Pier 1 Imports Inc. (PIR) Stock Price Up 2.4% Following Dividend Announcement
Shares of Pier 1 Imports Inc. (NYSE:PIR) shot up 2.4% 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 changing 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 paid 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 dividend payout ratio (DPR) is presently 116.67%.
A number of brokerages have recently issued reports on PIR. Credit Suisse Group AG reissued a “hold” rating on shares of Pier 1 Imports in a research note on Thursday, June 30th. Telsey Advisory Group reduced their price objective 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. 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. Oppenheimer Holdings Inc. cut shares of Pier 1 Imports from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 8th. Finally, BTIG Research started coverage on shares of Pier 1 Imports in a research report on Thursday, June 2nd. They set a “neutral” rating for the company. Six investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $6.30.
The firm’s 50 day moving average is $4.41 and its 200 day moving average is $5.49. The stock has a market cap of $365.03 million, a price-to-earnings ratio of 14.15 and a beta of 1.73.
Pier 1 Imports (NYSE:PIR) last announced its quarterly earnings results on Wednesday, September 28th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). Pier 1 Imports had a return on equity of 7.08% and a net margin of 1.06%. The business earned $405.80 million during the quarter. During the same quarter in the prior year, the business earned $0.04 EPS. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. On average, analysts expect that Pier 1 Imports Inc. will post $0.26 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Skyline Asset Management LP boosted its stake 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 in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake 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 in the last quarter. A.R.T. Advisors LLC bought a new stake in Pier 1 Imports during the first quarter worth approximately $1,781,000. Bayesian Capital Management LP bought a new stake in Pier 1 Imports during the first quarter worth approximately $118,000. Finally, Renaissance Technologies LLC bought a new stake in Pier 1 Imports during the first quarter worth approximately $2,517,000. Hedge funds and other institutional investors 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.
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