Pier 1 Imports Inc. (NYSE:PIR) saw unusually-strong trading volume on Thursday after the company announced a dividend. Approximately 9,455,967 shares were traded during mid-day trading, an increase of 130% from the previous session’s volume of 4,103,083 shares.The stock last traded at $4.65 and had previously closed at $4.27.
The newly announced dividend which will be paid on Wednesday, November 2nd. Investors of record on Wednesday, October 19th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 6.26%. The ex-dividend date is Monday, October 17th. Pier 1 Imports’s dividend payout ratio is currently 84.85%.
Several research analysts recently weighed in on PIR shares. Jefferies Group reiterated a “hold” rating and set a $4.50 price target on shares of Pier 1 Imports in a research report on Thursday. Deutsche Bank AG started coverage on Pier 1 Imports in a research report on Sunday, June 26th. They set a “sell” rating and a $5.50 price target for the company. BTIG Research reiterated a “sell” rating on shares of Pier 1 Imports in a research report on Thursday. Zacks Investment Research cut Pier 1 Imports from a “hold” rating to a “sell” rating in a research report on Saturday, September 10th. Finally, Credit Suisse Group AG cut Pier 1 Imports from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $4.50 to $4.00 in a research report on Thursday, September 8th. 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 company’s stock. The company presently has an average rating of “Hold” and an average price target of $6.30.
The company’s 50 day moving average price is $4.41 and its 200-day moving average price is $5.49. The firm has a market cap of $365.03 million, a P/E ratio of 14.15 and a beta of 1.73.
Pier 1 Imports (NYSE:PIR) last posted its quarterly earnings results on Wednesday, September 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.05). The company had revenue of $405.80 million for the quarter. Pier 1 Imports had a return on equity of 9.60% and a net margin of 1.44%. Pier 1 Imports’s quarterly revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 EPS. Analysts expect that Pier 1 Imports Inc. will post $0.26 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in Pier 1 Imports by 356.4% in the second quarter. JPMorgan Chase & Co. now owns 6,015,526 shares of the company’s stock valued at $30,920,000 after buying an additional 4,697,584 shares in the last quarter. Numeric Investors LLC boosted its position in Pier 1 Imports by 153.2% in the second quarter. Numeric Investors LLC now owns 3,593,202 shares of the company’s stock valued at $18,469,000 after buying an additional 2,174,042 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in 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 valued at $18,408,000 after buying an additional 1,862,793 shares in the last quarter. Acadian Asset Management LLC bought a new position in Pier 1 Imports during the second quarter valued at about $4,193,000. Finally, Bogle Investment Management L P DE bought a new position in Pier 1 Imports during the first quarter valued at about $5,087,000. 98.63% of the stock is currently owned by institutional investors.
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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