Michaels Companies (NASDAQ:MIK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Other research analysts also recently issued reports about the company. BidaskClub upgraded Michaels Companies from a “hold” rating to a “buy” rating in a report on Wednesday, January 24th. Goldman Sachs upgraded Michaels Companies from a “neutral” rating to a “buy” rating in a report on Tuesday, January 16th. Deutsche Bank lifted their price target on Michaels Companies from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday. Raymond James Financial reiterated a “hold” rating on shares of Michaels Companies in a report on Saturday, December 2nd. Finally, ValuEngine downgraded Michaels Companies from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $25.89.
MIK stock opened at $21.19 on Wednesday. Michaels Companies has a fifty-two week low of $17.25 and a fifty-two week high of $27.87. The stock has a market capitalization of $3,987.47, a price-to-earnings ratio of 10.81, a PEG ratio of 0.71 and a beta of 1.14. The company has a debt-to-equity ratio of -1.56, a current ratio of 1.39 and a quick ratio of 0.25.
In related news, CEO Carl Rubin sold 220,930 shares of the business’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $27.15, for a total transaction of $5,998,249.50. Following the transaction, the chief executive officer now directly owns 444,796 shares in the company, valued at approximately $12,076,211.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.30% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. purchased a new position in Michaels Companies during the 4th quarter worth $166,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Michaels Companies by 40.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,792 shares of the specialty retailer’s stock valued at $188,000 after purchasing an additional 2,236 shares during the last quarter. We Are One Seven LLC purchased a new stake in Michaels Companies during the 4th quarter valued at about $197,000. Hikari Power Ltd purchased a new stake in Michaels Companies during the 4th quarter valued at about $204,000. Finally, Cetera Advisor Networks LLC purchased a new stake in Michaels Companies during the 4th quarter valued at about $208,000.
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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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