BidaskClub upgraded shares of Michaels Companies (NASDAQ:MIK) from a buy rating to a strong-buy rating in a research note released on Wednesday morning.
MIK has been the subject of several other research reports. ValuEngine downgraded shares of Michaels Companies from a sell rating to a strong sell rating in a report on Sunday, August 26th. Wells Fargo & Co reaffirmed a hold rating and issued a $19.00 price objective (down previously from $20.00) on shares of Michaels Companies in a report on Thursday, August 30th. Deutsche Bank reduced their price objective on shares of Michaels Companies from $21.00 to $19.00 and set a hold rating for the company in a report on Friday, August 31st. Morgan Stanley reduced their price objective on shares of Michaels Companies from $23.00 to $20.00 and set an overweight rating for the company in a report on Thursday, October 11th. Finally, Zacks Investment Research downgraded shares of Michaels Companies from a buy rating to a hold rating in a report on Tuesday, September 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Michaels Companies currently has a consensus rating of Hold and an average target price of $22.22.
Shares of MIK opened at $17.72 on Wednesday. Michaels Companies has a 1 year low of $14.82 and a 1 year high of $27.87. The firm has a market cap of $2.99 billion, a PE ratio of 8.17, a PEG ratio of 0.96 and a beta of 1.03.
Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, August 30th. The specialty retailer reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. Michaels Companies had a net margin of 6.31% and a negative return on equity of 24.56%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. Sell-side analysts expect that Michaels Companies will post 2.37 EPS for the current year.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Michaels Companies by 0.9% in the second quarter. BlackRock Inc. now owns 9,456,390 shares of the specialty retailer’s stock worth $181,279,000 after purchasing an additional 85,558 shares during the period. Alliancebernstein L.P. raised its position in Michaels Companies by 7.8% in the third quarter. Alliancebernstein L.P. now owns 4,718,062 shares of the specialty retailer’s stock worth $76,574,000 after acquiring an additional 341,551 shares in the last quarter. Tyvor Capital LLC raised its position in Michaels Companies by 100.8% in the second quarter. Tyvor Capital LLC now owns 2,470,565 shares of the specialty retailer’s stock worth $47,361,000 after acquiring an additional 1,240,426 shares in the last quarter. FMR LLC raised its position in Michaels Companies by 835.3% in the second quarter. FMR LLC now owns 2,431,302 shares of the specialty retailer’s stock worth $46,609,000 after acquiring an additional 2,171,363 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Michaels Companies in the second quarter worth about $40,076,000.
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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