Pier 1 Imports (PIR) Shares Up 7% After Dividend Announcement

Pier 1 Imports, Inc. (NYSE:PIR) shot up 7% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $5.92 and last traded at $5.84. 7,229,284 shares were traded during trading, an increase of 228% from the average session volume of 2,206,057 shares. The stock had previously closed at $5.46.

The newly announced dividend which will be paid on Wednesday, January 31st. Shareholders of record on Wednesday, January 17th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 4.79%. Pier 1 Imports’s payout ratio is 77.78%.

A number of equities analysts have recently commented on the company. ValuEngine upgraded Pier 1 Imports from a “hold” rating to a “buy” rating in a report on Monday. Credit Suisse Group dropped their target price on Pier 1 Imports from $4.00 to $3.50 and set an “underperform” rating on the stock in a report on Thursday, September 28th. KeyCorp reiterated a “hold” rating on shares of Pier 1 Imports in a report on Friday, September 8th. UBS reiterated a “sell” rating and set a $3.50 target price (down from $4.00) on shares of Pier 1 Imports in a report on Saturday, September 30th. Finally, Zacks Investment Research downgraded Pier 1 Imports from a “hold” rating to a “sell” rating in a report on Saturday, September 30th. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $5.01.

The company has a market cap of $442.41, a PE ratio of 11.23, a P/E/G ratio of -12.42 and a beta of 1.85. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.23 and a quick ratio of 0.43.

Pier 1 Imports (NYSE:PIR) last issued its earnings results on Wednesday, September 27th. The specialty retailer reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $407.61 million during the quarter, compared to analyst estimates of $406.32 million. Pier 1 Imports had a return on equity of 13.82% and a net margin of 1.61%. The business’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS. analysts predict that Pier 1 Imports, Inc. will post 0.43 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in PIR. The Manufacturers Life Insurance Company boosted its position in Pier 1 Imports by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,436 shares of the specialty retailer’s stock worth $335,000 after acquiring an additional 326 shares during the period. Rhumbline Advisers boosted its position in Pier 1 Imports by 0.5% during the 2nd quarter. Rhumbline Advisers now owns 107,812 shares of the specialty retailer’s stock worth $560,000 after acquiring an additional 491 shares during the period. NGAM Advisors L.P. boosted its position in Pier 1 Imports by 3.5% during the 2nd quarter. NGAM Advisors L.P. now owns 41,971 shares of the specialty retailer’s stock worth $218,000 after acquiring an additional 1,404 shares during the period. Public Employees Retirement System of Ohio boosted its position in Pier 1 Imports by 4.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 37,431 shares of the specialty retailer’s stock worth $194,000 after acquiring an additional 1,583 shares during the period. Finally, Federated Investors Inc. PA boosted its position in Pier 1 Imports by 2.1% during the 2nd quarter. Federated Investors Inc. PA now owns 78,792 shares of the specialty retailer’s stock worth $409,000 after acquiring an additional 1,636 shares during the period. Institutional investors and hedge funds own 78.11% of the company’s stock.

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Pier 1 Imports Company Profile

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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