Pier 1 Imports Sets New 12-Month Low Following Weak Earnings (PIR)
Pier 1 Imports (NYSE:PIR)’s share price reached a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement, Analyst RN reports. The company traded as low as $15.83 and last traded at $15.86, with a volume of 7,727,826 shares trading hands. The stock had previously closed at $18.26.
The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by $0.04. The company had revenue of $419.10 million for the quarter, compared to the consensus estimate of $422.43 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis.
A number of research firms have recently commented on PIR. Analysts at Barrington Research initiated coverage on shares of Pier 1 Imports in a research note on Monday, June 2nd. They set a “market perform” rating on the stock. Separately, analysts at Zacks upgraded shares of Pier 1 Imports from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 30th. They now have a $18.60 price target on the stock. Finally, analysts at Barclays upgraded shares of Pier 1 Imports from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, April 15th. They now have a $23.00 price target on the stock, up previously from $19.00. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Pier 1 Imports currently has an average rating of “Hold” and a consensus price target of $19.76.
The stock has a 50-day moving average of $17.78 and a 200-day moving average of $19.27. The company has a market cap of $1.534 billion and a P/E ratio of 18.08. Pier 1 Imports also saw unusually large options trading activity on Monday. Stock investors bought 11,647 put options on the company. This is an increase of 1,646% compared to the average volume of 667 put options.
Pier 1 Imports, Inc (NYSE:PIR) is a global importer of imported decorative home furnishings and gifts.
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