Party City Holdco (NYSE:PRTY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note 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. “
A number of other equities analysts have also recently commented on PRTY. BMO Capital Markets set a $20.00 price target on Party City Holdco and gave the stock a “buy” rating in a research note on Monday. ValuEngine cut Party City Holdco from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Stephens reaffirmed a “buy” rating and issued a $23.00 price target on shares of Party City Holdco in a research note on Tuesday, March 6th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $19.00 price target (up from $17.00) on shares of Party City Holdco in a research note on Thursday, January 11th. Finally, Bank of America set a $16.00 price target on Party City Holdco and gave the stock a “hold” rating in a research note on Thursday, December 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. Party City Holdco has an average rating of “Hold” and a consensus price target of $17.29.
Party City Holdco (NYSE:PRTY) last released its earnings results on Friday, March 9th. The specialty retailer reported $0.80 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.80. The company had revenue of $789.60 million during the quarter, compared to the consensus estimate of $781.30 million. Party City Holdco had a return on equity of 13.88% and a net margin of 9.08%. Party City Holdco’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS. analysts expect that Party City Holdco will post 1.8 earnings per share for the current fiscal year.
In other news, Director Gerald C. Rittenberg sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $14.00, for a total transaction of $700,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gerald C. Rittenberg sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $14.00, for a total value of $1,400,000.00. The disclosure for this sale can be found here. Insiders have sold 20,041,694 shares of company stock worth $244,868,667 over the last three months. Insiders own 5.02% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. MetLife Investment Advisors LLC purchased a new position in shares of Party City Holdco during the fourth quarter valued at approximately $191,000. Millennium Management LLC increased its stake in shares of Party City Holdco by 465.1% during the fourth quarter. Millennium Management LLC now owns 226,618 shares of the specialty retailer’s stock valued at $3,161,000 after buying an additional 186,519 shares during the period. Two Sigma Securities LLC purchased a new position in shares of Party City Holdco during the fourth quarter valued at approximately $245,000. Two Sigma Investments LP purchased a new position in shares of Party City Holdco during the fourth quarter valued at approximately $1,578,000. Finally, Sapience Investments LLC increased its stake in shares of Party City Holdco by 35.4% during the fourth quarter. Sapience Investments LLC now owns 1,409,200 shares of the specialty retailer’s stock valued at $19,658,000 after buying an additional 368,050 shares during the period. 83.62% of the stock is currently owned by hedge funds and other institutional investors.
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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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