Pier 1 Imports (NYSE:PIR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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. “
A number of other equities research analysts have also issued reports on PIR. Loop Capital set a $4.00 price target on Pier 1 Imports and gave the stock a “hold” rating in a research note on Thursday, December 14th. ValuEngine raised Pier 1 Imports from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Gordon Haskett lowered Pier 1 Imports from a “hold” rating to a “sell” rating and set a $3.50 price target for the company. in a research note on Thursday, December 14th. Finally, Telsey Advisory Group reissued a “market perform” rating on shares of Pier 1 Imports in a research note on Thursday, January 25th. Eight investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has 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 $4.46.
Pier 1 Imports (NYSE:PIR) last issued its quarterly earnings results on Wednesday, December 13th. The specialty retailer reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.02). Pier 1 Imports had a return on equity of 10.17% and a net margin of 1.28%. The business had revenue of $469.20 million for the quarter, compared to the consensus estimate of $466.60 million. During the same period in the prior year, the business posted $0.22 earnings per share. Pier 1 Imports’s revenue was down 1.4% on a year-over-year basis. sell-side analysts predict that Pier 1 Imports will post 0.2 earnings per share for the current fiscal year.
In other news, major shareholder & Co Towle acquired 32,900 shares of Pier 1 Imports stock in a transaction on Monday, February 12th. The shares were bought at an average cost of $3.09 per share, for a total transaction of $101,661.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 41,100 shares of company stock worth $127,641 over the last 90 days. 5.45% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Paradigm Capital Management Inc. NY increased its holdings in Pier 1 Imports by 1,260.2% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 557,700 shares of the specialty retailer’s stock worth $2,309,000 after purchasing an additional 516,700 shares during the period. Wells Fargo & Company MN increased its holdings in Pier 1 Imports by 47.1% during the 3rd quarter. Wells Fargo & Company MN now owns 106,188 shares of the specialty retailer’s stock worth $444,000 after purchasing an additional 34,010 shares during the period. Alambic Investment Management L.P. purchased a new position in Pier 1 Imports during the 4th quarter worth $681,000. Prudential Financial Inc. increased its holdings in Pier 1 Imports by 63.0% during the 3rd quarter. Prudential Financial Inc. now owns 476,547 shares of the specialty retailer’s stock worth $1,997,000 after purchasing an additional 184,160 shares during the period. Finally, Macquarie Group Ltd. purchased a new position in Pier 1 Imports during the 3rd quarter worth $378,000. Institutional investors own 77.61% of the company’s stock.
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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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