Equities research analysts expect Michaels Companies Inc (NASDAQ:MIK) to post sales of $1.01 billion for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Michaels Companies’ earnings, with the lowest sales estimate coming in at $992.22 million and the highest estimate coming in at $1.03 billion. Michaels Companies posted sales of $1.05 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 3.8%. The business is scheduled to issue its next earnings report on Thursday, August 29th.
According to Zacks, analysts expect that Michaels Companies will report full-year sales of $5.17 billion for the current financial year, with estimates ranging from $5.15 billion to $5.20 billion. For the next fiscal year, analysts forecast that the business will post sales of $5.25 billion, with estimates ranging from $5.20 billion to $5.31 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Michaels Companies.
Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, June 6th. The specialty retailer reported $0.31 EPS for the quarter, meeting analysts’ consensus estimates of $0.31. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 earnings per share.
MIK has been the subject of a number of recent analyst reports. Telsey Advisory Group cut shares of Michaels Companies from an “outperform” rating to a “market perform” rating and cut their price target for the company from $17.00 to $9.00 in a research note on Friday, June 7th. Credit Suisse Group lowered Michaels Companies from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $18.00 to $11.00 in a research report on Friday, June 7th. Deutsche Bank lowered their price objective on Michaels Companies from $16.00 to $9.00 and set a “hold” rating for the company in a research report on Friday, June 7th. Loop Capital set a $15.00 price objective on Michaels Companies and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, Bank of America lowered Michaels Companies from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $9.00 to $5.00 in a research report on Friday, July 19th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $10.73.
MIK stock traded up $0.01 during trading hours on Monday, reaching $6.77. The stock had a trading volume of 157,484 shares, compared to its average volume of 2,701,835. The company has a market capitalization of $1.07 billion, a PE ratio of 2.85, a PEG ratio of 0.51 and a beta of 1.06. The company’s 50-day moving average is $8.15. Michaels Companies has a fifty-two week low of $6.39 and a fifty-two week high of $21.11.
Several hedge funds have recently bought and sold shares of the company. Qube Research & Technologies Ltd acquired a new stake in Michaels Companies during the second quarter worth $132,000. TD Asset Management Inc. increased its stake in Michaels Companies by 2.9% during the 2nd quarter. TD Asset Management Inc. now owns 237,600 shares of the specialty retailer’s stock valued at $2,067,000 after purchasing an additional 6,800 shares in the last quarter. First Trust Advisors LP increased its stake in Michaels Companies by 21.9% during the 2nd quarter. First Trust Advisors LP now owns 345,676 shares of the specialty retailer’s stock valued at $3,007,000 after purchasing an additional 62,039 shares in the last quarter. SG Americas Securities LLC increased its stake in Michaels Companies by 33.1% during the 2nd quarter. SG Americas Securities LLC now owns 42,532 shares of the specialty retailer’s stock valued at $370,000 after purchasing an additional 10,581 shares in the last quarter. Finally, First Quadrant L P CA increased its stake in Michaels Companies by 9.9% during the 2nd quarter. First Quadrant L P CA now owns 151,859 shares of the specialty retailer’s stock valued at $1,321,000 after purchasing an additional 13,725 shares in the last quarter.
About Michaels Companies
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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