Pier 1 Imports Inc. (NYSE:PIR)‘s stock had its “sell” rating restated by equities research analysts at Credit Suisse Group AG in a research report issued to clients and investors on Thursday.
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.””
A number of other brokerages also recently commented on PIR. BTIG Research assumed coverage on shares of Pier 1 Imports in a report on Thursday, June 2nd. They issued a “neutral” rating for the company. Wolfe Research upgraded shares of Pier 1 Imports from an “underperform” rating to a “peer perform” rating in a report on Wednesday, June 22nd. Telsey Advisory Group reduced their target price on shares of Pier 1 Imports from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Thursday, June 30th. Wedbush reiterated a “neutral” rating and issued a $5.00 target price (down from $6.00) on shares of Pier 1 Imports in a report on Thursday, June 30th. Finally, Deutsche Bank AG initiated coverage on shares of Pier 1 Imports in a report on Sunday, June 26th. They issued a “sell” rating and a $5.50 target price for the company. Six investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $6.30.
Pier 1 Imports (NYSE:PIR) opened at 4.27 on Thursday. The stock has a market cap of $348.70 million, a P/E ratio of 13.51 and a beta of 1.73. The company has a 50 day moving average of $4.42 and a 200-day moving average of $5.50. 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 announced its earnings results on Wednesday, September 28th. The company reported ($0.05) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.05). The business earned $405.80 million during the quarter. Pier 1 Imports had a net margin of 1.44% and a return on equity of 9.60%. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 earnings per share. Equities analysts forecast that Pier 1 Imports will post $0.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Wednesday, October 19th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 6.56%. Pier 1 Imports’s payout ratio is currently 84.85%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in shares of Pier 1 Imports by 356.4% in the second quarter. JPMorgan Chase & Co. now owns 6,015,526 shares of the company’s stock worth $30,920,000 after buying an additional 4,697,584 shares during the last quarter. Numeric Investors LLC raised its position in shares of Pier 1 Imports by 153.2% in the second quarter. Numeric Investors LLC now owns 3,593,202 shares of the company’s stock worth $18,469,000 after buying an additional 2,174,042 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pier 1 Imports by 108.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,581,130 shares of the company’s stock worth $18,408,000 after buying an additional 1,862,793 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Pier 1 Imports during the second quarter worth $4,193,000. Finally, Bogle Investment Management L P DE purchased a new position in shares of Pier 1 Imports during the first quarter worth $5,087,000. Institutional investors own 98.63% of the company’s stock.
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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