Cornerstone Capital Management Holdings LLC. Has $2.08 Million Stake in Pier 1 Imports Inc (PIR)
Cornerstone Capital Management Holdings LLC. cut its holdings in shares of Pier 1 Imports Inc (NYSE:PIR) by 45.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 497,500 shares of the specialty retailer’s stock after selling 417,000 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.59% of Pier 1 Imports worth $2,084,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Towle & Co. acquired a new stake in Pier 1 Imports in the third quarter worth approximately $6,481,000. Vanguard Group Inc. lifted its position in Pier 1 Imports by 13.1% in the second quarter. Vanguard Group Inc. now owns 8,264,810 shares of the specialty retailer’s stock worth $42,894,000 after purchasing an additional 959,886 shares during the period. Gotham Asset Management LLC acquired a new stake in Pier 1 Imports in the second quarter worth approximately $2,607,000. Maverick Capital Ltd. acquired a new stake in Pier 1 Imports in the second quarter worth approximately $2,498,000. Finally, Menta Capital LLC acquired a new stake in Pier 1 Imports in the second quarter worth approximately $1,926,000. Institutional investors and hedge funds own 77.92% of the company’s stock.
A number of equities research analysts have weighed in on the company. Zacks Investment Research downgraded Pier 1 Imports from a “hold” rating to a “sell” rating in a research report on Tuesday. Loop Capital set a $4.00 target price on Pier 1 Imports and gave the stock a “hold” rating in a research report on Thursday, December 14th. ValuEngine upgraded Pier 1 Imports from a “hold” rating to a “buy” rating in a research report on Friday, September 15th. UBS restated a “sell” rating and issued a $3.50 target price (down from $4.00) on shares of Pier 1 Imports in a research report on Saturday, September 30th. Finally, Jefferies Group restated a “hold” rating and issued a $5.90 target price on shares of Pier 1 Imports in a research report on Sunday, September 3rd. Eight equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $4.78.
Pier 1 Imports (NYSE:PIR) last posted its quarterly earnings results on Wednesday, December 13th. The specialty retailer reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.02). The company had revenue of $469.20 million during the quarter, compared to the consensus estimate of $466.60 million. Pier 1 Imports had a net margin of 1.28% and a return on equity of 10.17%. Pier 1 Imports’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 EPS. equities research analysts forecast that Pier 1 Imports Inc will post 0.2 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Wednesday, January 17th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Tuesday, January 16th. This represents a $0.28 annualized dividend and a dividend yield of 6.48%. Pier 1 Imports’s dividend payout ratio is currently 100.00%.
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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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