Bank of America Reiterates Neutral Rating for Party City Holdco (PRTY)
Party City Holdco (NYSE:PRTY)‘s stock had its “neutral” rating reiterated by equities researchers at Bank of America in a report released on Wednesday. They presently have a $15.50 price target on the specialty retailer’s stock, up from their previous price target of $13.50. Bank of America’s price objective suggests a potential upside of 12.73% from the company’s previous close.
Several other brokerages have also recently issued reports on PRTY. Zacks Investment Research cut Party City Holdco from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. ValuEngine raised Party City Holdco from a “hold” rating to a “buy” rating in a report on Monday, December 4th. Finally, Telsey Advisory Group upped their price objective on Party City Holdco from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Party City Holdco currently has an average rating of “Hold” and an average target price of $15.79.
Shares of Party City Holdco (NYSE PRTY) traded down $0.20 on Wednesday, hitting $13.75. The stock had a trading volume of 867,300 shares, compared to its average volume of 530,194. The stock has a market cap of $1,660.00 and a PE ratio of 14.32. Party City Holdco has a twelve month low of $9.50 and a twelve month high of $17.05. The company has a quick ratio of 0.51, a current ratio of 1.64 and a debt-to-equity ratio of 1.43.
Party City Holdco declared that its board has authorized a stock buyback plan on Thursday, November 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In related news, insider Michael A. Correale bought 5,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were purchased at an average price of $12.14 per share, with a total value of $60,700.00. Following the transaction, the insider now owns 79,756 shares in the company, valued at approximately $968,237.84. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jefferson M. Case sold 42,979 shares of the company’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $12.67, for a total value of $544,543.93. The disclosure for this sale can be found here. Insiders own 5.02% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. TIAA CREF Investment Management LLC grew its position in Party City Holdco by 0.3% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 70,088 shares of the specialty retailer’s stock valued at $1,097,000 after acquiring an additional 205 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Party City Holdco by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 97,405 shares of the specialty retailer’s stock valued at $1,525,000 after acquiring an additional 608 shares during the last quarter. Pacad Investment Ltd. grew its position in Party City Holdco by 6.1% in the 2nd 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. The Manufacturers Life Insurance Company grew its position in Party City Holdco by 3.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,032 shares of the specialty retailer’s stock valued at $392,000 after acquiring an additional 894 shares during the last quarter. Finally, Teachers Advisors LLC grew its position in Party City Holdco by 2.6% in the 2nd quarter. Teachers Advisors LLC now owns 52,572 shares of the specialty retailer’s stock valued at $823,000 after acquiring an additional 1,343 shares during the last quarter.
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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