The Michaels Companies, Inc. (NASDAQ:MIK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.

According to Zacks, “The Michaels Companies, Inc. is a specialty retailer of arts and crafts. The Company’s stores offer stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children’s hobbies. It produces 11 exclusive private brands including Recollections(R), Studio Decor(R), Bead Landing(R), Creatology(R), Ashland(R), Celebrate It(R), Art Minds(R), Artist’s Loft(R), Craft Smart(R), Loops & Threads(R) and Imagin8(R). The Michaels Companies, Inc. is based in Irving, Texas. “

Several other equities research analysts have also weighed in on MIK. TheStreet upgraded The Michaels Companies from a “d+” rating to a “c” rating in a research report on Monday, June 26th. Guggenheim restated a “buy” rating and set a $26.00 price target on shares of The Michaels Companies in a research report on Wednesday, June 21st. Telsey Advisory Group dropped their price target on The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research report on Wednesday, June 7th. Bank of America Corporation restated a “buy” rating and set a $26.00 price target on shares of The Michaels Companies in a research report on Friday, June 16th. Finally, J P Morgan Chase & Co upgraded The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 price target on the stock in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The Michaels Companies currently has a consensus rating of “Hold” and an average target price of $24.44.

Shares of The Michaels Companies (NASDAQ:MIK) opened at 21.91 on Friday. The Michaels Companies has a one year low of $17.25 and a one year high of $25.61. The firm has a market capitalization of $4.02 billion, a P/E ratio of 11.42 and a beta of 0.96. The firm’s 50-day moving average is $19.49 and its 200 day moving average is $20.55.

The Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the company posted $0.17 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. Equities research analysts predict that The Michaels Companies will post $2.15 earnings per share for the current year.

The Michaels Companies declared that its Board of Directors has initiated a share buyback plan on Thursday, June 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in The Michaels Companies by 6.9% in the first quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock valued at $212,194,000 after buying an additional 615,723 shares in the last quarter. BlackRock Inc. boosted its position in The Michaels Companies by 7.1% in the second quarter. BlackRock Inc. now owns 8,752,674 shares of the specialty retailer’s stock valued at $162,099,000 after buying an additional 583,585 shares in the last quarter. Alliancebernstein L.P. boosted its position in The Michaels Companies by 52.1% in the second quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after buying an additional 2,086,817 shares in the last quarter. State Street Corp boosted its position in The Michaels Companies by 15.5% in the second quarter. State Street Corp now owns 5,872,512 shares of the specialty retailer’s stock valued at $108,763,000 after buying an additional 787,225 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its position in The Michaels Companies by 3.6% in the second quarter. William Blair Investment Management LLC now owns 4,392,319 shares of the specialty retailer’s stock valued at $81,346,000 after buying an additional 152,308 shares in the last quarter. Hedge funds and other institutional investors own 98.43% of the company’s stock.

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.

Analyst Recommendations for The Michaels Companies (NASDAQ:MIK)

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