Bank of New York Mellon Corp lessened its position in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,292,107 shares of the specialty retailer’s stock after selling 24,896 shares during the period. Bank of New York Mellon Corp owned 0.68% of The Michaels Companies worth $23,929,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of MIK. Nationwide Fund Advisors purchased a new position in shares of The Michaels Companies during the 1st quarter valued at $4,671,000. Profund Advisors LLC purchased a new stake in The Michaels Companies during the 1st quarter worth about $361,000. ProShare Advisors LLC purchased a new stake in The Michaels Companies during the 1st quarter worth about $209,000. Russell Investments Group Ltd. lifted its holdings in The Michaels Companies by 2,413.0% during the 1st quarter. Russell Investments Group Ltd. now owns 150,603 shares of the specialty retailer’s stock worth $3,373,000 after purchasing an additional 144,610 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in The Michaels Companies by 429.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 65,293 shares of the specialty retailer’s stock worth $1,461,000 after purchasing an additional 52,957 shares in the last quarter. 98.43% of the stock is currently owned by hedge funds and other institutional investors.
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A number of analysts recently issued reports on the company. Zacks Investment Research cut The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, June 9th. TheStreet upgraded The Michaels Companies from a “d+” rating to a “c” rating in a research report on Monday, June 26th. Guggenheim reiterated a “buy” rating and set a $26.00 price objective on shares of The Michaels Companies in a research report on Wednesday, June 21st. Telsey Advisory Group reduced 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 report on Wednesday, June 7th. Finally, Bank of America Corporation restated a “buy” rating and set a $26.00 price target on shares of The Michaels Companies in a research report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The Michaels Companies currently has an average rating of “Hold” and an average price target of $24.25.
Shares of The Michaels Companies, Inc. (MIK) opened at 21.56 on Friday. The Michaels Companies, Inc. has a one year low of $17.25 and a one year high of $25.57. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 11.24 and a beta of 0.94. The company has a 50 day moving average price of $20.90 and a 200 day moving average price of $20.70.
The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned $0.17 EPS. Equities analysts predict that The Michaels Companies, Inc. will post $2.14 EPS for the current year.
The Michaels Companies declared that its Board of Directors has authorized a share buyback plan on Thursday, June 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
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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