Party City Holdco (PRTY) Upgraded by ValuEngine to “Buy”
ValuEngine upgraded shares of Party City Holdco (NYSE:PRTY) from a hold rating to a buy rating in a research note issued to investors on Monday.
A number of other analysts have also recently commented on PRTY. Zacks Investment Research upgraded shares of Party City Holdco from a hold rating to a buy rating and set a $15.00 target price for the company in a research note on Wednesday, September 27th. J P Morgan Chase & Co began coverage on shares of Party City Holdco in a research note on Monday, November 13th. They set an overweight rating and a $14.00 price objective for the company. Finally, Morgan Stanley decreased their price objective on shares of Party City Holdco from $15.50 to $14.00 and set an equal weight rating for the company in a research note on Tuesday, November 14th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $15.60.
Party City Holdco (PRTY) traded up $0.35 during mid-day trading on Monday, reaching $13.85. 713,800 shares of the company were exchanged, compared to its average volume of 482,919. The firm has a market cap of $1,616.36, a PE ratio of 11.35, a PEG ratio of 1.12 and a beta of 2.71. The company has a quick ratio of 0.51, a current ratio of 1.64 and a debt-to-equity ratio of 1.43. Party City Holdco has a one year low of $9.50 and a one year high of $17.45.
Party City Holdco (NYSE:PRTY) last released its earnings results on Thursday, November 9th. The specialty retailer reported $0.13 EPS for the quarter, hitting analysts’ consensus estimates of $0.13. The company had revenue of $560.11 million during the quarter, compared to analysts’ expectations of $587.74 million. Party City Holdco had a net margin of 4.96% and a return on equity of 13.74%. Party City Holdco’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the business earned $0.12 EPS. sell-side analysts anticipate that Party City Holdco will post 1.21 earnings per share for the current year.
Party City Holdco announced that its Board of Directors has approved a stock repurchase plan on Thursday, November 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, insider Michael A. Correale bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was purchased at an average cost of $12.14 per share, for a total transaction of $60,700.00. Following the purchase, the insider now directly owns 79,756 shares in the company, valued at approximately $968,237.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO James M. Harrison bought 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was purchased at an average price of $11.27 per share, with a total value of $225,400.00. The disclosure for this purchase can be found here. Insiders own 5.02% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of PRTY. Legal & General Group Plc increased its holdings in Party City Holdco by 14.0% in the 1st quarter. Legal & General Group Plc now owns 7,190 shares of the specialty retailer’s stock worth $101,000 after acquiring an additional 881 shares in the last quarter. Parallax Volatility Advisers L.P. purchased a new stake in Party City Holdco in the 2nd quarter worth $127,000. Pacad Investment Ltd. increased its holdings in Party City Holdco by 6.1% in the 2nd quarter. Pacad Investment Ltd. now owns 12,100 shares of the specialty retailer’s stock worth $189,000 after acquiring an additional 700 shares in the last quarter. Voya Investment Management LLC purchased a new stake in Party City Holdco in the 2nd quarter worth $202,000. Finally, SG Americas Securities LLC purchased a new stake in Party City Holdco in the 3rd quarter worth $176,000.
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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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