Pier 1 Imports Inc. (PIR) Rating Reiterated by Credit Suisse Group AG
Pier 1 Imports Inc. (NYSE:PIR)‘s stock had its “sell” rating reaffirmed by Credit Suisse Group AG in a report released on Thursday. They currently have a $4.00 price objective on the stock. Credit Suisse Group AG’s price target suggests a potential downside of 5.66% from the company’s previous close.
The analysts wrote, “We hosted UNFI for meetings and came away cautiously optimistic on the company’s L-T oppty. to reinvigorate sales given its build out the store” strategy and recent sales reorg. However, with some heavy lifting req’d on the integration front and both distribs/retailers facing a difficult N-T operating environment, we find ourselves remaining on the sidelines until we can observe more consistent trends/greater visibility on the sales/EBIT margin front. Recent sales reorg. and cont’d build out the store” strategy hold L-T oppty. to reinvigorate the top line: While too early to provide any update on its recent sales reorg. (completed Aug ’16; centralized into 3 regions and created a single point of contact for each customer across all depts. w/ more freq. sales rep visits), mgmt. spoke constructively on the L-T oppty. to enhance sales. Despite the potential for some N-T sales disruption, we are cautiously optimistic that this simplified model will translate into greater execution of its build out the store” strategy once all categories are carried nationally. M&A likely on hold while recent buying spree is digested: With the company having completed 4 deals in the last 8 months, we believe UNFI will pare back on M&A activity to focus on N-T integration. Although these acquisitions will come with some incremental expenses (largely non cash; e.g. D&A, stock-based comp) that will suppress the flow through to F17 earnings relative to guided sales growth, we believe they will ultimately prove accretive.””
PIR has been the topic of several other reports. Telsey Advisory Group decreased their target price on shares of Pier 1 Imports from $6.00 to $5.00 and set a “market perform” rating on the stock in a research report on Thursday, June 30th. Oppenheimer Holdings Inc. lowered shares of Pier 1 Imports from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 8th. Wolfe Research upgraded shares of Pier 1 Imports from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, June 22nd. BTIG Research assumed coverage on shares of Pier 1 Imports in a research report on Thursday, June 2nd. They set a “neutral” rating on the stock. Finally, Raymond James Financial Inc. reiterated a “buy” rating and set a $8.00 target price (down from $9.00) on shares of Pier 1 Imports in a research report on Thursday, June 30th. Six research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company. Pier 1 Imports presently has an average rating of “Hold” and a consensus target price of $6.30.
Pier 1 Imports (NYSE:PIR) opened at 4.24 on Thursday. The company has a 50-day moving average price of $4.40 and a 200 day moving average price of $5.48. The firm has a market cap of $341.05 million, a PE ratio of 17.82 and a beta of 1.82. Pier 1 Imports has a 12 month low of $3.73 and a 12 month high of $8.23.
Pier 1 Imports (NYSE:PIR) last issued its earnings results on Wednesday, September 28th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Pier 1 Imports had a net margin of 1.06% and a return on equity of 7.20%. The business had revenue of $405.80 million for the quarter. During the same quarter last year, the firm posted $0.04 earnings per share. Pier 1 Imports’s revenue was down 6.7% on a year-over-year basis. Equities research analysts anticipate that Pier 1 Imports will post $0.25 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Wednesday, October 19th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 6.60%. The ex-dividend date of this dividend is Monday, October 17th. Pier 1 Imports’s payout ratio is presently 116.67%.
Large investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY boosted its position in Pier 1 Imports by 1.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 67,722 shares of the company’s stock valued at $475,000 after buying an additional 938 shares during the period. Raymond James & Associates boosted its position in Pier 1 Imports by 0.5% in the second quarter. Raymond James & Associates now owns 258,123 shares of the company’s stock valued at $1,327,000 after buying an additional 1,187 shares during the period. BlackRock Advisors LLC boosted its position in Pier 1 Imports by 3.9% in the second quarter. BlackRock Advisors LLC now owns 40,719 shares of the company’s stock valued at $209,000 after buying an additional 1,520 shares during the period. I.G. Investment Management LTD. boosted its position in Pier 1 Imports by 2.5% in the second quarter. I.G. Investment Management LTD. now owns 94,863 shares of the company’s stock valued at $488,000 after buying an additional 2,315 shares during the period. Finally, Aristotle Capital Boston LLC boosted its position in Pier 1 Imports by 0.9% in the first quarter. Aristotle Capital Boston LLC now owns 398,609 shares of the company’s stock valued at $2,794,000 after buying an additional 3,649 shares during the period. 98.63% of the stock is 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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