Party City Holdco Inc. (PRTY) Downgraded by Zacks Investment Research to Hold
Party City Holdco Inc. (NYSE:PRTY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 weighed in on the company. BidaskClub lowered Party City Holdco from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. BMO Capital Markets set a $16.00 price objective on Party City Holdco and gave the stock a “hold” rating in a research note on Thursday, August 3rd. Finally, ValuEngine lowered Party City Holdco from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.00.
Party City Holdco (NYSE:PRTY) opened at 14.10 on Tuesday. The firm’s 50-day moving average price is $14.42 and its 200 day moving average price is $14.90. The firm has a market cap of $1.69 billion, a P/E ratio of 14.57 and a beta of 2.69. Party City Holdco has a 52 week low of $12.65 and a 52 week high of $18.33.
Party City Holdco (NYSE:PRTY) last released its quarterly earnings results on Wednesday, August 2nd. The specialty retailer reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.02. Party City Holdco had a return on equity of 13.97% and a net margin of 4.97%. The business had revenue of $544.90 million during the quarter, compared to analyst estimates of $545.59 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. Party City Holdco’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities analysts forecast that Party City Holdco will post $1.28 earnings per share for the current fiscal year.
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In other news, CEO James M. Harrison purchased 65,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was bought at an average cost of $14.50 per share, with a total value of $942,500.00. Following the completion of the purchase, the chief executive officer now owns 969 shares in the company, valued at $14,050.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gerald C. Rittenberg sold 70,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $14.68, for a total value of $1,027,600.00. The disclosure for this sale can be found here. 5.02% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in PRTY. Renaissance Technologies LLC raised its position in shares of Party City Holdco by 114.0% in the fourth quarter. Renaissance Technologies LLC now owns 35,100 shares of the specialty retailer’s stock worth $498,000 after buying an additional 18,700 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Party City Holdco by 3.3% in the fourth quarter. Teachers Advisors LLC now owns 49,486 shares of the specialty retailer’s stock worth $703,000 after buying an additional 1,568 shares during the last quarter. American Century Companies Inc. raised its position in shares of Party City Holdco by 2.7% in the first quarter. American Century Companies Inc. now owns 356,635 shares of the specialty retailer’s stock worth $5,011,000 after buying an additional 9,411 shares during the last quarter. Denver Investment Advisors LLC raised its position in shares of Party City Holdco by 69.2% in the first quarter. Denver Investment Advisors LLC now owns 34,095 shares of the specialty retailer’s stock worth $479,000 after buying an additional 13,940 shares during the last quarter. Finally, Ameriprise Financial Inc. purchased a new position in shares of Party City Holdco during the first quarter worth approximately $3,623,000.
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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