Pier 1 Imports Inc. (PIR) Sees Large Volume Increase Following Dividend Announcement
Pier 1 Imports Inc. (NYSE:PIR) saw unusually-high trading volume on Thursday after the company announced a dividend. Approximately 9,455,967 shares traded hands during trading, an increase of 130% from the previous session’s volume of 4,103,083 shares.The stock last traded at $4.65 and had previously closed at $4.27.
The newly announced dividend which will be paid on Wednesday, November 2nd. Stockholders of record on Wednesday, October 19th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 6.26%. The ex-dividend date is Monday, October 17th. Pier 1 Imports’s dividend payout ratio is 84.85%.
PIR has been the topic of several recent analyst reports. BTIG Research restated a “sell” rating and issued a $3.50 target price on shares of Pier 1 Imports in a report on Thursday, September 22nd. Zacks Investment Research upgraded shares of Pier 1 Imports from a “sell” rating to a “hold” rating in a report on Wednesday, August 31st. Bank of America Corp. restated a “sell” rating on shares of Pier 1 Imports in a report on Thursday, June 30th. Jefferies Group set a $4.30 target price on shares of Pier 1 Imports and gave the stock a “hold” rating in a report on Thursday, September 8th. Finally, Wedbush restated a “neutral” rating and issued a $5.00 target price (down previously from $6.00) on shares of Pier 1 Imports in a report on Thursday, June 30th. Six analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $6.30.
The firm has a market capitalization of $365.03 million, a price-to-earnings ratio of 14.15 and a beta of 1.73. The firm has a 50-day moving average price of $4.41 and a 200 day moving average price of $5.49.
Pier 1 Imports (NYSE:PIR) last announced its quarterly earnings data on Wednesday, September 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Pier 1 Imports had a return on equity of 9.60% and a net margin of 1.44%. The firm earned $405.80 million during the quarter. During the same quarter in the previous year, the business earned $0.04 earnings per share. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. On average, equities research analysts forecast that Pier 1 Imports Inc. will post $0.26 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in PIR. Bayesian Capital Management LP purchased a new position in shares of Pier 1 Imports during the first quarter valued at about $118,000. Cubist Systematic Strategies LLC bought a new position in shares of Pier 1 Imports during the second quarter valued at $117,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Pier 1 Imports during the second quarter valued at $136,000. Stevens Capital Management LP bought a new position in shares of Pier 1 Imports during the second quarter valued at $136,000. Finally, Princeton Alpha Management LP bought a new position in shares of Pier 1 Imports during the second quarter valued at $143,000. Hedge funds and other institutional investors own 98.63% 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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