Westport Asset Management Inc buys $1.5 Million stake in Pier 1 Imports Inc (PIR)

Pier 1 Imports Inc (PIR) : Westport Asset Management Inc scooped up 100,000 additional shares in Pier 1 Imports Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 283,744 shares of Pier 1 Imports Inc which is valued at $1.5 Million.Pier 1 Imports Inc makes up approximately 1.46% of Westport Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Driehaus Capital Management added PIR to its portfolio by purchasing 62,316 company shares during the most recent quarter which is valued at $336,506. Pier 1 Imports Inc makes up approx 0.01% of Driehaus Capital Management’s portfolio.Ubs Asset Management Americas Inc reduced its stake in PIR by selling 15,541 shares or 26.02% in the most recent quarter. The Hedge Fund company now holds 44,197 shares of PIR which is valued at $238,664.Tiaa Cref Investment Management boosted its stake in PIR in the latest quarter, The investment management firm added 5,779 additional shares and now holds a total of 340,734 shares of Pier 1 Imports Inc which is valued at $2.1 Million.Ifp Advisors Inc reduced its stake in PIR by selling 108 shares or 24.88% in the most recent quarter. The Hedge Fund company now holds 326 shares of PIR which is valued at $2,005.Vnbtrust National Association reduced its stake in PIR by selling 92,225 shares or 13.61% in the most recent quarter. The Hedge Fund company now holds 585,500 shares of PIR which is valued at $4 Million. Pier 1 Imports Inc makes up approx 2.35% of Vnbtrust National Association’s portfolio.

Pier 1 Imports Inc opened for trading at $5.58 and hit $5.81 on the upside on Wednesday, eventually ending the session at $5.75, with a gain of 2.68% or 0.15 points. The heightened volatility saw the trading volume jump to 23,62,538 shares. Company has a market cap of $482 M.

On the company’s financial health, Pier 1 Imports Inc reported $0.23 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 13, 2016. Analyst had a consensus of $0.21. The company had revenue of $535.70 million for the quarter, compared to analysts expectations of $536.60 million. The company’s revenue was down -1.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.39 EPS.

Many Wall Street Analysts have commented on Pier 1 Imports Inc. Topeka Capital Markets Initiated Pier 1 Imports Inc on May 24, 2016 to “Buy”, Price Target of the shares are set at $12.Company shares were Reiterated by Telsey Advisory Group on Apr 11, 2016 to “Market Perform”, Firm has raised the Price Target to $ 6 from a previous price target of $5 .Pier 1 Imports Inc was Initiated by Guggenheim to “Neutral” on Mar 16, 2016.

Pier 1 Imports Inc. is a global 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 furniture home furnishings dining and kitchen goods candles gifts and other specialty items for the home. The Company operates approximately 984 stores in the United States 81 stores in Canada and an e-commerce Website. Its stores in the United States and Canada average approximately 9900 gross square feet which includes an average of approximately 7900 square feet of retail selling space. The stores are located in freestanding units near shopping centers or malls and in-line positions in shopping centers. It operates in all United States and Canadian metropolitan areas and in primary smaller markets. The Company’s categories of merchandise include decorative accessories and furniture.

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