The Michaels Companies, Inc. (NASDAQ:MIK) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Tuesday, July 25th.
Several other equities analysts have also recently weighed in on MIK. Piper Jaffray Companies cut The Michaels Companies from an “overweight” rating to a “neutral” rating in a research note on Monday, March 27th. Zacks Investment Research upgraded The Michaels Companies from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Wednesday, March 29th. ValuEngine cut The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Telsey Advisory Group dropped their price objective on The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research note on Wednesday, June 7th. Finally, Morgan Stanley restated an “overweight” rating and set a $25.00 price objective on shares of The Michaels Companies in a research note on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. The Michaels Companies has a consensus rating of “Hold” and an average target price of $25.25.
Shares of The Michaels Companies (NASDAQ:MIK) traded up 2.08% during trading on Tuesday, reaching $20.14. 985,320 shares of the company were exchanged. The company has a market capitalization of $3.80 billion, a PE ratio of 10.76 and a beta of 0.96. The Michaels Companies has a one year low of $17.25 and a one year high of $26.30. The firm’s 50 day moving average price is $18.69 and its 200 day moving average price is $20.61.
The Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share for the quarter, missing the 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the business posted $0.36 earnings per share. The Michaels Companies’s revenue was up .0% on a year-over-year basis. Equities research analysts forecast that The Michaels Companies will post $2.08 earnings per share for the current fiscal year.
The Michaels Companies announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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Large investors have recently made changes to their positions in the company. FNY Partners Fund LP purchased a new stake in shares of The Michaels Companies during the first quarter valued at $111,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of The Michaels Companies by 59.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock valued at $112,000 after buying an additional 1,875 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of The Michaels Companies during the fourth quarter valued at $122,000. LS Investment Advisors LLC purchased a new stake in shares of The Michaels Companies during the first quarter valued at $159,000. Finally, New York State Teachers Retirement System raised its stake in shares of The Michaels Companies by 1.2% in the fourth quarter. New York State Teachers Retirement System now owns 8,200 shares of the specialty retailer’s stock valued at $168,000 after buying an additional 100 shares during the period. 98.43% of the stock is owned by institutional investors.
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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