Zacks Investment Research Lowers Michaels Companies (MIK) to Hold

Michaels Companies (NASDAQ:MIK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “The Michaels Companies, Inc. is a specialty retailer of arts and crafts. The Company’s stores offer stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children’s hobbies. It produces 11 exclusive private brands including Recollections(R), Studio Decor(R), Bead Landing(R), Creatology(R), Ashland(R), Celebrate It(R), Art Minds(R), Artist’s Loft(R), Craft Smart(R), Loops & Threads(R) and Imagin8(R). The Michaels Companies, Inc. is based in Irving, Texas. “

Other analysts have also recently issued reports about the company. Piper Jaffray Companies reaffirmed a “hold” rating and set a $18.00 price objective on shares of Michaels Companies in a report on Friday, September 29th. Raymond James Financial reaffirmed a “hold” rating on shares of Michaels Companies in a report on Saturday. BidaskClub cut Michaels Companies from a “hold” rating to a “sell” rating in a report on Friday, October 13th. ValuEngine raised Michaels Companies from a “hold” rating to a “buy” rating in a report on Friday, October 27th. Finally, Bank of America reaffirmed a “buy” rating and set a $29.00 price objective on shares of Michaels Companies in a report on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $24.00.

Michaels Companies (NASDAQ MIK) opened at $21.15 on Tuesday. The company has a quick ratio of 0.25, a current ratio of 1.39 and a debt-to-equity ratio of -1.56. Michaels Companies has a twelve month low of $17.25 and a twelve month high of $24.66. The company has a market capitalization of $3,976.59, a P/E ratio of 11.14, a P/E/G ratio of 0.96 and a beta of 0.92.

Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings results on Thursday, November 30th. The specialty retailer reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.01. Michaels Companies had a negative return on equity of 22.16% and a net margin of 7.33%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the firm earned $0.40 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. analysts anticipate that Michaels Companies will post 2.2 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of MIK. BlackRock Inc. increased its position in shares of Michaels Companies by 7.1% during the 2nd quarter. BlackRock Inc. now owns 8,752,674 shares of the specialty retailer’s stock valued at $162,099,000 after purchasing an additional 583,585 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Michaels Companies by 52.1% during the 2nd quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after purchasing an additional 2,086,817 shares during the last quarter. State Street Corp increased its position in shares of Michaels Companies by 15.5% during the 2nd quarter. State Street Corp now owns 5,872,512 shares of the specialty retailer’s stock valued at $108,763,000 after purchasing an additional 787,225 shares during the last quarter. William Blair Investment Management LLC increased its position in shares of Michaels Companies by 3.6% during the 2nd quarter. William Blair Investment Management LLC now owns 4,392,319 shares of the specialty retailer’s stock valued at $81,346,000 after purchasing an additional 152,308 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Michaels Companies by 18.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,536,451 shares of the specialty retailer’s stock valued at $32,988,000 after purchasing an additional 244,344 shares during the last quarter.

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About 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.

Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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