The Michaels Companies, Inc. (NASDAQ:MIK) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Monday.
A number of other equities research analysts have also recently weighed in on the stock. Bank of America Corporation restated a “buy” rating and issued a $29.00 price objective on shares of The Michaels Companies in a report on Tuesday, September 5th. ValuEngine cut shares of The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Piper Jaffray Companies set a $18.00 price objective on shares of The Michaels Companies and gave the stock a “hold” rating in a report on Friday, August 25th. Zacks Investment Research upgraded shares of The Michaels Companies from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Finally, J P Morgan Chase & Co upgraded shares of The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 price objective on the stock in a report on Monday, July 24th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $24.25.
Shares of The Michaels Companies (NASDAQ:MIK) traded down 1.68% during trading on Monday, reaching $21.13. 1,554,860 shares of the company traded hands. The firm’s 50 day moving average is $20.97 and its 200-day moving average is $20.72. The stock has a market capitalization of $3.82 billion, a P/E ratio of 11.02 and a beta of 0.94. The Michaels Companies has a 12-month low of $17.25 and a 12-month high of $25.57.
The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 earnings per share. On average, equities research analysts anticipate that The Michaels Companies will post $2.14 earnings per share for the current fiscal year.
The Michaels Companies announced that its board has approved a share buyback plan on Thursday, June 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
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Large investors have recently bought and sold shares of the company. Mutual of America Capital Management LLC purchased a new stake in shares of The Michaels Companies during the first quarter valued at approximately $1,877,000. CenturyLink Investment Management Co grew its holdings in shares of The Michaels Companies by 54.0% during the second quarter. CenturyLink Investment Management Co now owns 32,242 shares of the specialty retailer’s stock valued at $597,000 after buying an additional 11,300 shares during the last quarter. BlackRock Inc. grew its holdings in shares of The Michaels Companies by 44,112.2% during the first quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock valued at $182,908,000 after buying an additional 8,150,612 shares during the last quarter. New England Asset Management Inc. grew its holdings in shares of The Michaels Companies by 92.0% during the first quarter. New England Asset Management Inc. now owns 38,600 shares of the specialty retailer’s stock valued at $865,000 after buying an additional 18,500 shares during the last quarter. Finally, Spark Investment Management LLC purchased a new stake in shares of The Michaels Companies during the first quarter valued at approximately $3,992,000. Hedge funds and other institutional investors own 98.43% of the company’s stock.
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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