Research analysts at Wells Fargo assumed coverage on shares of Michaels Companies (NASDAQ:MIK) in a research report issued to clients and investors on Monday, MarketBeat reports. The firm set a “market perform” rating and a $20.00 price target on the specialty retailer’s stock. Wells Fargo’s price target suggests a potential upside of 7.24% from the stock’s previous close.
Several other research firms also recently issued reports on MIK. Telsey Advisory Group upgraded Michaels Companies from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $23.00 to $32.00 in a research note on Thursday, January 25th. BidaskClub upgraded Michaels Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, January 24th. Zacks Investment Research upgraded Michaels Companies from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Saturday, February 3rd. Goldman Sachs upgraded Michaels Companies from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Finally, ValuEngine downgraded Michaels Companies from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $24.27.
Shares of MIK traded up $0.14 during trading hours on Monday, hitting $18.65. 58,410 shares of the company were exchanged, compared to its average volume of 2,051,840. The company has a market cap of $3,327.55, a PE ratio of 8.53, a price-to-earnings-growth ratio of 0.82 and a beta of 1.24. Michaels Companies has a 52 week low of $17.25 and a 52 week high of $27.87. The company has a debt-to-equity ratio of -1.79, a quick ratio of 0.58 and a current ratio of 1.75.
Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Thursday, March 22nd. The specialty retailer reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.02). The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. Michaels Companies had a negative return on equity of 24.07% and a net margin of 7.28%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.96 EPS. research analysts predict that Michaels Companies will post 2.35 earnings per share for the current year.
In related news, CEO Carl Rubin sold 220,930 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 444,796 shares of the company’s stock, valued at approximately $12,076,211.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of MIK. Legal & General Group Plc raised its holdings in Michaels Companies by 12.4% in the 3rd quarter. Legal & General Group Plc now owns 102,889 shares of the specialty retailer’s stock valued at $2,209,000 after acquiring an additional 11,383 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Michaels Companies by 11.4% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 484,656 shares of the specialty retailer’s stock valued at $10,406,000 after acquiring an additional 49,786 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Michaels Companies by 41.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,131,075 shares of the specialty retailer’s stock valued at $24,288,000 after acquiring an additional 330,115 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Michaels Companies in the 3rd quarter valued at approximately $641,000. Finally, California Public Employees Retirement System raised its holdings in Michaels Companies by 36.2% in the 3rd quarter. California Public Employees Retirement System now owns 135,090 shares of the specialty retailer’s stock valued at $2,900,000 after acquiring an additional 35,890 shares in the last quarter.
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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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