The Michaels Companies, Inc. (NASDAQ:MIK) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Tuesday, July 25th.
Other research analysts have also issued research reports about the company. Guggenheim reiterated a “buy” rating and set a $26.00 target price on shares of The Michaels Companies in a research report on Wednesday, June 21st. Bank of America Corporation reiterated a “buy” rating and set a $26.00 target price on shares of The Michaels Companies in a research report on Friday, June 16th. Zacks Investment Research upgraded The Michaels Companies from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Wednesday, March 29th. TheStreet upgraded The Michaels Companies from a “d+” rating to a “c” rating in a report on Monday, June 26th. Finally, ValuEngine lowered The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. The Michaels Companies presently has a consensus rating of “Hold” and an average target price of $25.25.
Shares of The Michaels Companies (NASDAQ MIK) traded up 0.24% during mid-day trading on Tuesday, hitting $20.51. 1,711,829 shares of the stock were exchanged. The Michaels Companies has a 52-week low of $17.25 and a 52-week high of $26.30. The stock has a 50-day moving average price of $18.79 and a 200 day moving average price of $20.59. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 10.96 and a beta of 0.96.
The Michaels Companies (NASDAQ:MIK) last announced its earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by $0.01. The Michaels Companies had a net margin of 7.30% and a negative return on equity of 22.75%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned $0.36 EPS. The company’s quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts expect that The Michaels Companies will post $2.08 earnings per share for the current year.
The Michaels Companies declared that its board has approved a stock repurchase program on Thursday, June 15th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in The Michaels Companies by 6.9% in the first quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock valued at $212,194,000 after buying an additional 615,723 shares in the last quarter. BlackRock Inc. raised its position in The Michaels Companies by 44,112.2% in the first 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 in the last quarter. State Street Corp raised its position in The Michaels Companies by 86.7% in the first quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock valued at $113,853,000 after buying an additional 2,361,331 shares in the last quarter. William Blair Investment Management LLC raised its position in The Michaels Companies by 3.6% in the second quarter. William Blair Investment Management LLC now owns 4,392,319 shares of the specialty retailer’s stock valued at $81,346,000 after buying an additional 152,308 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in The Michaels Companies by 26.6% in the first quarter. Alliancebernstein L.P. now owns 4,004,087 shares of the specialty retailer’s stock valued at $89,652,000 after buying an additional 840,693 shares in the last quarter. Institutional investors and hedge funds own 98.43% of the company’s stock.
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.
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