Pier 1 Imports, Inc. (PIR) Position Cut by Alliancebernstein L.P.
Alliancebernstein L.P. trimmed its holdings in Pier 1 Imports, Inc. (NYSE:PIR) by 13.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 361,726 shares of the specialty retailer’s stock after selling 58,630 shares during the quarter. Alliancebernstein L.P. owned about 0.43% of Pier 1 Imports worth $1,877,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of PIR. State Board of Administration of Florida Retirement System boosted its stake in Pier 1 Imports by 20.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 87,047 shares of the specialty retailer’s stock valued at $623,000 after purchasing an additional 14,973 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Pier 1 Imports by 4.9% during the 1st quarter. Bank of New York Mellon Corp now owns 1,075,640 shares of the specialty retailer’s stock valued at $7,702,000 after purchasing an additional 50,380 shares in the last quarter. Comerica Bank bought a new position in Pier 1 Imports during the 1st quarter valued at $761,000. UBS Asset Management Americas Inc. boosted its stake in Pier 1 Imports by 84.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 53,551 shares of the specialty retailer’s stock valued at $383,000 after purchasing an additional 24,454 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Pier 1 Imports by 3.9% during the 1st quarter. Sei Investments Co. now owns 62,149 shares of the specialty retailer’s stock valued at $445,000 after purchasing an additional 2,334 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on the company. Telsey Advisory Group decreased their price target on Pier 1 Imports from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Thursday, June 29th. Johnson Rice lowered Pier 1 Imports from an “accumulate” rating to a “hold” rating in a research note on Thursday, June 29th. Gordon Haskett raised Pier 1 Imports from a “reduce” rating to a “hold” rating and set a $6.00 price target for the company in a research note on Tuesday, June 27th. ValuEngine raised Pier 1 Imports from a “hold” rating to a “buy” rating in a research note on Friday, September 15th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $7.25 price target on shares of Pier 1 Imports in a research note on Friday, June 23rd. Seven research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company. Pier 1 Imports has an average rating of “Hold” and a consensus target price of $5.01.
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Shares of Pier 1 Imports, Inc. (NYSE PIR) opened at 4.32 on Thursday. The stock has a 50 day moving average price of $4.33 and a 200 day moving average price of $5.15. The firm has a market capitalization of $350.27 million, a P/E ratio of 10.77 and a beta of 1.69. Pier 1 Imports, Inc. has a 12 month low of $3.96 and a 12 month high of $9.68.
Pier 1 Imports (NYSE:PIR) last released its quarterly earnings data on Wednesday, September 27th. The specialty retailer reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $407.61 million for the quarter, compared to analyst estimates of $406.32 million. Pier 1 Imports had a net margin of 1.61% and a return on equity of 13.82%. Pier 1 Imports’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) EPS. On average, analysts expect that Pier 1 Imports, Inc. will post $0.41 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Wednesday, October 18th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Tuesday, October 17th. This represents a $0.28 annualized dividend and a dividend yield of 6.48%. Pier 1 Imports’s dividend payout ratio is presently 77.78%.
About Pier 1 Imports
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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