Pier 1 Imports Inc. (PIR) Stock Price Up 2.4% After Dividend Announcement
Pier 1 Imports Inc. (NYSE:PIR)’s share price rose 2.4% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $4.32 and last traded at $4.28, with a volume of 1,998,364 shares trading hands. The stock had previously closed at $4.18.
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. The ex-dividend date 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 dividend payout ratio (DPR) is presently 116.67%.
PIR has been the topic of a number of research 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. Wolfe Research raised shares of Pier 1 Imports from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, June 22nd. Telsey Advisory Group dropped their price target on shares of Pier 1 Imports from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Thursday, June 30th. Zacks Investment Research raised shares of Pier 1 Imports from a “sell” rating to a “hold” rating in a research note on Wednesday, August 31st. Finally, Longbow Research initiated coverage on shares of Pier 1 Imports in a research note on Thursday, June 16th. They set a “neutral” rating for the company. Six equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given 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.
The stock has a market capitalization of $365.03 million, a PE ratio of 14.15 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 (NYSE:PIR) last issued its quarterly earnings results on Wednesday, September 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Pier 1 Imports had a net margin of 1.06% and a return on equity of 7.08%. The company earned $405.80 million during the quarter. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm’s revenue was down 6.7% compared to the same quarter last year. Equities research analysts forecast that Pier 1 Imports Inc. will post $0.26 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of PIR. Vanguard Group Inc. increased its position in shares of Pier 1 Imports by 4.2% in the second quarter. Vanguard Group Inc. now owns 6,117,766 shares of the company’s stock worth $31,445,000 after buying an additional 247,395 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Pier 1 Imports by 356.4% in the second quarter. JPMorgan Chase & Co. now owns 6,015,526 shares of the company’s stock worth $30,920,000 after buying an additional 4,697,584 shares in the last quarter. Numeric Investors LLC increased its position in shares of Pier 1 Imports by 153.2% in the second quarter. Numeric Investors LLC now owns 3,593,202 shares of the company’s stock worth $18,469,000 after buying an additional 2,174,042 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Pier 1 Imports by 108.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,581,130 shares of the company’s stock worth $18,408,000 after buying an additional 1,862,793 shares in the last quarter. Finally, Skyline Asset Management LP increased its position in shares of 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 in the last quarter. 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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