Michaels Companies (MIK) PT Lowered to $9.00

Michaels Companies (NASDAQ:MIK) had its price objective dropped by research analysts at Piper Jaffray Companies from $11.00 to $9.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage currently has an “underweight” rating on the specialty retailer’s stock. Piper Jaffray Companies’ price target points to a potential downside of 22.95% from the company’s current price.

Several other research firms also recently issued reports on MIK. BidaskClub downgraded Michaels Companies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 8th. Wells Fargo & Co restated a “hold” rating and issued a $17.00 price target (down from $19.00) on shares of Michaels Companies in a research note on Thursday, December 6th. Loop Capital set a $18.00 price target on Michaels Companies and gave the company a “hold” rating in a research note on Thursday, December 6th. Zacks Investment Research downgraded Michaels Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, December 18th. Finally, Credit Suisse Group restated a “positive” rating and issued a $20.00 price target (down from $26.00) on shares of Michaels Companies in a research note on Thursday, January 31st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $18.27.

MIK stock opened at $11.68 on Friday. The company has a market cap of $1.84 billion, a P/E ratio of 5.38, a price-to-earnings-growth ratio of 0.57 and a beta of 1.14. Michaels Companies has a 1-year low of $11.44 and a 1-year high of $22.38.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its holdings in shares of Michaels Companies by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,748,896 shares of the specialty retailer’s stock valued at $33,526,000 after purchasing an additional 26,109 shares during the period. Victory Capital Management Inc. acquired a new position in shares of Michaels Companies in the 3rd quarter valued at about $304,000. Engineers Gate Manager LP increased its holdings in Michaels Companies by 135.6% in the third quarter. Engineers Gate Manager LP now owns 24,500 shares of the specialty retailer’s stock worth $398,000 after buying an additional 14,100 shares during the last quarter. SG Americas Securities LLC increased its holdings in Michaels Companies by 437.7% in the third quarter. SG Americas Securities LLC now owns 129,388 shares of the specialty retailer’s stock worth $2,100,000 after buying an additional 105,323 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC increased its holdings in Michaels Companies by 43.3% in the third quarter. Thompson Siegel & Walmsley LLC now owns 1,957,818 shares of the specialty retailer’s stock worth $31,775,000 after buying an additional 591,946 shares during the last quarter.

About Michaels Companies

The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.

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The Fly

Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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