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Pier 1 Imports Inc (PIR): Point72 Asset Management Discloses 5% Passive Stake

In a new filing with the U.S. Securities and Exchange Commission, Point72 Asset Management, managed by Steve Cohen, has disclosed a new stake in Pier 1 Imports Inc (NYSE:PIR). According to the filing, the funds holds 4.71 million shares of Pier 1 Imports Inc (NYSE:PIR). The stake amasses 5.0% of common stock, and is passive by nature.


Pier 1 Imports Inc (NYSE:PIR) is a global importer of home décor and furniture, and has a market cap of $1.2 billion. The company’s second-quarter 2014 net income significantly dropped to $9.2 million, or $0.10 per share, compared to net income of $17.8 million, or $0.17 per share, for the same quarter of 2013. It reported total sales of $418.6 million for the second quarter, representing a 5.8% increase compared to $395.6 million in the year-ago quarter, according to a press release.

During the second quarter, Pier 1 Imports Inc (NYSE:PIR) repurchased 2.35 million shares of its common stock at an average cost of $15.79 per share and a total cost of approximately $37.2 million. Subsequent to the end of the second quarter, the company has repurchased an additional 220,000 shares of common stock at a cost of $3.4 million.

Gotham Asset Management, led by Joel Greenblatt, holds 1.49 million shares of Pier 1 Imports Inc (NYSE:PIR), while GAMCO Investors, run by Mario Gabelli, owns 1.37 million shares of the company. Another investor, Jim Simons’ Renaissance Technologies is owner of 941,300 shares of the company, according to our record.

In its recent 13F, Point72 Asset Management reported that the value of its equity portfolio for the second quarter totaled $15.6 billion. The fund’s top three stocks for the second quarter include Baker Hughes Incorporated (NYSE:BHI), Whiting Petroleum Corp (NYSE:WLL), and Valeant Pharmaceuticals Intl Inc (NYSE:VRX). The fund disclosed holding 4.93 million shares of Baker Hughes Incorporated (NYSE:BHI), 2.92 million shares of Whiting Petroleum Corp (NYSE:WLL) and 1.53 million shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX).

Recently, Point72 Asset Management revealed in a new filing with the SEC that it upped its stake in the $1.53 billion company C&J Energy Services Inc (NYSE:CJES), owing around 3.61 million shares of the company, with the activist stake amassing 6.5% of the company’s stock.

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