Michaels Companies Inc (NASDAQ:MIK) Expected to Announce Quarterly Sales of $1.25 Billion

Analysts expect Michaels Companies Inc (NASDAQ:MIK) to post $1.25 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Michaels Companies’ earnings. The highest sales estimate is $1.26 billion and the lowest is $1.25 billion. Michaels Companies posted sales of $1.27 billion during the same quarter last year, which suggests a negative year over year growth rate of 1.6%. The company is expected to issue its next quarterly earnings results on Thursday, December 5th.

According to Zacks, analysts expect that Michaels Companies will report full-year sales of $5.18 billion for the current year, with estimates ranging from $5.17 billion to $5.20 billion. For the next fiscal year, analysts expect that the firm will report sales of $5.27 billion, with estimates ranging from $5.20 billion to $5.31 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Michaels Companies.

Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Wednesday, September 4th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.05. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Michaels Companies had a net margin of 6.31% and a negative return on equity of 23.40%. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.15 earnings per share.

Several research firms have recently weighed in on MIK. Morgan Stanley set a $7.00 price target on shares of Michaels Companies and gave the company a “hold” rating in a report on Monday, September 9th. Deutsche Bank reduced their price target on shares of Michaels Companies from $16.00 to $9.00 and set a “hold” rating for the company in a report on Friday, June 7th. Bank of America reiterated an “underperform” rating and issued a $4.00 price target (down previously from $5.00) on shares of Michaels Companies in a report on Tuesday, August 20th. Loop Capital set a $15.00 price target on shares of Michaels Companies and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Wells Fargo & Co set a $6.00 price target on shares of Michaels Companies and gave the company a “hold” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $8.73.

In other Michaels Companies news, Director Beryl Raff acquired 6,700 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $7.47 per share, with a total value of $50,049.00. Following the completion of the transaction, the director now directly owns 30,993 shares in the company, valued at approximately $231,517.71. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.51% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royce & Associates LP raised its position in Michaels Companies by 56.3% during the first quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock worth $45,000 after acquiring an additional 1,408 shares in the last quarter. AlphaOne Investment Services LLC increased its holdings in shares of Michaels Companies by 126.1% in the first quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock valued at $37,000 after purchasing an additional 1,791 shares during the last quarter. Texas Permanent School Fund increased its holdings in shares of Michaels Companies by 3.8% in the first quarter. Texas Permanent School Fund now owns 61,031 shares of the specialty retailer’s stock valued at $697,000 after purchasing an additional 2,211 shares during the last quarter. CSat Investment Advisory L.P. increased its holdings in shares of Michaels Companies by 17.5% in the second quarter. CSat Investment Advisory L.P. now owns 16,691 shares of the specialty retailer’s stock valued at $145,000 after purchasing an additional 2,489 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC increased its holdings in shares of Michaels Companies by 17.5% in the first quarter. Campbell & CO Investment Adviser LLC now owns 18,947 shares of the specialty retailer’s stock valued at $216,000 after purchasing an additional 2,822 shares during the last quarter.

Shares of Michaels Companies stock traded up $0.33 on Thursday, hitting $9.57. The company had a trading volume of 4,830,605 shares, compared to its average volume of 5,729,383. The firm has a market capitalization of $1.43 billion, a P/E ratio of 4.07, a P/E/G ratio of 0.69 and a beta of 1.06. Michaels Companies has a twelve month low of $4.96 and a twelve month high of $18.04. The stock has a 50-day moving average of $6.41 and a 200-day moving average of $9.57.

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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