Zacks Investment Research Downgrades Pier 1 Imports, Inc. (PIR) to Hold

Pier 1 Imports, Inc. (NYSE:PIR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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 research analysts also recently commented on PIR. Telsey Advisory Group lifted their price objective on Pier 1 Imports from $5.00 to $5.50 and gave the stock a “market perform” rating in a report on Tuesday, November 15th. Wedbush reiterated a “neutral” rating and issued a $4.00 price objective on shares of Pier 1 Imports in a report on Tuesday, November 15th. Johnson Rice upgraded Pier 1 Imports from a “hold” rating to an “accumulate” rating in a report on Thursday, December 15th. Jefferies Group LLC lifted their price objective on Pier 1 Imports to $7.25 in a report on Thursday, December 15th. Finally, Guggenheim reiterated a “neutral” rating on shares of Pier 1 Imports in a report on Friday, December 16th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $6.42.

Analyst Recommendations for Pier 1 Imports (NYSE:PIR)

Pier 1 Imports (NYSE:PIR) opened at 7.20 on Wednesday. Pier 1 Imports has a 1-year low of $3.73 and a 1-year high of $9.68. The company’s 50-day moving average price is $7.89 and its 200-day moving average price is $5.82. The firm has a market capitalization of $580.90 million, a P/E ratio of 26.87 and a beta of 1.74.

Pier 1 Imports (NYSE:PIR) last released its quarterly earnings results on Wednesday, December 14th. The company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.09. Pier 1 Imports had a return on equity of 9.68% and a net margin of 1.20%. The business had revenue of $475.90 million for the quarter. During the same quarter in the previous year, the business earned $0.13 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts expect that Pier 1 Imports will post $0.40 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 1st. Stockholders of record on Wednesday, January 18th were given a $0.07 dividend. The ex-dividend date of this dividend was Friday, January 13th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.89%. Pier 1 Imports’s dividend payout ratio is currently 100.00%.

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Hedge funds have recently modified their holdings of the company. FNY Partners Fund LP purchased a new position in shares of Pier 1 Imports during the fourth quarter worth $124,000. Pacad Investment Ltd. purchased a new position in shares of Pier 1 Imports during the fourth quarter worth $188,000. Oppenheimer & Co. Inc. raised its position in shares of Pier 1 Imports by 26.9% in the third quarter. Oppenheimer & Co. Inc. now owns 23,729 shares of the company’s stock worth $101,000 after buying an additional 5,029 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Pier 1 Imports by 25.9% in the second quarter. Public Employees Retirement System of Ohio now owns 28,411 shares of the company’s stock worth $146,000 after buying an additional 5,853 shares during the last quarter. Finally, Smith Asset Management Group LP raised its position in shares of Pier 1 Imports by 12.9% in the third quarter. Smith Asset Management Group LP now owns 34,020 shares of the company’s stock worth $144,000 after buying an additional 3,890 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

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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