Zacks Investment Research upgraded shares of Inter Parfums (NASDAQ:IPAR) from a hold rating to a strong-buy rating in a report issued on Saturday. Zacks Investment Research currently has $68.00 price target on the stock.
According to Zacks, “Inter Parfums, Inc. is a premier fragrance company with a diverse portfolio of prestige brands. They has been selected as the fragrance and beauty partner for a growing list of brands that include Abercrombie & Fitch, Agent Provocateur, Anna Sui, bebe, Boucheron, Coach, Dunhill, Hollister, Jimmy Choo, Karl Lagerfeld, Lanvin, Montblanc, Oscar de la Renta, Paul Smith, Repetto, Rochas, Shanghai Tang, S.T. Dupont and Van Cleef & Arpels. Inter Parfums is known for innovation, quality and its ability to capture the genetic code of each brand in the products it develops, manufactures and distributes worldwide. “
A number of other research firms have also issued reports on IPAR. BidaskClub raised shares of Inter Parfums from a hold rating to a buy rating in a research report on Tuesday, September 25th. Jefferies Financial Group set a $60.00 price target on shares of Inter Parfums and gave the stock a hold rating in a research report on Wednesday, August 8th. Citigroup raised their price target on shares of Inter Parfums from $50.00 to $66.00 and gave the stock a neutral rating in a research report on Thursday, August 9th. DA Davidson reissued a buy rating and set a $75.00 price target on shares of Inter Parfums in a research report on Monday, September 17th. Finally, BWS Financial raised their price target on shares of Inter Parfums to $75.00 and gave the stock a buy rating in a research report on Thursday, August 9th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Inter Parfums has an average rating of Buy and an average price target of $68.80.
Inter Parfums (NASDAQ:IPAR) last posted its quarterly earnings results on Tuesday, August 7th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Inter Parfums had a net margin of 7.54% and a return on equity of 8.37%. The company had revenue of $149.37 million during the quarter, compared to analyst estimates of $149.42 million. Analysts expect that Inter Parfums will post 1.61 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were paid a dividend of $0.21 per share. The ex-dividend date was Thursday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.44%. Inter Parfums’s payout ratio is 63.16%.
In other news, CFO Russell Greenberg sold 1,059 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $66.50, for a total transaction of $70,423.50. Following the sale, the chief financial officer now owns 44 shares of the company’s stock, valued at approximately $2,926. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pelayo Frederic Garcia sold 3,600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $65.20, for a total transaction of $234,720.00. Following the sale, the insider now directly owns 1,000 shares in the company, valued at approximately $65,200. The disclosure for this sale can be found here. Insiders have sold a total of 8,259 shares of company stock worth $38,188,304 in the last ninety days. Corporate insiders own 45.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IPAR. Cortina Asset Management LLC grew its stake in shares of Inter Parfums by 36.9% during the 2nd quarter. Cortina Asset Management LLC now owns 458,351 shares of the company’s stock worth $24,522,000 after purchasing an additional 123,582 shares during the period. Acadian Asset Management LLC grew its stake in shares of Inter Parfums by 133.1% during the 2nd quarter. Acadian Asset Management LLC now owns 180,051 shares of the company’s stock worth $9,632,000 after purchasing an additional 102,817 shares during the period. Fort Pitt Capital Group LLC grew its stake in shares of Inter Parfums by 20.0% during the 2nd quarter. Fort Pitt Capital Group LLC now owns 458,223 shares of the company’s stock worth $24,515,000 after purchasing an additional 76,327 shares during the period. TD Asset Management Inc. acquired a new stake in shares of Inter Parfums during the 2nd quarter worth approximately $3,542,000. Finally, First Trust Advisors LP grew its stake in shares of Inter Parfums by 798.3% during the 2nd quarter. First Trust Advisors LP now owns 74,228 shares of the company’s stock worth $3,971,000 after purchasing an additional 65,965 shares during the period. 56.48% of the stock is currently owned by institutional investors and hedge funds.
About Inter Parfums
Inter Parfums, Inc, together with its subsidiaries, manufactures, markets, and distributes a range of fragrances and fragrance related products. The company operates in two segments, European Based Operations and United States Based Operations. It offers its fragrance and cosmetic products under the Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Lanvin, Montblanc, Paul Smith, Repetto, Rochas, S.T.
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