth $233,000 after purchasing an additional 1,098 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Party City Holdco by 6.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 96,797 shares of the specialty retailer’s stock worth $1,360,000 after purchasing an additional 5,472 shares during the period. Finally, Nationwide Fund Advisors increased its holdings in shares of Party City Holdco by 437.8% in the second quarter. Nationwide Fund Advisors now owns 105,889 shares of the specialty retailer’s stock worth $1,657,000 after purchasing an additional 86,200 shares during the period.
About Party City Holdco
Party City Holdco Inc is a holding company with no operating assets or operations. As of December 31, 2016, the Company owned PC Nextco Holdings, LLC (PC Nextco), which owned PC Intermediate Holdings, Inc (PC Intermediate). As of December 31, 2016, PC Intermediate owned Party City Holdings Inc (PCHI).
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