Pier 1 Imports (NYSE:PIR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

According to Zacks, “Pier 1 Imports, Inc. consists of a chain of retail stores operating under the names Pier 1 Imports and The Pier, selling a wide variety of furniture, decorative home furnishings, dining and kitchen goods, accessories and other specialty items for the home. Additionally, the company, through certain subsidiaries, operates stores in the United Kingdom under the name The Pier. The company supplies merchandise and licenses the Pier 1 name to Sears Mexico and Sears Puerto Rico. “

Several other equities research analysts have also commented on PIR. Loop Capital dropped their price target on Pier 1 Imports from $2.00 to $1.50 and set a “hold” rating for the company in a research note on Thursday, September 20th. Telsey Advisory Group dropped their price target on Pier 1 Imports from $3.00 to $1.50 and set a “market perform” rating for the company in a research note on Friday, September 21st. Citigroup dropped their price target on Pier 1 Imports from $3.10 to $1.80 and set a “neutral” rating for the company in a research note on Friday, September 21st. UBS Group lowered their target price on Pier 1 Imports from $2.00 to $1.00 and set a “sell” rating for the company in a research note on Friday, September 21st. Finally, Credit Suisse Group lowered their target price on Pier 1 Imports from $2.00 to $1.00 and set an “underperform” rating for the company in a research note on Tuesday, September 25th. Six analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Pier 1 Imports currently has an average rating of “Hold” and an average price target of $2.01.

Shares of NYSE:PIR opened at $1.33 on Wednesday. The stock has a market cap of $118.45 million, a price-to-earnings ratio of 6.33 and a beta of 1.13. The company has a quick ratio of 0.56, a current ratio of 1.68 and a debt-to-equity ratio of 0.95. Pier 1 Imports has a 12 month low of $1.31 and a 12 month high of $5.92.

Pier 1 Imports (NYSE:PIR) last announced its quarterly earnings results on Wednesday, October 3rd. The specialty retailer reported ($0.63) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.63). The company had revenue of $355.30 million during the quarter, compared to analyst estimates of $356.79 million. Pier 1 Imports had a negative return on equity of 22.02% and a negative net margin of 3.35%. The firm’s revenue was down 12.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) earnings per share. Research analysts predict that Pier 1 Imports will post -1.05 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Bank of Montreal Can acquired a new stake in shares of Pier 1 Imports in the second quarter valued at about $168,000. Schwab Charles Investment Management Inc. grew its stake in shares of Pier 1 Imports by 38.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,709,973 shares of the specialty retailer’s stock valued at $6,450,000 after buying an additional 749,675 shares in the last quarter. Eagle Boston Investment Management Inc. grew its stake in shares of Pier 1 Imports by 4.4% in the second quarter. Eagle Boston Investment Management Inc. now owns 753,615 shares of the specialty retailer’s stock valued at $1,793,000 after buying an additional 31,788 shares in the last quarter. Systematic Financial Management LP boosted its holdings in Pier 1 Imports by 14.8% in the second quarter. Systematic Financial Management LP now owns 432,005 shares of the specialty retailer’s stock valued at $1,028,000 after purchasing an additional 55,570 shares during the last quarter. Finally, Mutual Advisors LLC boosted its holdings in Pier 1 Imports by 54.5% in the second quarter. Mutual Advisors LLC now owns 406,600 shares of the specialty retailer’s stock valued at $968,000 after purchasing an additional 143,500 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

About Pier 1 Imports

Pier 1 Imports, Inc engages in the retail sale of decorative accessories, furniture, candles, housewares, gifts, and seasonal products. It offers decorative accents and textiles, such as rugs, wall decorations and mirrors, pillows, bedding, lamps, vases, dried and artificial flowers, baskets, ceramics, dinnerware, candles, fragrances, gifts, and seasonal items; and furniture and furniture cushions that are used in living, dining, office, kitchen and bedroom areas, sunrooms, and patios.

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Analyst Recommendations for Pier 1 Imports (NYSE:PIR)

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