The Michaels Companies, Inc. (MIK) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a buy rating to a hold rating in a research note released on Wednesday, October 25th.

According to Zacks, “The Michaels Companies, Inc. is a specialty retailer of arts and crafts. The Company’s stores offer stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children’s hobbies. It produces 11 exclusive private brands including Recollections(R), Studio Decor(R), Bead Landing(R), Creatology(R), Ashland(R), Celebrate It(R), Art Minds(R), Artist’s Loft(R), Craft Smart(R), Loops & Threads(R) and Imagin8(R). The Michaels Companies, Inc. is based in Irving, Texas. “

A number of other research firms have also weighed in on MIK. BidaskClub raised The Michaels Companies from a strong sell rating to a sell rating in a research report on Tuesday, July 25th. J P Morgan Chase & Co upgraded shares of The Michaels Companies from a neutral rating to an overweight rating and set a $23.00 target price for the company in a research note on Monday, July 24th. ValuEngine downgraded shares of The Michaels Companies from a buy rating to a hold rating in a research note on Friday, September 1st. Bank of America Corporation reiterated a buy rating and set a $29.00 target price on shares of The Michaels Companies in a research note on Tuesday, September 5th. Finally, Piper Jaffray Companies set a $18.00 target price on shares of The Michaels Companies and gave the stock a hold rating in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $24.29.

Shares of The Michaels Companies (NASDAQ MIK) traded up $0.01 during trading on Wednesday, hitting $18.57. The company had a trading volume of 1,261,600 shares, compared to its average volume of 2,142,959. The company has a current ratio of 1.44, a quick ratio of 0.26 and a debt-to-equity ratio of -1.53. The Michaels Companies has a 1 year low of $17.25 and a 1 year high of $25.57. The stock has a market cap of $3,359.10, a price-to-earnings ratio of 9.62, a PEG ratio of 0.84 and a beta of 0.86.

The Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The Michaels Companies’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS. sell-side analysts anticipate that The Michaels Companies will post 2.14 earnings per share for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in MIK. Alliancebernstein L.P. grew its position in The Michaels Companies by 52.1% during the second quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after purchasing an additional 2,086,817 shares in the last quarter. CenturyLink Investment Management Co grew its position in The Michaels Companies by 54.0% during the second quarter. CenturyLink Investment Management Co now owns 32,242 shares of the specialty retailer’s stock valued at $597,000 after purchasing an additional 11,300 shares in the last quarter. Rhumbline Advisers grew its position in The Michaels Companies by 12.2% during the second quarter. Rhumbline Advisers now owns 204,645 shares of the specialty retailer’s stock valued at $3,790,000 after purchasing an additional 22,190 shares in the last quarter. BlackRock Inc. grew its position in The Michaels Companies by 7.1% during the second quarter. BlackRock Inc. now owns 8,752,674 shares of the specialty retailer’s stock valued at $162,099,000 after purchasing an additional 583,585 shares in the last quarter. Finally, Flinton Capital Management LLC grew its position in The Michaels Companies by 75.9% during the second quarter. Flinton Capital Management LLC now owns 58,512 shares of the specialty retailer’s stock valued at $1,084,000 after purchasing an additional 25,248 shares in the last quarter. Institutional investors own 98.41% 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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