Michaels Companies Inc (NASDAQ:MIK) Stake Lessened by California Public Employees Retirement System

California Public Employees Retirement System reduced its position in shares of Michaels Companies Inc (NASDAQ:MIK) by 9.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 184,057 shares of the specialty retailer’s stock after selling 19,599 shares during the period. California Public Employees Retirement System’s holdings in Michaels Companies were worth $2,102,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MIK. Norges Bank purchased a new stake in shares of Michaels Companies during the 4th quarter worth $30,536,000. Prudential Financial Inc. lifted its position in shares of Michaels Companies by 1,135.5% during the 4th quarter. Prudential Financial Inc. now owns 1,503,157 shares of the specialty retailer’s stock worth $20,353,000 after purchasing an additional 1,381,497 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Michaels Companies by 5,916.2% during the 4th quarter. Teacher Retirement System of Texas now owns 776,266 shares of the specialty retailer’s stock worth $10,511,000 after purchasing an additional 763,363 shares during the last quarter. Bernzott Capital Advisors lifted its position in shares of Michaels Companies by 43.3% during the 4th quarter. Bernzott Capital Advisors now owns 1,778,180 shares of the specialty retailer’s stock worth $24,077,000 after purchasing an additional 537,170 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of Michaels Companies by 1,108.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 525,907 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 482,395 shares during the last quarter.

Shares of NASDAQ:MIK opened at $8.52 on Wednesday. Michaels Companies Inc has a 12 month low of $7.78 and a 12 month high of $22.15. The firm has a market cap of $1.33 billion, a P/E ratio of 3.63, a P/E/G ratio of 0.53 and a beta of 1.20.

Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, June 6th. The specialty retailer reported $0.31 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.11 billion. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. Michaels Companies’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period last year, the business earned $0.39 EPS. Analysts predict that Michaels Companies Inc will post 2.41 earnings per share for the current fiscal year.

Several equities research analysts recently commented on the stock. BidaskClub lowered shares of Michaels Companies from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. Zacks Investment Research lowered shares of Michaels Companies from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Deutsche Bank cut their price target on shares of Michaels Companies from $16.00 to $9.00 and set a “hold” rating on the stock in a research note on Friday, June 7th. Telsey Advisory Group lowered shares of Michaels Companies from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $17.00 to $9.00 in a research note on Friday, June 7th. Finally, Credit Suisse Group lowered shares of Michaels Companies from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $18.00 to $11.00 in a research note on Friday, June 7th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Michaels Companies has a consensus rating of “Hold” and an average target price of $12.30.

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

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