Pier 1 Imports (PIR) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Pier 1 Imports (NYSE:PIR) from a hold rating to a sell rating in a report issued on Wednesday morning.

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 brokerages have also recently weighed in on PIR. Argus cut Pier 1 Imports from a hold rating to a sell rating in a research report on Monday, November 12th. Credit Suisse Group dropped their price target on Pier 1 Imports from $2.00 to $1.00 and set an underperform rating on the stock in a research report on Tuesday, September 25th. Citigroup dropped their price target on Pier 1 Imports from $3.10 to $1.80 and set a neutral rating on the stock in a research report on Friday, September 21st. UBS Group dropped their price target on Pier 1 Imports from $2.00 to $1.00 and set a sell rating on the stock in a research report on Friday, September 21st. Finally, Telsey Advisory Group dropped their price target on Pier 1 Imports from $3.00 to $1.50 and set a market perform rating on the stock in a research report on Friday, September 21st. Six equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. Pier 1 Imports currently has an average rating of Hold and an average target price of $2.01.

Shares of Pier 1 Imports stock opened at $1.27 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.68 and a quick ratio of 0.56. Pier 1 Imports has a twelve month low of $1.25 and a twelve month high of $5.92.

Pier 1 Imports (NYSE:PIR) last announced its quarterly earnings results on Wednesday, October 3rd. The specialty retailer reported ($0.63) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.63). The business had revenue of $355.30 million for the quarter, compared to analysts’ expectations of $356.79 million. Pier 1 Imports had a negative return on equity of 22.02% and a negative net margin of 3.35%. The business’s quarterly revenue was down 12.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. As a group, research analysts expect that Pier 1 Imports will post -1.05 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can acquired a new stake in Pier 1 Imports in the 2nd quarter valued at approximately $168,000. Schwab Charles Investment Management Inc. increased its position in Pier 1 Imports by 38.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,709,973 shares of the specialty retailer’s stock valued at $6,450,000 after acquiring an additional 749,675 shares during the period. Eagle Boston Investment Management Inc. increased its position in Pier 1 Imports by 4.4% in the 2nd quarter. Eagle Boston Investment Management Inc. now owns 753,615 shares of the specialty retailer’s stock valued at $1,793,000 after acquiring an additional 31,788 shares during the period. Systematic Financial Management LP increased its position in Pier 1 Imports by 14.8% in the 2nd quarter. Systematic Financial Management LP now owns 432,005 shares of the specialty retailer’s stock valued at $1,028,000 after acquiring an additional 55,570 shares during the period. Finally, Mutual Advisors LLC increased its position in Pier 1 Imports by 54.5% in the 2nd quarter. Mutual Advisors LLC now owns 406,600 shares of the specialty retailer’s stock valued at $968,000 after acquiring an additional 143,500 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Pier 1 Imports Company Profile

Pier 1 Imports, Inc engages in the retail sale of decorative accessories, furniture, candles, housewares, gifts, and seasonal products. It offers decorative accents and textiles, such as rugs, wall decorations and mirrors, pillows, bedding, lamps, vases, dried and artificial flowers, baskets, ceramics, dinnerware, candles, fragrances, gifts, and seasonal items; and furniture and furniture cushions that are used in living, dining, office, kitchen and bedroom areas, sunrooms, and patios.

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