Summit Global Investments acquired a new position in Michaels Companies Inc (NASDAQ:MIK) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,500 shares of the specialty retailer’s stock, valued at approximately $681,000.
Other large investors have also added to or reduced their stakes in the company. Bank of Montreal Can purchased a new position in shares of Michaels Companies in the second quarter valued at $40,076,000. Tyvor Capital LLC increased its position in shares of Michaels Companies by 100.8% in the second quarter. Tyvor Capital LLC now owns 2,470,565 shares of the specialty retailer’s stock valued at $47,361,000 after buying an additional 1,240,426 shares in the last quarter. Neuberger Berman Group LLC increased its position in shares of Michaels Companies by 3,274.4% in the first quarter. Neuberger Berman Group LLC now owns 754,646 shares of the specialty retailer’s stock valued at $14,874,000 after buying an additional 732,282 shares in the last quarter. UBS Group AG increased its position in shares of Michaels Companies by 1,610.6% in the first quarter. UBS Group AG now owns 725,483 shares of the specialty retailer’s stock valued at $14,299,000 after buying an additional 683,072 shares in the last quarter. Finally, Impax Asset Management LLC purchased a new position in shares of Michaels Companies in the first quarter valued at $13,416,000.
Shares of NASDAQ:MIK opened at $19.97 on Thursday. The company has a current ratio of 1.79, a quick ratio of 0.60 and a debt-to-equity ratio of -1.82. Michaels Companies Inc has a 12-month low of $17.66 and a 12-month high of $27.87. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 9.20, a price-to-earnings-growth ratio of 1.15 and a beta of 1.24.
Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings results on Thursday, June 14th. The specialty retailer reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $0.38 EPS. The firm’s quarterly revenue was down .3% on a year-over-year basis. sell-side analysts expect that Michaels Companies Inc will post 2.32 earnings per share for the current year.
MIK has been the topic of a number of analyst reports. ValuEngine lowered Michaels Companies from a “hold” rating to a “sell” rating in a research note on Friday, June 15th. Zacks Investment Research lowered Michaels Companies from a “hold” rating to a “sell” rating in a research note on Saturday, June 16th. BidaskClub raised Michaels Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, June 13th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Michaels Companies in a research note on Thursday, August 9th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Michaels Companies presently has a consensus rating of “Hold” and a consensus target price of $23.80.
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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