BidaskClub downgraded shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a buy rating to a hold rating in a report issued on Saturday morning.
Several other analysts also recently weighed in on MIK. Morgan Stanley reiterated an overweight rating and issued a $25.00 price objective on shares of The Michaels Companies in a research report on Tuesday, June 13th. Bank of America Corporation reiterated a buy rating and issued a $26.00 price objective on shares of The Michaels Companies in a research report on Friday, June 16th. Guggenheim reiterated a buy rating and issued a $26.00 price objective on shares of The Michaels Companies in a research report on Wednesday, June 21st. TheStreet upgraded shares of The Michaels Companies from a d+ rating to a c rating in a research report on Monday, June 26th. Finally, Zacks Investment Research downgraded shares of The Michaels Companies from a hold rating to a sell rating in a research report on Wednesday, July 12th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $24.29.
Shares of The Michaels Companies (NASDAQ MIK) traded down 1.93% on Friday, hitting $21.30. 2,201,931 shares of the stock were exchanged. The firm’s 50 day moving average price is $21.59 and its 200 day moving average price is $20.72. The Michaels Companies has a one year low of $17.25 and a one year high of $25.57. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 11.11 and a beta of 0.91.
The Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The Michaels Companies’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $0.17 EPS. Equities analysts anticipate that The Michaels Companies will post $2.14 earnings per share for the current year.
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The Michaels Companies announced that its board has approved a share repurchase program on Thursday, June 15th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the company. FNY Partners Fund LP acquired a new position in shares of The Michaels Companies in the 1st quarter worth approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of The Michaels Companies by 59.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock worth $112,000 after purchasing an additional 1,875 shares during the last quarter. Mckinley Capital Management LLC Delaware acquired a new position in shares of The Michaels Companies in the 2nd quarter worth approximately $103,000. Pinebridge Investments L.P. acquired a new position in shares of The Michaels Companies in the 2nd quarter worth approximately $124,000. Finally, Pacer Advisors Inc. grew its stake in shares of The Michaels Companies by 86.6% in the 1st quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock worth $171,000 after purchasing an additional 3,549 shares during the last quarter. 98.43% of the stock is currently owned by institutional investors.
The Michaels Companies Company Profile
The Michaels Companies, Inc (Michaels) is an arts and crafts specialty retailer in North America. The Company’s segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store.
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