Michaels Companies Inc (MIK) Shares Bought by Suntrust Banks Inc.

Suntrust Banks Inc. lifted its position in Michaels Companies Inc (NASDAQ:MIK) by 5.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 80,414 shares of the specialty retailer’s stock after acquiring an additional 4,448 shares during the quarter. Suntrust Banks Inc.’s holdings in Michaels Companies were worth $1,583,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Allianz Asset Management GmbH purchased a new stake in Michaels Companies in the 1st quarter worth approximately $290,000. Principal Financial Group Inc. lifted its position in Michaels Companies by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 488,441 shares of the specialty retailer’s stock worth $9,627,000 after buying an additional 13,179 shares in the last quarter. Xact Kapitalforvaltning AB lifted its position in Michaels Companies by 39.5% in the 1st quarter. Xact Kapitalforvaltning AB now owns 17,662 shares of the specialty retailer’s stock worth $348,000 after buying an additional 5,000 shares in the last quarter. Royal Bank of Canada lifted its position in Michaels Companies by 2.8% in the 1st quarter. Royal Bank of Canada now owns 1,010,060 shares of the specialty retailer’s stock worth $19,907,000 after buying an additional 27,402 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Michaels Companies by 25.9% in the 1st quarter. Legal & General Group Plc now owns 147,343 shares of the specialty retailer’s stock worth $2,904,000 after buying an additional 30,274 shares in the last quarter.

A number of research firms have issued reports on MIK. BidaskClub upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research report on Wednesday, June 13th. Deutsche Bank increased their target price on shares of Michaels Companies from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, March 19th. Zacks Investment Research downgraded shares of Michaels Companies from a “buy” rating to a “hold” rating in a research report on Wednesday, March 21st. ValuEngine upgraded shares of Michaels Companies from a “sell” rating to a “hold” rating in a research report on Friday, June 8th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $26.00 price target (down previously from $32.00) on shares of Michaels Companies in a report on Thursday, March 22nd. Three analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $23.80.

Michaels Companies stock opened at $19.26 on Thursday. The firm has a market cap of $3.51 billion, a PE ratio of 8.88, a price-to-earnings-growth ratio of 1.09 and a beta of 1.23. The company has a current ratio of 1.79, a quick ratio of 0.60 and a debt-to-equity ratio of -1.82. Michaels Companies Inc has a 1-year low of $17.25 and a 1-year high of $27.87.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Thursday, June 14th. The specialty retailer reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Michaels Companies had a net margin of 6.44% and a negative return on equity of 24.87%. Michaels Companies’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. research analysts expect that Michaels Companies Inc will post 2.3 EPS for the current year.

Michaels Companies Profile

The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.

Want to see what other hedge funds are holding MIK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Michaels Companies Inc (NASDAQ:MIK).

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

Receive News & Ratings for Michaels Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michaels Companies and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply