State Street Corp boosted its stake in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 86.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,085,287 shares of the specialty retailer’s stock after buying an additional 2,361,331 shares during the period. State Street Corp owned approximately 2.69% of The Michaels Companies worth $113,853,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of MIK. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in The Michaels Companies by 59.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock worth $112,000 after buying an additional 1,875 shares during the last quarter. Russell Investments Group Ltd. bought a new position in The Michaels Companies during the fourth quarter worth $122,000. LS Investment Advisors LLC bought a new position in The Michaels Companies during the first quarter worth $159,000. Pacer Advisors Inc. boosted its position in The Michaels Companies by 86.6% in the first quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock worth $171,000 after buying an additional 3,549 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its position in The Michaels Companies by 1.2% in the fourth quarter. New York State Teachers Retirement System now owns 8,200 shares of the specialty retailer’s stock worth $168,000 after buying an additional 100 shares during the last quarter. 98.43% of the stock is owned by institutional investors and hedge funds.

Shares of The Michaels Companies, Inc. (NASDAQ:MIK) traded up 2.08% on Friday, reaching $20.14. 985,320 shares of the company’s stock traded hands. The company has a 50 day moving average of $18.69 and a 200-day moving average of $20.61. The Michaels Companies, Inc. has a 52 week low of $17.25 and a 52 week high of $26.30. The stock has a market capitalization of $3.80 billion, a PE ratio of 10.76 and a beta of 0.96.

The Michaels Companies (NASDAQ:MIK) last issued its earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. The Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the company posted $0.36 earnings per share. Equities research analysts forecast that The Michaels Companies, Inc. will post $2.08 earnings per share for the current year.

The Michaels Companies announced that its Board of Directors has authorized a share buyback program on Thursday, June 15th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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A number of equities research analysts have issued reports on the stock. Telsey Advisory Group reduced their target price on shares of The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a report on Wednesday, June 7th. Guggenheim restated a “buy” rating and issued a $26.00 price objective on shares of The Michaels Companies in a report on Wednesday, June 21st. Zacks Investment Research lowered shares of The Michaels Companies from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. BidaskClub lowered shares of The Michaels Companies from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Finally, Morgan Stanley restated an “overweight” rating and issued a $25.00 price objective on shares of The Michaels Companies in a report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $25.25.

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.

Institutional Ownership by Quarter for The Michaels Companies (NASDAQ:MIK)

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