The Michaels Companies, Inc. (MIK) Position Raised by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP increased its stake in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 1.4% during the first quarter, according to its most recent filing with the SEC. The fund owned 578,431 shares of the specialty retailer’s stock after buying an additional 8,000 shares during the period. Dimensional Fund Advisors LP owned 0.31% of The Michaels Companies worth $12,952,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of MIK. Russell Investments Group Ltd. bought a new position in shares of The Michaels Companies during the fourth quarter valued at $122,000. Guggenheim Capital LLC bought a new position in shares of The Michaels Companies during the fourth quarter valued at $393,000. Bank of Montreal Can boosted its position in shares of The Michaels Companies by 1,016.9% in the first quarter. Bank of Montreal Can now owns 943,547 shares of the specialty retailer’s stock valued at $21,125,000 after buying an additional 859,065 shares during the period. Louisiana State Employees Retirement System bought a new position in shares of The Michaels Companies during the first quarter valued at $600,000. Finally, Retirement Systems of Alabama bought a new position in shares of The Michaels Companies during the first quarter valued at $3,050,000. Institutional investors and hedge funds own 98.43% of the company’s stock.
The Michaels Companies, Inc. (NASDAQ MIK) traded down 1.27% during midday trading on Thursday, hitting $20.22. The stock had a trading volume of 165,546 shares. The firm has a 50 day moving average of $19.19 and a 200 day moving average of $20.53. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of 10.81 and a beta of 0.96. The Michaels Companies, Inc. has a 52 week low of $17.25 and a 52 week high of $26.30.
The Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. The Michaels Companies had a net margin of 7.30% and a negative return on equity of 22.75%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 EPS. Equities research analysts predict that The Michaels Companies, Inc. will post $2.08 EPS for the current year.
The Michaels Companies announced that its board has authorized a stock buyback plan on Thursday, June 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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MIK has been the topic of several recent analyst reports. Zacks Investment Research cut The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th. ValuEngine cut The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Telsey Advisory Group dropped their price objective on The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research note on Wednesday, June 7th. Morgan Stanley restated an “overweight” rating and set a $25.00 price objective on shares of The Michaels Companies in a research note on Tuesday, June 13th. Finally, BidaskClub upgraded The Michaels Companies from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The Michaels Companies currently has an average rating of “Hold” and an average price target 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.
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