The Michaels Companies, Inc. (MIK) Receives Consensus Rating of “Hold” from Analysts
Shares of The Michaels Companies, Inc. (NASDAQ:MIK) have earned an average rating of “Hold” from the thirteen brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $24.29.
Several equities analysts have recently issued reports on the stock. ValuEngine downgraded shares of The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Bank of America Corporation reissued a “buy” rating and set a $29.00 price target on shares of The Michaels Companies in a report on Tuesday. Piper Jaffray Companies set a $18.00 price target on shares of The Michaels Companies and gave the company a “hold” rating in a report on Friday, August 25th. Zacks Investment Research raised shares of The Michaels Companies from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Finally, BidaskClub raised shares of The Michaels Companies from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 25th.
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Shares of The Michaels Companies (NASDAQ:MIK) traded down 1.51% during mid-day trading on Friday, reaching $22.18. 1,664,776 shares of the company were exchanged. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 11.56 and a beta of 0.94. The company’s 50-day moving average is $20.62 and its 200 day moving average is $20.68. The Michaels Companies has a 12 month low of $17.25 and a 12 month high of $25.57.
The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. Analysts predict that The Michaels Companies will post $2.14 EPS for the current year.
The Michaels Companies announced that its board has authorized a stock repurchase program on Thursday, June 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds have recently bought and sold shares of MIK. BlackRock Inc. lifted its holdings in The Michaels Companies by 44,112.2% in the first quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock worth $182,908,000 after purchasing an additional 8,150,612 shares during the period. William Blair Investment Management LLC acquired a new stake in The Michaels Companies in the first quarter worth about $94,934,000. State Street Corp lifted its holdings in The Michaels Companies by 86.7% in the first quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock worth $113,853,000 after purchasing an additional 2,361,331 shares during the period. Alliancebernstein L.P. lifted its holdings 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 worth $112,804,000 after purchasing an additional 2,086,817 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in The Michaels Companies by 80.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,946,680 shares of the specialty retailer’s stock worth $65,976,000 after purchasing an additional 1,309,370 shares during the period. 98.43% of the stock is owned by institutional investors and hedge funds.
The Michaels Companies Company Profile
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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