Inter Parfums (NASDAQ:IPAR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $85.00 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 15.52% from the stock’s current price.
According to Zacks, “Inter Parfums has outpaced the industry in the past six months. The company came out with robust sales numbers first-quarter 2021, which was followed by a raised 2021 view. Management noted that the company continued its revival trend, which was witnessed in the second half of 2020. A robust first-quarter performance despite major travel retail hurdles raises optimism about the ongoing year. Management expects 2021 net sales to be nearly $700 million, while net income per share is expected to be $1.65. Certainly, Inter Parfums has been benefiting from its focus on innovation and product launches. However, the company’s gross margin declined in the fourth quarter of 2020. Moreover, management expects to see slight rise in fixed costs for 2021 due to unwinding of certain steps that were undertaken in 2020 to minimize the impacts of the pandemic.”
Other equities analysts have also issued research reports about the company. BWS Financial increased their target price on Inter Parfums from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, January 27th. Citigroup boosted their price target on shares of Inter Parfums from $56.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 9th. Finally, DA Davidson increased their price objective on Inter Parfums from $77.00 to $80.00 and gave the company a “neutral” rating in a research note on Tuesday, April 27th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $68.67.
Inter Parfums (NASDAQ:IPAR) last issued its quarterly earnings data on Sunday, February 28th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.10. The firm had revenue of $184.04 million for the quarter, compared to analyst estimates of $148.00 million. Inter Parfums had a net margin of 5.94% and a return on equity of 5.12%. Inter Parfums’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS. As a group, equities research analysts expect that Inter Parfums will post 0.84 earnings per share for the current year.
In related news, CFO Philippe Santi sold 2,400 shares of the firm’s stock in a transaction on Thursday, March 11th. The shares were sold at an average price of $73.82, for a total value of $177,168.00. Following the transaction, the chief financial officer now directly owns 2,400 shares in the company, valued at approximately $177,168. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Russell Greenberg sold 2,300 shares of the stock in a transaction on Monday, February 8th. The shares were sold at an average price of $69.04, for a total transaction of $158,792.00. Following the completion of the sale, the chief financial officer now directly owns 7,500 shares of the company’s stock, valued at $517,800. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,100 shares of company stock valued at $819,932. Insiders own 44.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in IPAR. CWM Advisors LLC acquired a new stake in shares of Inter Parfums during the 1st quarter worth about $422,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Inter Parfums by 20.6% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 247,679 shares of the company’s stock worth $17,568,000 after purchasing an additional 42,279 shares in the last quarter. Ziegler Capital Management LLC grew its position in shares of Inter Parfums by 18.8% during the 1st quarter. Ziegler Capital Management LLC now owns 178,994 shares of the company’s stock worth $12,696,000 after buying an additional 28,317 shares during the period. Meeder Asset Management Inc. grew its position in shares of Inter Parfums by 6,463.6% during the 1st quarter. Meeder Asset Management Inc. now owns 722 shares of the company’s stock worth $51,000 after buying an additional 711 shares during the period. Finally, Cornerstone Investment Partners LLC bought a new position in Inter Parfums in the first quarter valued at approximately $253,000. 53.12% of the stock is owned by institutional investors.
About Inter Parfums
Inter Parfums, Inc, together with its subsidiaries, manufactures, markets, and distributes a range of fragrances and fragrance related products in the United States and internationally. 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, Kate Spade New York, Lanvin, Montblanc, Paul Smith, Repetto, Rochas, S.T.
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