Teacher Retirement System of Texas raised its stake in shares of Michaels Companies Inc (NASDAQ:MIK) by 21.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,110,698 shares of the specialty retailer’s stock after buying an additional 550,200 shares during the period. Teacher Retirement System of Texas owned about 2.12% of Michaels Companies worth $25,166,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its stake in Michaels Companies by 1,946.6% during the 3rd quarter. Meeder Asset Management Inc. now owns 5,669 shares of the specialty retailer’s stock valued at $55,000 after buying an additional 5,392 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Michaels Companies in the 3rd quarter worth $120,000. CIBC Asset Management Inc purchased a new stake in shares of Michaels Companies in the 3rd quarter worth $139,000. Iron Financial LLC purchased a new stake in shares of Michaels Companies in the 4th quarter worth $118,000. Finally, Ibex Investors LLC purchased a new stake in shares of Michaels Companies in the 3rd quarter worth $179,000.
MIK stock traded down $0.28 during trading on Friday, reaching $4.53. The company’s stock had a trading volume of 132,636 shares, compared to its average volume of 4,479,593. Michaels Companies Inc has a 1 year low of $4.69 and a 1 year high of $14.47. The company has a market capitalization of $730.99 million, a P/E ratio of 2.61, a price-to-earnings-growth ratio of 0.36 and a beta of 1.16. The company’s fifty day moving average is $6.51 and its 200-day moving average is $7.53.
Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings results on Thursday, December 5th. The specialty retailer reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.09). Michaels Companies had a negative return on equity of 22.75% and a net margin of 5.30%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the company posted $0.48 EPS. The company’s quarterly revenue was down 4.1% on a year-over-year basis. On average, equities analysts forecast that Michaels Companies Inc will post 2.11 EPS for the current year.
Several equities research analysts have recently commented on the company. Telsey Advisory Group reduced their price objective on Michaels Companies from $10.00 to $7.00 and set a “market perform” rating for the company in a research note on Friday, December 6th. Loop Capital restated a “buy” rating and issued a $10.00 price objective on shares of Michaels Companies in a research note on Friday, December 6th. Goldman Sachs Group lowered Michaels Companies from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $7.00 to $6.50 in a research note on Thursday, January 16th. BidaskClub lowered Michaels Companies from a “sell” rating to a “strong sell” rating in a research note on Friday, December 6th. Finally, Morgan Stanley lowered Michaels Companies from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $7.00 to $5.00 in a research note on Friday, December 20th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $7.71.
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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