Alliancebernstein L.P. Sells 9,000 Shares of Party City Holdco Inc. (NYSE:PRTY)
Alliancebernstein L.P. cut its position in shares of Party City Holdco Inc. (NYSE:PRTY) by 25.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,200 shares of the specialty retailer’s stock after selling 9,000 shares during the period. Alliancebernstein L.P.’s holdings in Party City Holdco were worth $368,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Ameriprise Financial Inc. purchased a new position in shares of Party City Holdco during the first quarter valued at approximately $3,623,000. Denver Investment Advisors LLC increased 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 valued at $479,000 after buying an additional 13,940 shares during the last quarter. American Century Companies Inc. increased 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 valued at $5,011,000 after buying an additional 9,411 shares during the last quarter. Adams Diversified Equity Fund Inc. increased its position in shares of Party City Holdco by 56.9% in the first quarter. Adams Diversified Equity Fund Inc. now owns 84,700 shares of the specialty retailer’s stock valued at $1,190,000 after buying an additional 30,700 shares during the last quarter. Finally, Rubric Capital Management LP purchased a new position in shares of Party City Holdco during the first quarter valued at approximately $9,343,000. Institutional investors and hedge funds own 99.98% of the company’s stock.
Party City Holdco Inc. (NYSE:PRTY) traded down 1.74% during mid-day trading on Friday, hitting $14.10. 377,170 shares of the stock were exchanged. The company has a 50-day moving average of $14.90 and a 200-day moving average of $14.93. Party City Holdco Inc. has a 52 week low of $12.65 and a 52 week high of $19.10. The stock has a market capitalization of $1.69 billion, a PE ratio of 14.57 and a beta of 2.69.
Party City Holdco (NYSE:PRTY) last posted its earnings results on Wednesday, August 2nd. The specialty retailer reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.02. The company had revenue of $544.90 million during the quarter, compared to analysts’ expectations of $545.59 million. Party City Holdco had a net margin of 4.97% and a return on equity of 13.97%. Party City Holdco’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the company posted $0.24 earnings per share. On average, equities analysts predict that Party City Holdco Inc. will post $1.28 EPS for the current fiscal year.
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PRTY has been the subject of several analyst reports. Zacks Investment Research raised shares of Party City Holdco from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Wednesday, May 10th. BMO Capital Markets set a $16.00 price target on shares of Party City Holdco and gave the company a “hold” rating in a report on Thursday, August 3rd. ValuEngine downgraded shares of Party City Holdco from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, BidaskClub raised shares of Party City Holdco from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $17.00.
In related news, Director Gerald C. Rittenberg sold 70,000 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $14.68, for a total transaction of $1,027,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James M. Harrison bought 65,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were 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 directly owns 969 shares of the company’s stock, valued at approximately $14,050.50. The disclosure for this purchase can be found here. Company insiders own 5.02% of the company’s stock.
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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