Michaels Companies Inc (NASDAQ:MIK) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $13.08, but opened at $12.79. Michaels Companies shares last traded at $12.37, with a volume of 2736736 shares traded.
The specialty retailer reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.02. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.78 billion. Michaels Companies had a negative return on equity of 24.35% and a net margin of 6.35%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the company posted $1.19 EPS.
A number of equities analysts have issued reports on MIK shares. BidaskClub lowered Michaels Companies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 8th. JPMorgan Chase & Co. lowered Michaels Companies from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $18.00 to $15.00 in a research note on Friday, March 1st. Piper Jaffray Companies decreased their price target on Michaels Companies from $11.00 to $9.00 and set an “underweight” rating for the company in a research note on Friday, March 15th. Credit Suisse Group reaffirmed a “positive” rating and set a $20.00 price target (down from $26.00) on shares of Michaels Companies in a research note on Thursday, January 31st. Finally, Zacks Investment Research lowered Michaels Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, December 18th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $17.18.
The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 5.53, a price-to-earnings-growth ratio of 0.54 and a beta of 1.14.
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Michaels Companies Company Profile (NASDAQ:MIK)
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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