Bank of New York Mellon Corp Sells 14,529 Shares of Inter Parfums, Inc. (NASDAQ:IPAR)

Bank of New York Mellon Corp reduced its position in Inter Parfums, Inc. (NASDAQ:IPAR) by 5.2% in the second quarter, Holdings Channel.com reports. The fund owned 264,275 shares of the company’s stock after selling 14,529 shares during the period. Bank of New York Mellon Corp’s holdings in Inter Parfums were worth $30,664,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Inter Parfums during the fourth quarter valued at $32,493,000. Artisan Partners Limited Partnership purchased a new position in Inter Parfums in the 4th quarter worth about $16,226,000. First Trust Advisors LP lifted its stake in Inter Parfums by 43.0% during the 4th quarter. First Trust Advisors LP now owns 201,643 shares of the company’s stock valued at $29,039,000 after acquiring an additional 60,606 shares during the period. Burney Co. bought a new stake in shares of Inter Parfums in the first quarter worth approximately $5,327,000. Finally, Intrinsic Edge Capital Management LLC raised its holdings in shares of Inter Parfums by 36.5% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 117,768 shares of the company’s stock valued at $16,960,000 after purchasing an additional 31,518 shares during the last quarter. 55.57% of the stock is currently owned by hedge funds and other institutional investors.

Inter Parfums Trading Down 2.6 %

Shares of Inter Parfums stock opened at $125.54 on Wednesday. Inter Parfums, Inc. has a 1-year low of $108.39 and a 1-year high of $156.75. The company’s fifty day simple moving average is $126.15 and its 200-day simple moving average is $127.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.58 and a quick ratio of 1.27. The stock has a market capitalization of $4.02 billion, a PE ratio of 28.93 and a beta of 1.18.

Inter Parfums (NASDAQ:IPAR) last released its earnings results on Tuesday, August 6th. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.09. Inter Parfums had a return on equity of 15.82% and a net margin of 10.38%. The company had revenue of $342.00 million for the quarter, compared to the consensus estimate of $342.00 million. During the same period in the previous year, the business earned $1.09 earnings per share. Inter Parfums’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts anticipate that Inter Parfums, Inc. will post 5.15 earnings per share for the current year.

Insider Activity

In related news, Director Veronique Gabai-Pinsky sold 1,500 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $125.96, for a total value of $188,940.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 43.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IPAR. Jefferies Financial Group upgraded shares of Inter Parfums from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Friday, July 12th. Piper Sandler restated an “overweight” rating and issued a $151.00 price target (up from $150.00) on shares of Inter Parfums in a research note on Tuesday, July 23rd. BWS Financial reaffirmed a “buy” rating and issued a $172.00 price objective on shares of Inter Parfums in a report on Thursday, August 8th. DA Davidson reissued a “buy” rating and issued a $192.00 target price on shares of Inter Parfums in a report on Wednesday, August 7th. Finally, StockNews.com raised Inter Parfums from a “sell” rating to a “hold” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $163.75.

Inter Parfums Profile

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. It operates in two segments, European Based Operations and United States Based Operations. The company offers its fragrance and cosmetic products under the Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lanvin, Moncler, Montblanc, Rochas, S.T.