Inter Parfums, Inc. (NASDAQ:IPAR) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 242,000 shares, a decline of 20.4% from the October 31st total of 304,000 shares. Approximately 1.4% of the company’s stock are short sold. Based on an average daily volume of 89,800 shares, the days-to-cover ratio is presently 2.7 days.
Several analysts have commented on the stock. DA Davidson lowered their price objective on shares of Inter Parfums from $82.00 to $76.00 and set a “neutral” rating on the stock in a research report on Thursday, November 21st. Zacks Investment Research lowered shares of Inter Parfums from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Finally, BidaskClub raised shares of Inter Parfums from a “sell” rating to a “hold” rating in a research report on Tuesday. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Inter Parfums presently has a consensus rating of “Hold” and an average target price of $75.80.
NASDAQ:IPAR traded up $0.64 during mid-day trading on Wednesday, hitting $70.51. 73,169 shares of the stock traded hands, compared to its average volume of 111,187. The business’s 50-day moving average price is $73.65 and its 200 day moving average price is $68.46. The company has a market cap of $2.22 billion, a PE ratio of 41.23, a price-to-earnings-growth ratio of 2.97 and a beta of 0.87. Inter Parfums has a 12-month low of $58.21 and a 12-month high of $81.40. The company has a quick ratio of 2.24, a current ratio of 3.24 and a debt-to-equity ratio of 0.06.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.33 dividend. This is a boost from Inter Parfums’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.87%. Inter Parfums’s dividend payout ratio is 64.33%.
In related news, CFO Russell Greenberg sold 5,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $70.20, for a total transaction of $351,000.00. Following the transaction, the chief financial officer now directly owns 5,000 shares in the company, valued at $351,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 11,933 shares of company stock worth $824,315. 44.60% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in IPAR. Arizona State Retirement System raised its holdings in Inter Parfums by 0.6% during the 2nd quarter. Arizona State Retirement System now owns 26,831 shares of the company’s stock valued at $1,784,000 after buying an additional 154 shares during the last quarter. 6 Meridian raised its holdings in Inter Parfums by 2.2% during the 3rd quarter. 6 Meridian now owns 8,108 shares of the company’s stock valued at $567,000 after buying an additional 176 shares during the last quarter. Mason Street Advisors LLC raised its holdings in Inter Parfums by 3.6% during the 3rd quarter. Mason Street Advisors LLC now owns 5,980 shares of the company’s stock valued at $418,000 after buying an additional 206 shares during the last quarter. Comerica Bank raised its holdings in Inter Parfums by 1.3% during the 3rd quarter. Comerica Bank now owns 16,546 shares of the company’s stock valued at $1,221,000 after buying an additional 214 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY raised its holdings in Inter Parfums by 4.3% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 5,748 shares of the company’s stock valued at $402,000 after buying an additional 239 shares during the last quarter. 55.66% 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. 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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