Inter Parfums, Inc. (IPAR) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Inter Parfums, Inc. (NASDAQ:IPAR) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. Zacks Investment Research currently has $52.00 price objective on the stock.
According to Zacks, “Inter Parfums, Inc. is a world-wide provider of prestige perfumes and mass market perfumes and cosmetics. They operate in the fragrance and cosmetic industry, specializing in prestige perfumes and mass market perfumes and cosmetics. “
Several other brokerages have also commented on IPAR. BidaskClub upgraded shares of Inter Parfums from a buy rating to a strong-buy rating in a research note on Saturday, August 26th. DA Davidson reiterated a buy rating and issued a $45.00 price target (up from $44.00) on shares of Inter Parfums in a research note on Thursday, August 10th. KeyCorp set a $44.00 price target on shares of Inter Parfums and gave the company a buy rating in a research note on Monday, October 16th. Finally, Citigroup Inc. reiterated a buy rating and issued a $45.00 price target (up from $42.00) on shares of Inter Parfums in a research note on Thursday, August 10th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $44.50.
Inter Parfums (NASDAQ:IPAR) traded up 0.90% on Thursday, reaching $44.80. 93,393 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $41.54 and a 200-day moving average of $38.09. Inter Parfums has a one year low of $29.40 and a one year high of $46.80. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 34.73 and a beta of 1.76.
Inter Parfums (NASDAQ:IPAR) last released its earnings results on Monday, August 7th. The company reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. Inter Parfums had a net margin of 7.14% and a return on equity of 8.12%. The firm had revenue of $129.10 million for the quarter, compared to analyst estimates of $122.57 million. During the same period in the prior year, the firm earned $0.19 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. Equities research analysts forecast that Inter Parfums will post $1.29 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Thursday, September 28th. Inter Parfums’s payout ratio is currently 52.31%.
In related news, CFO Russell Greenberg sold 2,500 shares of the stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $39.60, for a total transaction of $99,000.00. Following the completion of the sale, the chief financial officer now directly owns 5,500 shares of the company’s stock, valued at $217,800. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Patrick Choel sold 750 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $41.59, for a total value of $31,192.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,750 shares of company stock valued at $480,483. Corporate insiders own 45.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in Inter Parfums in the first quarter valued at $107,000. Acrospire Investment Management LLC lifted its holdings in Inter Parfums by 68.9% in the second quarter. Acrospire Investment Management LLC now owns 3,178 shares of the company’s stock valued at $116,000 after acquiring an additional 1,296 shares during the period. State of Alaska Department of Revenue lifted its holdings in Inter Parfums by 78.8% in the second quarter. State of Alaska Department of Revenue now owns 3,380 shares of the company’s stock valued at $123,000 after acquiring an additional 1,490 shares during the period. Victory Capital Management Inc. lifted its holdings in Inter Parfums by 39.4% in the first quarter. Victory Capital Management Inc. now owns 3,483 shares of the company’s stock valued at $127,000 after acquiring an additional 985 shares during the period. Finally, Huntington National Bank lifted its holdings in Inter Parfums by 17.6% in the second quarter. Huntington National Bank now owns 3,569 shares of the company’s stock valued at $131,000 after acquiring an additional 535 shares during the period. 55.82% of the stock is owned by hedge funds and other institutional investors.
Inter Parfums Company Profile
Inter Parfums, Inc operates in the fragrance business. The Company manufactures, markets and distributes an array of fragrance and fragrance related products. It operates through two segments: European based operations and United States based operations. The European Operations segment produces and distributes its fragrance products under license agreements with brand owners.
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