Sovarnum Capital L.P. Invests $460,000 in Michaels Companies Inc (MIK) Stock

Sovarnum Capital L.P. acquired a new position in shares of Michaels Companies Inc (NASDAQ:MIK) during the 4th quarter, HoldingsChannel reports. The firm acquired 19,000 shares of the specialty retailer’s stock, valued at approximately $460,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Michaels Companies by 0.9% during the fourth quarter. BlackRock Inc. now owns 9,089,170 shares of the specialty retailer’s stock worth $219,865,000 after acquiring an additional 79,208 shares during the period. Old Mutual Global Investors UK Ltd. raised its stake in Michaels Companies by 1,714.8% during the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 2,316,399 shares of the specialty retailer’s stock worth $56,033,000 after acquiring an additional 2,188,757 shares during the period. Bank of New York Mellon Corp raised its stake in Michaels Companies by 18.9% during the third quarter. Bank of New York Mellon Corp now owns 1,536,451 shares of the specialty retailer’s stock worth $32,988,000 after acquiring an additional 244,344 shares during the period. Reinhart Partners Inc. raised its stake in Michaels Companies by 3.9% during the fourth quarter. Reinhart Partners Inc. now owns 1,533,516 shares of the specialty retailer’s stock worth $37,096,000 after acquiring an additional 57,633 shares during the period. Finally, APG Asset Management N.V. raised its stake in Michaels Companies by 1,088.0% during the fourth quarter. APG Asset Management N.V. now owns 1,212,900 shares of the specialty retailer’s stock worth $24,434,000 after acquiring an additional 1,110,800 shares during the period.

Michaels Companies Inc (NASDAQ MIK) opened at $24.20 on Friday. The company has a quick ratio of 0.25, a current ratio of 1.39 and a debt-to-equity ratio of -1.56. The stock has a market cap of $4,406.15, a P/E ratio of 12.34, a PEG ratio of 0.79 and a beta of 0.99. Michaels Companies Inc has a 1-year low of $17.25 and a 1-year high of $27.87.

Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Thursday, November 30th. The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Michaels Companies had a net margin of 7.33% and a negative return on equity of 22.16%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm posted $0.40 earnings per share. analysts anticipate that Michaels Companies Inc will post 2.18 EPS for the current fiscal year.

MIK has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Wednesday, November 29th. BidaskClub upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research report on Wednesday, December 27th. ValuEngine upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research report on Friday, October 27th. Goldman Sachs Group upgraded shares of Michaels Companies from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Finally, Deutsche Bank cut shares of Michaels Companies from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Michaels Companies presently has a consensus rating of “Buy” and a consensus target price of $26.00.

In other news, CEO Carl Rubin sold 220,930 shares of the stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $27.15, for a total value of $5,998,249.50. Following the completion of the transaction, the chief executive officer now directly owns 444,796 shares in the company, valued at $12,076,211.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.30% of the company’s stock.

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About 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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Institutional Ownership by Quarter for Michaels Companies (NASDAQ:MIK)

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