Inter Parfums Inc. (IPAR) Sees Unusually-High Trading Volume
Inter Parfums Inc. (NASDAQ:IPAR) saw strong trading volume on Tuesday . 270,964 shares changed hands during mid-day trading, an increase of 135% from the previous session’s volume of 115,446 shares.The stock last traded at $31.27 and had previously closed at $31.64.
Several analysts have recently weighed in on the company. B. Riley reissued a “buy” rating and issued a $40.00 target price on shares of Inter Parfums in a report on Friday, August 12th. Citigroup Inc. boosted their target price on Inter Parfums from $35.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 11th. TheStreet raised Inter Parfums from a “hold” rating to a “buy” rating in a report on Wednesday, August 10th. Brean Capital boosted their target price on Inter Parfums from $36.00 to $40.00 and gave the company a “buy” rating in a report on Monday, August 15th. Finally, Piper Jaffray Cos. reissued a “neutral” rating and issued a $33.00 target price (up from $29.00) on shares of Inter Parfums in a report on Saturday, August 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $36.71.
The company’s 50 day moving average is $33.62 and its 200-day moving average is $30.71. The company has a market capitalization of $971.25 million, a PE ratio of 33.27 and a beta of 1.60.
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Inter Parfums (NASDAQ:IPAR) last announced its earnings results on Tuesday, August 9th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The company earned $117.20 million during the quarter, compared to the consensus estimate of $116.16 million. Inter Parfums had a return on equity of 6.27% and a net margin of 6.02%. The company’s revenue was up 14.9% on a year-over-year basis. During the same period last year, the firm earned $0.14 earnings per share. On average, analysts predict that Inter Parfums Inc. will post $1.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.60 annualized dividend and a dividend yield of 1.92%. Inter Parfums’s dividend payout ratio is presently 63.16%.
In other news, CFO Russell Greenberg sold 12,323 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $34.62, for a total transaction of $426,622.26. Following the completion of the sale, the chief financial officer now directly owns 3,000 shares in the company, valued at $103,860. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry B. Clarke sold 5,582 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.50, for a total value of $192,579.00. Following the sale, the insider now owns 2,707 shares of the company’s stock, valued at $93,391.50. The disclosure for this sale can be found here. Insiders own 45.50% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Ranger Investment Management L.P. increased its stake in shares of Inter Parfums by 321.5% in the second quarter. Ranger Investment Management L.P. now owns 600,603 shares of the company’s stock valued at $17,159,000 after buying an additional 458,103 shares in the last quarter. Picton Mahoney Asset Management increased its stake in shares of Inter Parfums by 12,217.7% in the first quarter. Picton Mahoney Asset Management now owns 344,895 shares of the company’s stock valued at $10,659,000 after buying an additional 342,095 shares in the last quarter. Calvert Investment Management Inc. acquired a new stake in shares of Inter Parfums during the second quarter valued at $5,287,000. Royce & Associates LP increased its stake in shares of Inter Parfums by 43.5% in the first quarter. Royce & Associates LP now owns 509,630 shares of the company’s stock valued at $15,748,000 after buying an additional 154,530 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Inter Parfums by 5.1% in the second quarter. Vanguard Group Inc. now owns 1,462,937 shares of the company’s stock valued at $41,796,000 after buying an additional 70,921 shares in the last quarter. Institutional investors own 54.37% of the company’s stock.
About Inter Parfums
Inter Parfums, Inc operates in the fragrance business. The Company manufactures, markets and distributes fragrances and fragrance-related products. It operates in two segments: European based operations and United States based operations. Under its European Operations, the Company produces and distributes fragrance products primarily under license agreements with brand owners and its prestige brands include Balmain, Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Lanvin, Montblanc, Paul Smith, S.T.
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