Zacks Investment Research downgraded shares of Pier 1 Imports, Inc. (NYSE:PIR) from a hold rating to a sell rating in a report issued on Wednesday.
According to Zacks, “Pier 1 Imports, Inc. consists of a chain of retail stores operating under the names Pier 1 Imports and The Pier, selling a wide variety of furniture, decorative home furnishings, dining and kitchen goods, accessories and other specialty items for the home. Additionally, the company, through certain subsidiaries, operates stores in the United Kingdom under the name The Pier. The company supplies merchandise and licenses the Pier 1 name to Sears Mexico and Sears Puerto Rico. “
Other equities research analysts have also issued reports about the stock. Morgan Stanley decreased their target price on shares of Pier 1 Imports from $5.50 to $5.00 and set an underweight rating for the company in a research note on Friday, June 30th. Deutsche Bank AG decreased their target price on shares of Pier 1 Imports from $6.25 to $5.00 and set a sell rating for the company in a research note on Wednesday, May 31st. Gordon Haskett assumed coverage on shares of Pier 1 Imports in a research note on Tuesday, May 9th. They set a reduce rating and a $6.00 target price for the company. Johnson Rice lowered shares of Pier 1 Imports from an accumulate rating to a hold rating in a research note on Thursday, June 29th. Finally, Citigroup Inc. assumed coverage on shares of Pier 1 Imports in a research note on Friday, April 28th. They set a neutral rating and a $7.00 target price for the company. Seven equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $5.83.
Shares of Pier 1 Imports (PIR) traded up 2.039% during mid-day trading on Wednesday, hitting $4.755. The company had a trading volume of 1,017,439 shares. Pier 1 Imports has a 52 week low of $3.73 and a 52 week high of $9.68. The firm has a market capitalization of $385.54 million, a PE ratio of 11.858 and a beta of 1.72. The firm has a 50-day moving average price of $5.38 and a 200-day moving average price of $6.85.
Pier 1 Imports (NYSE:PIR) last released its quarterly earnings data on Wednesday, June 28th. The specialty retailer reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The business had revenue of $409.50 million for the quarter, compared to analysts’ expectations of $420.80 million. Pier 1 Imports had a return on equity of 13.96% and a net margin of 1.82%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) EPS. Equities analysts forecast that Pier 1 Imports will post $0.47 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 2nd. Stockholders of record on Wednesday, July 19th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Monday, July 17th. This represents a $0.28 annualized dividend and a dividend yield of 5.92%. Pier 1 Imports’s dividend payout ratio (DPR) is 68.29%.
A number of large investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Pier 1 Imports during the fourth quarter worth about $19,158,000. Acadian Asset Management LLC raised its stake in shares of Pier 1 Imports by 199.2% in the first quarter. Acadian Asset Management LLC now owns 3,232,944 shares of the specialty retailer’s stock worth $23,149,000 after buying an additional 2,152,335 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Pier 1 Imports by 34.5% in the first quarter. Dimensional Fund Advisors LP now owns 6,979,863 shares of the specialty retailer’s stock worth $49,976,000 after buying an additional 1,789,745 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Pier 1 Imports during the first quarter worth about $9,526,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Pier 1 Imports by 32.4% in the first quarter. JPMorgan Chase & Co. now owns 5,132,128 shares of the specialty retailer’s stock worth $36,745,000 after buying an additional 1,254,498 shares during the last quarter. Institutional investors and hedge funds own 87.32% of the company’s stock.
About Pier 1 Imports
Pier 1 Imports, Inc is an importer of home decor and furniture. The Company’s operations consist of retail stores and an e-commerce Website conducting business under the name Pier 1 Imports, which sells a range of decorative accessories, furniture, candles, housewares, gifts and seasonal products. The Company’s categories of merchandise include decorative accessories and furniture.
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