Michaels Companies (NASDAQ:MIK) Shares Gap Down to $9.24

Shares of Michaels Companies Inc (NASDAQ:MIK) gapped down before the market opened on Friday . The stock had previously closed at $9.00, but opened at $9.24. Michaels Companies shares last traded at $9.62, with a volume of 147,132 shares trading hands.

Several equities research analysts have weighed in on the stock. Deutsche Bank lowered their target price on shares of Michaels Companies from $16.00 to $9.00 and set a “hold” rating for the company in a research note on Friday, June 7th. Morgan Stanley set a $7.00 target price on shares of Michaels Companies and gave the company a “hold” rating in a research note on Monday. Goldman Sachs Group assumed coverage on shares of Michaels Companies in a research note on Thursday, July 11th. They issued a “neutral” rating and a $8.00 target price for the company. Zacks Investment Research downgraded shares of Michaels Companies from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Finally, Bank of America restated an “underperform” rating and issued a $4.00 target price (down from $5.00) on shares of Michaels Companies in a research note on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. Michaels Companies currently has an average rating of “Hold” and an average target price of $8.73.

The company’s 50 day moving average price is $6.41 and its 200 day moving average price is $9.57. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 4.07, a P/E/G ratio of 0.75 and a beta of 1.06.

Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Wednesday, September 4th. The specialty retailer reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.05. Michaels Companies had a net margin of 6.31% and a negative return on equity of 23.40%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the firm posted $0.15 earnings per share. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, research analysts expect that Michaels Companies Inc will post 2.37 earnings per share for the current year.

In related news, Director Beryl Raff acquired 6,700 shares of the stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $7.47 per share, for a total transaction of $50,049.00. Following the completion of the purchase, the director now owns 30,993 shares of the company’s stock, valued at approximately $231,517.71. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.51% of the company’s stock.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Michaels Companies by 34.8% during the second quarter. BlackRock Inc. now owns 11,534,685 shares of the specialty retailer’s stock worth $100,351,000 after purchasing an additional 2,979,904 shares during the last quarter. UBS Group AG raised its holdings in shares of Michaels Companies by 4,969.2% during the second quarter. UBS Group AG now owns 2,817,989 shares of the specialty retailer’s stock worth $24,516,000 after purchasing an additional 2,762,399 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Michaels Companies by 455.4% during the second quarter. Canada Pension Plan Investment Board now owns 1,816,059 shares of the specialty retailer’s stock worth $15,800,000 after purchasing an additional 1,489,059 shares during the last quarter. Balyasny Asset Management LLC purchased a new position in shares of Michaels Companies during the second quarter worth $11,876,000. Finally, AQR Capital Management LLC raised its holdings in shares of Michaels Companies by 78.4% during the second quarter. AQR Capital Management LLC now owns 1,671,046 shares of the specialty retailer’s stock worth $14,538,000 after purchasing an additional 734,461 shares during the last quarter.

About Michaels Companies (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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