American International Group Inc. lessened its stake in Michaels Companies Inc (NASDAQ:MIK) by 11.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 198,868 shares of the specialty retailer’s stock after selling 24,690 shares during the period. American International Group Inc. owned 0.12% of Michaels Companies worth $3,228,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new position in Michaels Companies during the 2nd quarter worth approximately $170,000. We Are One Seven LLC acquired a new position in Michaels Companies during the 3rd quarter worth approximately $180,000. State of Alaska Department of Revenue increased its position in Michaels Companies by 138.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 11,642 shares of the specialty retailer’s stock worth $187,000 after purchasing an additional 6,762 shares during the period. Victory Capital Management Inc. acquired a new position in Michaels Companies during the 3rd quarter worth approximately $304,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in Michaels Companies during the 2nd quarter worth approximately $321,000.
MIK has been the topic of several recent analyst reports. Zacks Investment Research cut Michaels Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Morgan Stanley dropped their target price on Michaels Companies from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, October 11th. ValuEngine upgraded Michaels Companies from a “strong sell” rating to a “sell” rating in a research report on Monday, August 20th. BidaskClub cut Michaels Companies from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Loop Capital set a $18.00 target price on Michaels Companies and gave the stock a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $21.67.
Shares of NASDAQ:MIK opened at $15.65 on Monday. The company has a market cap of $2.68 billion, a PE ratio of 7.21, a PEG ratio of 0.87 and a beta of 1.04. Michaels Companies Inc has a 12 month low of $14.82 and a 12 month high of $27.87.
Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, December 6th. The specialty retailer reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.04. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Michaels Companies had a negative return on equity of 24.35% and a net margin of 6.35%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 EPS. As a group, research analysts expect that Michaels Companies Inc will post 2.43 earnings per share for the current fiscal year.
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Michaels Companies Company 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.
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