Zacks Investment Research downgraded shares of Party City Holdco (NYSE:PRTY) from a strong-buy rating to a hold rating in a research note issued to investors 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 subject of several other research reports. ValuEngine cut Party City Holdco from a buy rating to a hold rating in a report on Wednesday, March 7th. Bank of America raised their price target on Party City Holdco from $13.50 to $15.50 and gave the company a neutral rating in a report on Wednesday, December 27th. Stephens restated a buy rating and set a $23.00 price target on shares of Party City Holdco in a report on Tuesday, March 6th. Telsey Advisory Group restated an outperform rating and set a $19.00 price target (up previously from $17.00) on shares of Party City Holdco in a report on Thursday, January 11th. Finally, Morgan Stanley cut their price target on Party City Holdco from $15.50 to $14.00 and set an equal weight rating for the company in a report on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus 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 (EPS) for the quarter, hitting the consensus estimate of $0.80. Party City Holdco had a return on equity of 13.88% and a net margin of 9.08%. The firm had revenue of $789.60 million during the quarter, compared to analysts’ expectations of $781.30 million. During the same quarter last year, the business posted $0.76 earnings per share. The firm’s revenue was up 5.4% on a year-over-year basis. analysts forecast that Party City Holdco will post 1.8 EPS for the current fiscal year.
In other news, Director Gerald C. Rittenberg sold 239,000 shares of Party City Holdco stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $15.38, for a total value of $3,675,820.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gerald C. Rittenberg sold 100,000 shares of Party City Holdco stock in a transaction that occurred on Friday, December 22nd. The stock was 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 a total of 20,280,694 shares of company stock valued at $248,544,487 in the last 90 days. 5.02% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Neuberger Berman Group LLC boosted its holdings in shares of Party City Holdco by 36.6% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,324,866 shares of the specialty retailer’s stock worth $45,052,000 after purchasing an additional 890,188 shares during the period. Monashee Investment Management LLC purchased a new position in shares of Party City Holdco in the 4th quarter worth approximately $698,000. Cubist Systematic Strategies LLC purchased a new position in shares of Party City Holdco in the 3rd quarter worth approximately $327,000. Yorktown Management & Research Co Inc purchased a new position in shares of Party City Holdco in the 3rd quarter worth approximately $607,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Party City Holdco in the 4th quarter worth approximately $1,262,000. Hedge funds and other institutional investors own 83.62% of the company’s stock.
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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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