The Michaels Companies, Inc. (NASDAQ:MIK) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Friday.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut The Michaels Companies from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Bank of America Corporation reiterated a “buy” rating and issued a $29.00 price objective on shares of The Michaels Companies in a report on Tuesday, September 5th. ValuEngine cut The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Piper Jaffray Companies set a $18.00 price objective on The Michaels Companies and gave the stock a “hold” rating in a report on Friday, August 25th. Finally, J P Morgan Chase & Co upgraded The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 price objective for the company in a report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $24.29.
The Michaels Companies (NASDAQ MIK) traded down 0.25% during trading on Friday, hitting $20.15. The company had a trading volume of 2,746,196 shares. The Michaels Companies has a 1-year low of $17.25 and a 1-year high of $25.57. The company’s 50 day moving average price is $21.70 and its 200-day moving average price is $20.68. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 10.51 and a beta of 0.91.
The Michaels Companies (NASDAQ:MIK) last released its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.03. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the business posted $0.17 EPS. The business’s revenue was up 1.2% on a year-over-year basis. On average, analysts expect that The Michaels Companies will post $2.14 EPS for the current year.
The Michaels Companies declared that its board has approved a share buyback plan on Thursday, June 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the specialty retailer to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in The Michaels Companies by 11.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,556 shares of the specialty retailer’s stock valued at $103,000 after buying an additional 549 shares in the last quarter. Mckinley Capital Management LLC Delaware bought a new position in The Michaels Companies during the 2nd quarter valued at approximately $103,000. FNY Partners Fund LP bought a new position in The Michaels Companies during the 1st quarter valued at approximately $111,000. Pinebridge Investments L.P. bought a new position in The Michaels Companies during the 2nd quarter valued at approximately $124,000. Finally, Pacer Advisors Inc. increased its position in The Michaels Companies by 5.0% during the 2nd quarter. Pacer Advisors Inc. now owns 8,028 shares of the specialty retailer’s stock valued at $149,000 after buying an additional 383 shares in the last quarter. Institutional investors own 98.43% of the company’s stock.
About The Michaels Companies
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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