Stock Repurchase Plan Authorized by Party City Holdco (PRTY) Board
Party City Holdco (NYSE:PRTY) announced that its Board of Directors has initiated a stock buyback plan, which allows the company to repurchase $100.00 million in outstanding shares on Thursday, November 9th, EventVestor reports. This repurchase authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
Several brokerages have recently issued reports on PRTY. Zacks Investment Research downgraded Party City Holdco from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Morgan Stanley lowered their price target on Party City Holdco from $15.50 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday. BidaskClub downgraded Party City Holdco from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. J P Morgan Chase & Co began coverage on Party City Holdco in a research report on Monday. They issued an “overweight” rating and a $14.00 price target on the stock. Finally, BMO Capital Markets set a $16.00 price target on Party City Holdco and gave the company a “hold” rating in a research report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Party City Holdco presently has a consensus rating of “Hold” and a consensus price target of $15.60.
Shares of Party City Holdco (NYSE PRTY) opened at $12.00 on Thursday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.64 and a quick ratio of 0.51. Party City Holdco has a one year low of $9.50 and a one year high of $17.70. The firm has a market cap of $1,346.96, a PE ratio of 9.45, a P/E/G ratio of 0.92 and a beta of 2.54.
Party City Holdco (NYSE:PRTY) last released its earnings results on Thursday, November 9th. The specialty retailer reported $0.13 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.13. Party City Holdco had a net margin of 4.96% and a return on equity of 13.74%. The business had revenue of $560.11 million during the quarter, compared to analysts’ expectations of $587.74 million. During the same quarter last year, the company earned $0.12 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. research analysts forecast that Party City Holdco will post 1.23 EPS for the current year.
In related news, CEO James M. Harrison bought 20,000 shares of Party City Holdco stock in a transaction that occurred on Monday, November 13th. The stock was acquired at an average price of $11.27 per share, for a total transaction of $225,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.02% of the stock is currently owned by company insiders.
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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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