J P Morgan Chase & Co assumed coverage on shares of Party City Holdco Inc. (NYSE:PRTY) in a research note released on Monday, MarketBeat.com reports. The brokerage issued an overweight rating and a $14.00 price target on the specialty retailer’s stock.
A number of other equities analysts have also weighed in on the company. Zacks Investment Research lowered Party City Holdco from a buy rating to a hold rating in a research note on Tuesday, August 29th. ValuEngine upgraded Party City Holdco from a hold rating to a buy rating in a research note on Friday, October 13th. BMO Capital Markets upgraded Party City Holdco from a market perform rating to an outperform rating and lifted their price objective for the company from $11.20 to $16.00 in a research note on Tuesday, October 24th. Finally, Morgan Stanley reduced their price objective on Party City Holdco from $17.00 to $15.50 and set an equal weight rating for the company in a research note on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $15.60.
Shares of Party City Holdco (NYSE:PRTY) remained flat at $$12.00 on Monday. The stock had a trading volume of 518,200 shares, compared to its average volume of 471,562. Party City Holdco has a 52-week low of $9.50 and a 52-week high of $17.70. The company has a current ratio of 1.64, a quick ratio of 0.51 and a debt-to-equity ratio of 1.43. The company has a market cap of $1,510.00 and a price-to-earnings ratio of 10.08.
Party City Holdco (NYSE:PRTY) last issued its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.13 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.13. Party City Holdco had a return on equity of 13.74% and a net margin of 4.96%. The company had revenue of $560.11 million during the quarter, compared to analysts’ expectations of $587.74 million. During the same quarter in the previous year, the firm posted $0.12 EPS. The firm’s revenue was up .6% compared to the same quarter last year. research analysts forecast that Party City Holdco will post 1.21 EPS for the current fiscal year.
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Party City Holdco announced that its board has initiated a stock buyback program on Thursday, November 9th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In related news, CEO James M. Harrison bought 20,000 shares of the stock in a transaction dated Monday, November 13th. The shares were acquired at an average cost of $11.27 per share, for a total transaction of $225,400.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael A. Correale bought 5,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were bought at an average price of $12.14 per share, for a total transaction of $60,700.00. Following the completion of the acquisition, the insider now owns 79,756 shares in the company, valued at $968,237.84. The disclosure for this purchase can be found here. Insiders own 5.02% of the company’s stock.
Several institutional investors have recently modified their holdings of PRTY. Legal & General Group Plc boosted its holdings in shares of Party City Holdco by 14.0% during the 1st quarter. Legal & General Group Plc now owns 7,190 shares of the specialty retailer’s stock worth $101,000 after purchasing an additional 881 shares during the last quarter. Parallax Volatility Advisers L.P. acquired a new position in shares of Party City Holdco during the 2nd quarter worth approximately $127,000. Tudor Investment Corp ET AL acquired a new position in Party City Holdco in the first quarter valued at approximately $170,000. SG Americas Securities LLC acquired a new position in Party City Holdco in the third quarter valued at approximately $176,000. Finally, Pacad Investment Ltd. lifted its holdings in Party City Holdco by 6.1% in the second quarter. Pacad Investment Ltd. now owns 12,100 shares of the specialty retailer’s stock valued at $189,000 after acquiring an additional 700 shares during the last quarter.
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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