Morgan Stanley Cuts Party City Holdco Inc. (PRTY) Price Target to $15.50
Party City Holdco Inc. (NYSE:PRTY) had its target price trimmed by Morgan Stanley from $17.00 to $15.50 in a research note issued to investors on Wednesday morning. The firm currently has an equal weight rating on the specialty retailer’s stock.
A number of other equities analysts also recently issued reports on PRTY. BidaskClub downgraded shares of Party City Holdco from a hold rating to a sell rating in a research note on Tuesday, July 11th. ValuEngine downgraded shares of Party City Holdco from a buy rating to a hold rating in a research note on Tuesday, July 25th. BMO Capital Markets set a $16.00 target price on shares of Party City Holdco and gave the stock a hold rating in a report on Thursday, August 3rd. Finally, Zacks Investment Research raised shares of Party City Holdco from a hold rating to a buy rating and set a $16.00 price objective for the company in a report on Saturday, August 5th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Party City Holdco has an average rating of Hold and a consensus price target of $16.38.
Shares of Party City Holdco (NYSE:PRTY) traded down $0.50 during midday trading on Wednesday, hitting $11.20. 1,639,400 shares of the stock traded hands, compared to its average volume of 462,488. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.71 and a quick ratio of 0.49. The stock has a market cap of $1,280.00 and a PE ratio of 9.81. Party City Holdco has a 52-week low of $9.50 and a 52-week high of $17.70.
Party City Holdco (NYSE:PRTY) last announced its earnings results on Thursday, November 9th. The specialty retailer reported $0.13 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.13. The firm had revenue of $560.11 million for 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 13.88%. The business’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS. equities analysts forecast that Party City Holdco will post 1.25 EPS for the current fiscal year.
Party City Holdco declared that its Board of Directors has authorized a share repurchase plan on Thursday, November 9th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other Party City Holdco news, insider Ryan T. Vero purchased 2,921 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were purchased at an average cost of $13.70 per share, for a total transaction of $40,017.70. Following the completion of the transaction, the insider now owns 2,921 shares in the company, valued at $40,017.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.02% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc raised its stake in Party City Holdco by 14.0% during the first 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. bought a new position in Party City Holdco during the second quarter worth about $127,000. Tudor Investment Corp ET AL bought a new position in Party City Holdco during the first quarter worth about $170,000. SG Americas Securities LLC bought a new position in Party City Holdco during the third quarter worth about $176,000. Finally, Pacad Investment Ltd. raised its position in shares of Party City Holdco by 6.1% during the second quarter. Pacad Investment Ltd. now owns 12,100 shares of the specialty retailer’s stock worth $189,000 after purchasing an additional 700 shares during the period.
Party City Holdco Company Profile
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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