Party City Holdco (PRTY) Stock Price Up 9.5%
Party City Holdco Inc (NYSE:PRTY) rose 9.5% during mid-day trading on Thursday . The company traded as high as $15.05 and last traded at $15.05. Approximately 1,015,700 shares traded hands during mid-day trading, an increase of 20% from the average daily volume of 847,100 shares. The stock had previously closed at $13.75.
PRTY has been the topic of a number of recent analyst reports. BMO Capital Markets raised shares of Party City Holdco from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $11.20 to $16.00 in a report on Tuesday, October 24th. ValuEngine raised shares of Party City Holdco from a “hold” rating to a “buy” rating in a research note on Friday, October 13th. Morgan Stanley cut their target price on shares of Party City Holdco from $17.00 to $15.50 and set an “equal weight” rating on the stock in a research note on Wednesday, November 8th. JPMorgan Chase & Co. assumed coverage on shares of Party City Holdco in a research note on Monday, November 13th. They set an “overweight” rating and a $14.00 target price on the stock. Finally, Zacks Investment Research lowered shares of Party City Holdco from a “hold” rating to a “sell” rating in a research note on Saturday, November 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Party City Holdco currently has a consensus rating of “Hold” and an average target price of $16.43.
The company has a market capitalization of $1,850.00 and a P/E ratio of 16.15. The company has a current ratio of 1.64, a quick ratio of 0.51 and a debt-to-equity ratio of 1.43.
Party City Holdco (NYSE:PRTY) last announced its earnings results on Thursday, November 9th. The specialty retailer reported $0.13 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.13. The firm had revenue of $560.11 million for the quarter, compared to analyst estimates of $587.74 million. Party City Holdco had a net margin of 4.96% and a return on equity of 13.74%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 EPS. analysts forecast that Party City Holdco Inc will post 1.21 EPS for the current year.
Party City Holdco announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other Party City Holdco news, CEO James M. Harrison purchased 20,000 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average cost of $11.27 per share, with a total value of $225,400.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder International Corp/Ma Advent sold 19,841,694 shares of Party City Holdco stock in a transaction dated 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. Insiders have sold a total of 22,642,979 shares of company stock worth $277,826,948 in the last ninety days. Insiders own 5.02% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC lifted its position in Party City Holdco by 36.6% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,324,866 shares of the specialty retailer’s stock valued at $45,052,000 after acquiring an additional 890,188 shares during the period. Bamco Inc. NY lifted its position in Party City Holdco by 5.4% during the 3rd quarter. Bamco Inc. NY now owns 2,565,000 shares of the specialty retailer’s stock valued at $34,756,000 after acquiring an additional 131,500 shares during the period. Vanguard Group Inc. lifted its position in Party City Holdco by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 2,405,039 shares of the specialty retailer’s stock valued at $37,639,000 after acquiring an additional 82,978 shares during the period. Peregrine Capital Management LLC lifted its position in Party City Holdco by 16.0% during the 3rd quarter. Peregrine Capital Management LLC now owns 1,412,261 shares of the specialty retailer’s stock valued at $19,136,000 after acquiring an additional 194,516 shares during the period. Finally, Rice Hall James & Associates LLC lifted its position in Party City Holdco by 18.5% during the 3rd quarter. Rice Hall James & Associates LLC now owns 1,377,866 shares of the specialty retailer’s stock valued at $18,670,000 after acquiring an additional 215,136 shares during the period.
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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