Bank of America reissued their neutral rating on shares of Party City Holdco (NYSE:PRTY) in a report issued on Wednesday, December 27th, MarketBeat Ratings reports. Bank of America currently has a $15.50 price target on the specialty retailer’s stock, up from their prior price target of $13.50.
PRTY has been the subject of several other reports. Zacks Investment Research downgraded Party City Holdco from a buy rating to a hold rating in a research report on Wednesday, October 4th. Morgan Stanley cut their price objective on Party City Holdco from $15.50 to $14.00 and set an equal weight rating for the company in a research report on Tuesday, November 14th. Telsey Advisory Group lifted their price objective on Party City Holdco from $16.00 to $17.00 and gave the stock an outperform rating in a research report on Friday, December 22nd. JPMorgan Chase & Co. began coverage on Party City Holdco in a research report on Monday, November 13th. They set an overweight rating and a $14.00 price objective for the company. Finally, ValuEngine upgraded Party City Holdco from a hold rating to a buy rating in a research report on Monday, December 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $16.43.
Shares of Party City Holdco (PRTY) opened at $15.50 on Wednesday. Party City Holdco has a 12-month low of $9.50 and a 12-month high of $17.05. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.51 and a current ratio of 1.64. The stock has a market cap of $1,850.00 and a P/E ratio of 16.15.
Party City Holdco (NYSE:PRTY) last posted its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.13 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.13. Party City Holdco had a net margin of 4.96% and a return on equity of 13.74%. The company had revenue of $560.11 million during the quarter, compared to the consensus estimate of $587.74 million. During the same period last year, the firm earned $0.12 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. sell-side analysts anticipate that Party City Holdco will post 1.21 earnings per share for the current year.
Party City Holdco announced that its board has approved a stock buyback program on Thursday, November 9th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, CEO James M. Harrison bought 20,000 shares of the stock in a transaction on Monday, November 13th. The stock was purchased at an average cost of $11.27 per share, with a total value of $225,400.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gerald C. Rittenberg sold 50,000 shares of Party City Holdco stock in a transaction that occurred on Saturday, December 29th. The stock was sold at an average price of $14.00, for a total transaction of $700,000.00. The disclosure for this sale can be found here. Insiders sold a total of 22,642,979 shares of company stock valued at $277,826,948 over the last ninety days. 5.02% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PRTY. Teachers Advisors LLC grew its stake in shares of Party City Holdco by 3.5% during the 1st quarter. Teachers Advisors LLC now owns 51,229 shares of the specialty retailer’s stock valued at $720,000 after buying an additional 1,743 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Party City Holdco by 1,255.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 53,857 shares of the specialty retailer’s stock valued at $843,000 after buying an additional 49,883 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Party City Holdco by 0.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 97,405 shares of the specialty retailer’s stock valued at $1,525,000 after buying an additional 608 shares during the period. First Trust Advisors LP grew its stake in shares of Party City Holdco by 303.6% during the 2nd quarter. First Trust Advisors LP now owns 139,856 shares of the specialty retailer’s stock valued at $2,189,000 after buying an additional 105,208 shares during the period. Finally, Rhumbline Advisers grew its stake in shares of Party City Holdco by 7.6% during the 2nd quarter. Rhumbline Advisers now owns 33,211 shares of the specialty retailer’s stock valued at $520,000 after buying an additional 2,360 shares during the period.
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Party City Holdco Company Profile
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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