Stock Traders Purchase High Volume of Michaels Companies Put Options (MIK)

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Michaels Companies Inc (NASDAQ:MIK) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 19,553 put options on the stock. This is an increase of 3,850% compared to the average daily volume of 495 put options.

Institutional investors and hedge funds have recently bought and sold shares of the stock. A.R.T. Advisors LLC grew its holdings in Michaels Companies by 180.6% during the first quarter. A.R.T. Advisors LLC now owns 234,008 shares of the specialty retailer’s stock valued at $4,612,000 after purchasing an additional 150,600 shares during the period. Schroder Investment Management Group boosted its holdings in shares of Michaels Companies by 20.7% in the first quarter. Schroder Investment Management Group now owns 1,243,610 shares of the specialty retailer’s stock valued at $24,511,000 after buying an additional 212,923 shares during the period. WP Advisors LLC acquired a new position in shares of Michaels Companies in the second quarter valued at approximately $113,000. Pegasus Partners Ltd. boosted its holdings in shares of Michaels Companies by 1.9% in the second quarter. Pegasus Partners Ltd. now owns 228,832 shares of the specialty retailer’s stock valued at $4,387,000 after buying an additional 4,191 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Michaels Companies by 224.2% in the first quarter. Millennium Management LLC now owns 653,935 shares of the specialty retailer’s stock valued at $12,889,000 after buying an additional 452,252 shares during the period.

MIK has been the subject of several analyst reports. BidaskClub raised shares of Michaels Companies from a “hold” rating to a “buy” rating in a report on Wednesday, June 13th. Credit Suisse Group reissued a “buy” rating on shares of Michaels Companies in a report on Thursday, August 9th. JPMorgan Chase & Co. reissued a “focus list” rating on shares of Michaels Companies in a report on Thursday, June 21st. ValuEngine raised shares of Michaels Companies from a “sell” rating to a “hold” rating in a report on Friday, June 8th. Finally, Zacks Investment Research raised shares of Michaels Companies from a “sell” rating to a “hold” rating in a research note on Thursday, May 31st. Three research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $23.80.

Shares of NASDAQ MIK opened at $19.97 on Thursday. Michaels Companies has a 1-year low of $17.66 and a 1-year high of $27.87. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 9.20, a P/E/G ratio of 1.15 and a beta of 1.24. The company has a quick ratio of 0.60, a current ratio of 1.79 and a debt-to-equity ratio of -1.82.

Michaels Companies (NASDAQ:MIK) last announced its earnings results on Thursday, June 14th. The specialty retailer reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.01. Michaels Companies had a net margin of 6.44% and a negative return on equity of 24.87%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The company’s revenue was down .3% on a year-over-year basis. equities research analysts anticipate that Michaels Companies will post 2.32 earnings per share for the current year.

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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