Party City Holdco (NYSE:PRTY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Party City Holdco Inc. is involved in designs, manufactures, contracts for manufacture and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery. It also operates specialty retail party supply stores primarily in the United States and Canada. Party City Holdco Inc. is based in Elmsford, New York. “
PRTY has been the topic of a number of other research reports. BMO Capital Markets set a $20.00 price objective on shares of Party City Holdco and gave the stock a “buy” rating in a research note on Monday. Telsey Advisory Group reiterated an “outperform” rating and issued a $19.00 price objective (up previously from $17.00) on shares of Party City Holdco in a research note on Thursday, January 11th. ValuEngine lowered shares of Party City Holdco from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Stephens reiterated a “buy” rating and issued a $23.00 price objective on shares of Party City Holdco in a research note on Tuesday, March 6th. Finally, Bank of America set a $16.00 price objective on shares of Party City Holdco and gave the stock a “hold” rating in a research note on Thursday, December 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $17.29.
Party City Holdco (NYSE:PRTY) last posted its quarterly earnings results on Friday, March 9th. The specialty retailer reported $0.80 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.80. The business had revenue of $789.60 million during the quarter, compared to analysts’ expectations of $781.30 million. Party City Holdco had a net margin of 9.08% and a return on equity of 13.88%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company posted $0.76 earnings per share. sell-side analysts expect that Party City Holdco will post 1.8 EPS for the current year.
In related news, Director Gerald C. Rittenberg sold 50,000 shares of the firm’s stock in a transaction on Friday, December 29th. The shares were sold at an average price of $14.00, for a total transaction of $700,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder International Corp/Ma Advent sold 19,841,694 shares of the firm’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $12.20, for a total transaction of $242,068,666.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,041,694 shares of company stock worth $244,868,667. 5.02% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC grew its position in Party City Holdco by 36.6% during the third quarter. Neuberger Berman Group LLC now owns 3,324,866 shares of the specialty retailer’s stock valued at $45,052,000 after buying an additional 890,188 shares during the period. Monashee Investment Management LLC acquired a new stake in Party City Holdco during the fourth quarter valued at $698,000. Cubist Systematic Strategies LLC acquired a new stake in Party City Holdco during the third quarter valued at $327,000. Yorktown Management & Research Co Inc acquired a new stake in Party City Holdco during the third quarter valued at $607,000. Finally, Engineers Gate Manager LP acquired a new stake in Party City Holdco during the fourth quarter valued at $1,262,000. Institutional investors own 83.62% of the company’s stock.
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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