Contrarius Investment Management Ltd bought a new position in shares of Michaels Companies Inc (NASDAQ:MIK) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 264,201 shares of the specialty retailer’s stock, valued at approximately $5,065,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of MIK. WP Advisors LLC acquired a new position in Michaels Companies in the 2nd quarter valued at about $113,000. Cerebellum GP LLC acquired a new position in Michaels Companies in the 2nd quarter valued at about $162,000. Verition Fund Management LLC acquired a new position in Michaels Companies in the 1st quarter valued at about $205,000. Atria Investments LLC acquired a new position in Michaels Companies in the 2nd quarter valued at about $256,000. Finally, Koch Industries Inc. acquired a new position in Michaels Companies in the 1st quarter valued at about $276,000.
Several equities analysts recently issued reports on MIK shares. Wells Fargo & Co started coverage on Michaels Companies in a research report on Monday, April 23rd. They issued a “market perform” rating and a $20.00 price target on the stock. BidaskClub upgraded Michaels Companies from a “sell” rating to a “hold” rating in a research report on Thursday, April 26th. ValuEngine cut Michaels Companies from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Finally, Zacks Investment Research upgraded Michaels Companies from a “sell” rating to a “hold” rating in a research report on Wednesday, May 23rd. Three research analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $23.80.
Shares of MIK opened at $20.34 on Friday. Michaels Companies Inc has a twelve month low of $17.66 and a twelve month high of $27.87. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 9.37, a price-to-earnings-growth ratio of 1.14 and a beta of 1.24. The company has a debt-to-equity ratio of -1.82, a quick ratio of 0.60 and a current ratio of 1.79.
Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, June 14th. The specialty retailer reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. Michaels Companies had a negative return on equity of 24.87% and a net margin of 6.44%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the company earned $0.38 EPS. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. analysts expect that Michaels Companies Inc will post 2.32 EPS for the current year.
Michaels Companies Company Profile
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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