Pier 1 Imports Inc. (PIR) Receives “Sell” Rating from Credit Suisse Group AG
Credit Suisse Group AG reissued their sell rating on shares of Pier 1 Imports Inc. (NYSE:PIR) in a research report sent to investors on Thursday morning. The firm currently has a $4.00 target price on the stock.
“We hosted UNFI for meetings and came away cautiously optimistic on the company’s L-T oppty. to reinvigorate sales given its build out the store” strategy and recent sales reorg. However, with some heavy lifting req’d on the integration front and both distribs/retailers facing a difficult N-T operating environment, we find ourselves remaining on the sidelines until we can observe more consistent trends/greater visibility on the sales/EBIT margin front. Recent sales reorg. and cont’d build out the store” strategy hold L-T oppty. to reinvigorate the top line: While too early to provide any update on its recent sales reorg. (completed Aug ’16; centralized into 3 regions and created a single point of contact for each customer across all depts. w/ more freq. sales rep visits), mgmt. spoke constructively on the L-T oppty. to enhance sales. Despite the potential for some N-T sales disruption, we are cautiously optimistic that this simplified model will translate into greater execution of its build out the store” strategy once all categories are carried nationally. M&A likely on hold while recent buying spree is digested: With the company having completed 4 deals in the last 8 months, we believe UNFI will pare back on M&A activity to focus on N-T integration. Although these acquisitions will come with some incremental expenses (largely non cash; e.g. D&A, stock-based comp) that will suppress the flow through to F17 earnings relative to guided sales growth, we believe they will ultimately prove accretive.”,” Credit Suisse Group AG’s analyst wrote.
Other analysts have also recently issued reports about the company. Deutsche Bank AG began coverage on Pier 1 Imports in a research report on Sunday, June 26th. They set a sell rating and a $5.50 price target for the company. Jefferies Group restated a hold rating and issued a $4.50 target price on shares of Pier 1 Imports in a report on Thursday. Telsey Advisory Group upped their target price on Pier 1 Imports from $4.50 to $5.00 and gave the company a market perform rating in a report on Thursday. BTIG Research restated a sell rating on shares of Pier 1 Imports in a report on Thursday. Finally, Nomura restated a buy rating and issued a $8.50 target price on shares of Pier 1 Imports in a report on Thursday. Six equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Pier 1 Imports presently has an average rating of Hold and a consensus target price of $6.30.
Pier 1 Imports (NYSE:PIR) traded down 3.13% on Thursday, hitting $4.33. The stock had a trading volume of 890,069 shares. The company has a market cap of $348.29 million, a PE ratio of 18.19 and a beta of 1.73. The company has a 50-day moving average of $4.41 and a 200 day moving average of $5.49. Pier 1 Imports has a 12 month low of $3.73 and a 12 month high of $8.23.
Pier 1 Imports (NYSE:PIR) last issued its quarterly earnings results on Wednesday, September 28th. The company reported ($0.05) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.05). Pier 1 Imports had a return on equity of 7.08% and a net margin of 1.06%. The firm earned $405.80 million during the quarter. During the same quarter in the previous year, the firm posted $0.04 earnings per share. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. On average, analysts predict that Pier 1 Imports will post $0.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Wednesday, October 19th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Monday, October 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 6.26%. Pier 1 Imports’s payout ratio is currently 116.67%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Skyline Asset Management LP increased its position in Pier 1 Imports by 3.9% in the first quarter. Skyline Asset Management LP now owns 2,360,400 shares of the company’s stock worth $16,546,000 after buying an additional 87,700 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in Pier 1 Imports by 1.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 67,722 shares of the company’s stock worth $475,000 after buying an additional 938 shares during the last quarter. A.R.T. Advisors LLC acquired a new position in Pier 1 Imports during the first quarter worth approximately $1,781,000. Bayesian Capital Management LP acquired a new position in Pier 1 Imports during the first quarter worth approximately $118,000. Finally, Renaissance Technologies LLC acquired a new position in Pier 1 Imports during the first quarter worth approximately $2,517,000. Institutional investors and hedge funds own 98.63% of the company’s stock.
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.
Receive News & Stock Ratings for Pier 1 Imports Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pier 1 Imports Inc. and related stocks with our FREE daily email newsletter.