Inter Parfums, Inc. (IPAR) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Inter Parfums, Inc. (NASDAQ:IPAR) from a buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “Inter Parfums, Inc. is a world-wide provider of prestige perfumes and mass market perfumes and cosmetics. They operate in the fragrance and cosmetic industry, specializing in prestige perfumes and mass market perfumes and cosmetics. “

A number of other equities research analysts have also issued reports on the stock. BidaskClub raised shares of Inter Parfums from a buy rating to a strong-buy rating in a report on Saturday, August 26th. Citigroup Inc. reaffirmed a buy rating and set a $45.00 target price (up previously from $42.00) on shares of Inter Parfums in a report on Thursday, August 10th. DA Davidson reaffirmed a buy rating and set a $45.00 target price (up previously from $44.00) on shares of Inter Parfums in a report on Thursday, August 10th. Finally, Jefferies Group LLC assumed coverage on shares of Inter Parfums in a report on Friday, June 2nd. They set a hold rating and a $35.00 target price for the company. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Inter Parfums presently has a consensus rating of Buy and a consensus target price of $42.20.

Inter Parfums (IPAR) opened at 40.50 on Tuesday. The company’s 50 day moving average is $38.75 and its 200-day moving average is $36.72. Inter Parfums has a 12 month low of $29.40 and a 12 month high of $41.70. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 31.40 and a beta of 1.77.

Inter Parfums (NASDAQ:IPAR) last released its earnings results on Monday, August 7th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. Inter Parfums had a net margin of 7.14% and a return on equity of 8.12%. The business had revenue of $129.10 million during the quarter, compared to analyst estimates of $122.57 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts expect that Inter Parfums will post $1.28 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be given a dividend of $0.17 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.68 annualized dividend and a dividend yield of 1.68%. Inter Parfums’s payout ratio is 52.31%.

In other news, CFO Russell Greenberg sold 2,500 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $39.10, for a total transaction of $97,750.00. Following the transaction, the chief financial officer now owns 5,500 shares of the company’s stock, valued at approximately $215,050. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 45.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Fort Pitt Capital Group LLC boosted its position in shares of Inter Parfums by 31.6% during the 2nd quarter. Fort Pitt Capital Group LLC now owns 386,988 shares of the company’s stock valued at $14,183,000 after acquiring an additional 92,965 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Inter Parfums by 14.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 92,500 shares of the company’s stock valued at $3,390,000 after acquiring an additional 11,880 shares during the last quarter. Atlanta Capital Management Co. L L C boosted its position in shares of Inter Parfums by 14.0% during the 2nd quarter. Atlanta Capital Management Co. L L C now owns 1,168,496 shares of the company’s stock valued at $42,825,000 after acquiring an additional 143,072 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Inter Parfums during the 2nd quarter valued at about $1,012,000. Finally, State Street Corp boosted its position in shares of Inter Parfums by 5.5% during the 2nd quarter. State Street Corp now owns 422,743 shares of the company’s stock valued at $15,493,000 after acquiring an additional 21,856 shares during the last quarter. 55.61% of the stock is currently owned by hedge funds and other institutional investors.

About Inter Parfums

Inter Parfums, Inc operates in the fragrance business. The Company manufactures, markets and distributes an array of fragrance and fragrance related products. It operates through two segments: European based operations and United States based operations. The European Operations segment produces and distributes its fragrance products under license agreements with brand owners.

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