JPMorgan Chase & Co. Sells 545,008 Shares of Pier 1 Imports, Inc. (PIR)

JPMorgan Chase & Co. lowered its holdings in Pier 1 Imports, Inc. (NYSE:PIR) by 10.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,587,120 shares of the specialty retailer’s stock after selling 545,008 shares during the period. JPMorgan Chase & Co. owned about 5.43% of Pier 1 Imports worth $23,807,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PIR. Dimensional Fund Advisors LP lifted its holdings in Pier 1 Imports by 34.5% in the first quarter. Dimensional Fund Advisors LP now owns 6,979,863 shares of the specialty retailer’s stock worth $49,976,000 after acquiring an additional 1,789,745 shares during the last quarter. Mackenzie Financial Corp bought a new position in Pier 1 Imports in the first quarter worth about $9,526,000. Vanguard Group Inc. lifted its holdings in Pier 1 Imports by 19.3% in the first quarter. Vanguard Group Inc. now owns 7,304,924 shares of the specialty retailer’s stock worth $52,303,000 after acquiring an additional 1,179,575 shares during the last quarter. Teachers Advisors LLC lifted its holdings in Pier 1 Imports by 794.7% in the first quarter. Teachers Advisors LLC now owns 1,289,958 shares of the specialty retailer’s stock worth $9,236,000 after acquiring an additional 1,145,780 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in Pier 1 Imports in the first quarter worth about $7,209,000. 82.76% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have issued reports on PIR. Morgan Stanley cut their target price on shares of Pier 1 Imports from $5.50 to $5.00 and set an “underweight” rating on the stock in a report on Friday, June 30th. Deutsche Bank AG cut their target price on shares of Pier 1 Imports from $6.25 to $5.00 and set a “sell” rating on the stock in a report on Wednesday, May 31st. Johnson Rice cut shares of Pier 1 Imports from an “accumulate” rating to a “hold” rating in a report on Thursday, June 29th. Loop Capital reissued a “buy” rating and issued a $10.00 target price (down previously from $12.00) on shares of Pier 1 Imports in a report on Thursday, June 29th. Finally, KeyCorp reissued a “hold” rating on shares of Pier 1 Imports in a report on Friday, September 8th. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $5.69.

Pier 1 Imports, Inc. (NYSE PIR) opened at 4.52 on Wednesday. The firm has a market cap of $366.48 million, a price-to-earnings ratio of 11.27 and a beta of 1.69. The company’s 50 day moving average is $4.37 and its 200-day moving average is $5.55. Pier 1 Imports, Inc. has a 1-year low of $3.96 and a 1-year high of $9.68.

Pier 1 Imports (NYSE:PIR) last released its quarterly earnings results on Wednesday, June 28th. The specialty retailer reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $409.50 million for the quarter, compared to analyst estimates of $420.80 million. Pier 1 Imports had a net margin of 1.82% and a return on equity of 13.96%. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.07) earnings per share. On average, analysts predict that Pier 1 Imports, Inc. will post $0.47 EPS for the current fiscal year.

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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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Institutional Ownership by Quarter for Pier 1 Imports (NYSE:PIR)

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