Legal & General Group Plc Boosts Position in The Michaels Companies, Inc. (NASDAQ:MIK)

Legal & General Group Plc increased its position in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 550.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 74,490 shares of the specialty retailer’s stock after buying an additional 63,045 shares during the period. Legal & General Group Plc’s holdings in The Michaels Companies were worth $1,668,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in MIK. William Blair Investment Management LLC bought a new stake in shares of The Michaels Companies during the first quarter worth $94,934,000. Alliancebernstein L.P. boosted its stake in shares of The Michaels Companies by 26.6% in the first quarter. Alliancebernstein L.P. now owns 4,004,087 shares of the specialty retailer’s stock worth $89,652,000 after buying an additional 840,693 shares during the period. Wellington Management Group LLP boosted its stake in shares of The Michaels Companies by 35.2% in the first quarter. Wellington Management Group LLP now owns 2,114,106 shares of the specialty retailer’s stock worth $47,335,000 after buying an additional 550,265 shares during the period. American Century Companies Inc. boosted its stake in shares of The Michaels Companies by 5.8% in the first quarter. American Century Companies Inc. now owns 1,821,644 shares of the specialty retailer’s stock worth $40,787,000 after buying an additional 100,334 shares during the period. Finally, Reinhart Partners Inc. boosted its stake in shares of The Michaels Companies by 4.9% in the first quarter. Reinhart Partners Inc. now owns 1,443,010 shares of the specialty retailer’s stock worth $32,309,000 after buying an additional 67,390 shares during the period. 98.43% of the stock is owned by hedge funds and other institutional investors.

Shares of The Michaels Companies, Inc. (NASDAQ MIK) opened at 19.02 on Friday. The stock has a 50 day moving average of $18.47 and a 200-day moving average of $20.67. The Michaels Companies, Inc. has a one year low of $17.25 and a one year high of $26.57. The stock has a market capitalization of $3.59 billion, a PE ratio of 10.17 and a beta of 0.93.

The Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The Michaels Companies had a net margin of 7.30% and a negative return on equity of 22.75%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was up .0% on a year-over-year basis. Equities analysts predict that The Michaels Companies, Inc. will post $2.08 earnings per share for the current fiscal year.

The Michaels Companies declared that its board has approved a stock buyback plan on Thursday, June 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

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A number of equities research analysts recently weighed in on MIK shares. Morgan Stanley reissued an “overweight” rating and issued a $25.00 price target on shares of The Michaels Companies in a research report on Tuesday, June 13th. Telsey Advisory Group reduced their price target on shares of The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating for the company in a research report on Wednesday, June 7th. Zacks Investment Research cut shares of The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Piper Jaffray Companies cut shares of The Michaels Companies from an “overweight” rating to a “neutral” rating in a report on Monday, March 27th. Finally, ValuEngine cut shares of The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $25.57.

About The Michaels Companies

The Michaels Companies, Inc (Michaels) is an arts and crafts specialty retailer in North America. The Company’s segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store.

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