Bank of America reissued their underperform rating on shares of Michaels Companies (NASDAQ:MIK) in a report published on Tuesday, The Fly reports. Bank of America currently has a $4.00 target price on the specialty retailer’s stock, down from their previous target price of $5.00.
Other analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Michaels Companies from a sell rating to a strong sell rating in a research note on Tuesday, August 13th. Morgan Stanley set a $9.00 price objective on shares of Michaels Companies and gave the stock a hold rating in a research note on Monday, June 17th. Telsey Advisory Group downgraded shares of Michaels Companies from an outperform rating to a market perform rating and decreased their price objective for the stock from $17.00 to $9.00 in a research note on Friday, June 7th. Loop Capital set a $15.00 price objective on shares of Michaels Companies and gave the stock a buy rating in a research note on Friday, July 12th. Finally, Deutsche Bank decreased their price objective on shares of Michaels Companies from $16.00 to $9.00 and set a hold rating for the company in a research note on Friday, June 7th. Four 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. Michaels Companies presently has a consensus rating of Hold and an average target price of $10.64.
Shares of NASDAQ:MIK opened at $5.60 on Tuesday. Michaels Companies has a 12 month low of $4.96 and a 12 month high of $20.81. The company has a 50-day moving average price of $7.01 and a 200 day moving average price of $10.27. The company has a market cap of $841.47 million, a price-to-earnings ratio of 2.24, a PEG ratio of 0.40 and a beta of 1.06.
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 the Zacks’ consensus estimate of $0.31. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. As a group, equities research analysts predict that Michaels Companies will post 2.34 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the company. Meeder Asset Management Inc. increased its position in shares of Michaels Companies by 512.3% during the first quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock worth $28,000 after acquiring an additional 2,085 shares during the period. AlphaOne Investment Services LLC increased its holdings in Michaels Companies by 126.1% during the first quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock valued at $37,000 after buying an additional 1,791 shares during the period. Royce & Associates LP increased its holdings in Michaels Companies by 56.3% during the first quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock valued at $45,000 after buying an additional 1,408 shares during the period. Bank of Montreal Can increased its holdings in Michaels Companies by 54.8% during the second quarter. Bank of Montreal Can now owns 9,022 shares of the specialty retailer’s stock valued at $78,000 after buying an additional 3,194 shares during the period. Finally, Fox Run Management L.L.C. purchased a new position in Michaels Companies during the second quarter valued at approximately $98,000.
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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