Pier 1 Imports Inc. (PIR) Shares Gap Up After Analyst Upgrade
Shares of Pier 1 Imports Inc. (NYSE:PIR) gapped up prior to trading on Wednesday after Telsey Advisory Group raised their price target on the stock from $5.00 to $5.50. The stock had previously closed at $5.57, but opened at $5.63. Telsey Advisory Group currently has a market perform rating on the stock. Pier 1 Imports shares last traded at $5.80, with a volume of 2,346,324 shares changing hands.
Other equities analysts have also issued reports about the company. Nomura reiterated a “buy” rating and issued a $8.50 target price on shares of Pier 1 Imports in a research note on Thursday, September 8th. Vetr lowered Pier 1 Imports from a “strong-buy” rating to a “buy” rating and set a $4.70 target price for the company. in a research note on Wednesday, September 28th. Zacks Investment Research upgraded Pier 1 Imports from a “sell” rating to a “hold” rating in a research note on Wednesday, August 31st. Jefferies Group set a $4.30 target price on Pier 1 Imports and gave the company a “hold” rating in a research note on Thursday, September 8th. Finally, Raymond James Financial Inc. lowered Pier 1 Imports from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, September 8th. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Pier 1 Imports presently has a consensus rating of “Hold” and an average target price of $5.36.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC increased its position in Pier 1 Imports by 36.1% in the first quarter. TIAA CREF Investment Management LLC now owns 463,781 shares of the company’s stock worth $3,251,000 after buying an additional 123,047 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Pier 1 Imports during the first quarter worth approximately $118,000. A.R.T. Advisors LLC purchased a new position in Pier 1 Imports during the first quarter worth approximately $1,781,000. Americafirst Capital Management LLC purchased a new position in Pier 1 Imports during the second quarter worth approximately $164,000. Finally, Eagle Boston Investment Management Inc. increased its position in Pier 1 Imports by 2.7% in the second quarter. Eagle Boston Investment Management Inc. now owns 591,057 shares of the company’s stock worth $3,038,000 after buying an additional 15,628 shares in the last quarter. 91.74% of the stock is currently owned by institutional investors.
The company has a 50-day moving average price of $4.57 and a 200-day moving average price of $4.97. The stock has a market cap of $463.31 million, a P/E ratio of 24.20 and a beta of 1.57.
Pier 1 Imports (NYSE:PIR) last posted its earnings results on Wednesday, September 28th. The company reported ($0.05) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.05). Pier 1 Imports had a return on equity of 7.20% and a net margin of 1.06%. The company had revenue of $405.80 million for the quarter. During the same quarter last year, the business earned $0.04 earnings per share. Pier 1 Imports’s quarterly revenue was down 6.7% on a year-over-year basis. On average, analysts expect that Pier 1 Imports Inc. will post $0.26 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 2nd. Shareholders of record on Wednesday, October 19th were issued a dividend of $0.07 per share. The ex-dividend date was Monday, October 17th. This represents a $0.28 annualized dividend and a yield of 4.86%. Pier 1 Imports’s dividend payout ratio (DPR) is currently 116.67%.
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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