BlackRock Inc. Boosts Stake in Party City Holdco Inc (PRTY)
BlackRock Inc. grew its stake in shares of Party City Holdco Inc (NYSE:PRTY) by 17.6% in the second quarter, HoldingsChannel.com reports. The fund owned 2,462,123 shares of the specialty retailer’s stock after purchasing an additional 368,655 shares during the period. BlackRock Inc.’s holdings in Party City Holdco were worth $37,547,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Royal Bank of Canada raised its position in shares of Party City Holdco by 300.1% during the 1st quarter. Royal Bank of Canada now owns 6,554 shares of the specialty retailer’s stock worth $101,000 after purchasing an additional 4,916 shares during the last quarter. Spark Investment Management LLC acquired a new position in shares of Party City Holdco during the 2nd quarter worth approximately $1,659,000. Schwab Charles Investment Management Inc. raised its position in shares of Party City Holdco by 13.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 194,711 shares of the specialty retailer’s stock worth $2,970,000 after purchasing an additional 23,320 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Party City Holdco during the 2nd quarter worth approximately $351,000. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of Party City Holdco during the 2nd quarter worth approximately $419,000.
PRTY has been the subject of several research reports. ValuEngine downgraded Party City Holdco from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. Zacks Investment Research downgraded Party City Holdco from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. JPMorgan Chase & Co. set a $19.00 price objective on Party City Holdco and gave the stock a “buy” rating in a research report on Monday, October 1st. Morgan Stanley cut their price objective on Party City Holdco from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Thursday, October 11th. Finally, TheStreet downgraded Party City Holdco from a “b-” rating to a “c” rating in a research report on Thursday, October 11th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $19.33.
Party City Holdco (NYSE:PRTY) last released its earnings results on Thursday, August 9th. The specialty retailer reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The firm had revenue of $561.00 million during the quarter, compared to analysts’ expectations of $560.95 million. Party City Holdco had a net margin of 9.20% and a return on equity of 15.36%. Party City Holdco’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 EPS. As a group, sell-side analysts expect that Party City Holdco Inc will post 1.83 EPS for the current year.
In other Party City Holdco news, major shareholder H. Lee Equity Fund Vi Thomas sold 10,000,000 shares of Party City Holdco stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $15.50, for a total value of $155,000,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerald C. Rittenberg sold 50,000 shares of Party City Holdco stock in a transaction that occurred on Saturday, December 29th. The stock was sold at an average price of $14.08, for a total transaction of $704,000.00. Following the completion of the sale, the director now directly owns 3,800 shares of the company’s stock, valued at $53,504. The disclosure for this sale can be found here. 6.47% of the stock is currently owned by insiders.
Party City Holdco Profile
Party City Holdco Inc, through its subsidiaries, designs, manufactures, sources, and distributes party supplies in the United States and internationally. The company operates in two segments, Retail and Wholesale. It offers paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories and novelties, stationery, and decorations.
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