The Michaels Companies, Inc. (NASDAQ:MIK) Downgraded by BidaskClub to “Hold”

BidaskClub lowered shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a buy rating to a hold rating in a report published on Saturday, October 7th.

MIK has been the subject of a number of other reports. Zacks Investment Research cut shares of The Michaels Companies from a hold rating to a sell rating in a report on Wednesday, July 12th. Piper Jaffray Companies set a $18.00 target price on shares of The Michaels Companies and gave the stock a hold rating in a report on Friday, August 25th. J P Morgan Chase & Co upgraded shares of The Michaels Companies from a neutral rating to an overweight rating and set a $23.00 target price for the company in a report on Monday, July 24th. Bank of America Corporation reaffirmed a buy rating and issued a $26.00 price objective on shares of The Michaels Companies in a research note on Friday, June 16th. Finally, ValuEngine lowered shares of The Michaels Companies from a buy rating to a hold rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The Michaels Companies has a consensus rating of Hold and a consensus target price of $24.29.

Shares of The Michaels Companies (MIK) traded up 0.40% on Friday, reaching $19.90. The company had a trading volume of 1,318,315 shares. The Michaels Companies has a 52 week low of $17.25 and a 52 week high of $25.57. The company has a market capitalization of $3.60 billion, a P/E ratio of 10.38 and a beta of 0.92. The company has a 50 day moving average of $21.70 and a 200-day moving average of $20.66.

The Michaels Companies (NASDAQ:MIK) last issued its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $0.17 earnings per share. Analysts predict that The Michaels Companies will post $2.14 earnings per share for the current fiscal year.

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Several large investors have recently modified their holdings of MIK. BlackRock Inc. boosted its stake in shares of The Michaels Companies by 44,112.2% during the 1st quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock valued at $182,908,000 after buying an additional 8,150,612 shares during the period. State Street Corp raised its holdings in shares of The Michaels Companies by 86.7% during the 1st quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock valued at $113,853,000 after purchasing an additional 2,361,331 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of The 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 in the last quarter. Vanguard Group Inc. raised its holdings in shares of The Michaels Companies by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock valued at $212,194,000 after purchasing an additional 615,723 shares in the last quarter. Finally, Freestone Capital Holdings LLC raised its holdings in shares of The Michaels Companies by 2,260.8% during the 2nd quarter. Freestone Capital Holdings LLC now owns 639,903 shares of the specialty retailer’s stock valued at $11,851,000 after purchasing an additional 612,798 shares in the last quarter. 98.43% of the stock is owned by institutional investors.

About The 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 The Michaels Companies (NASDAQ:MIK)

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