Menta Capital LLC trimmed its stake in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 87.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,800 shares of the specialty retailer’s stock after selling 152,348 shares during the quarter. Menta Capital LLC’s holdings in The Michaels Companies were worth $422,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MIK. Alliancebernstein L.P. grew its holdings in The Michaels Companies by 52.1% during the 2nd quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock worth $112,804,000 after acquiring an additional 2,086,817 shares in the last quarter. CenturyLink Investment Management Co increased its position in shares of The Michaels Companies by 54.0% in the 2nd quarter. CenturyLink Investment Management Co now owns 32,242 shares of the specialty retailer’s stock valued at $597,000 after purchasing an additional 11,300 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of The Michaels Companies by 12.2% in the 2nd quarter. Rhumbline Advisers now owns 204,645 shares of the specialty retailer’s stock valued at $3,790,000 after purchasing an additional 22,190 shares in the last quarter. BlackRock Inc. raised its holdings in shares of The Michaels Companies by 44,112.2% in the 1st quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock valued at $182,908,000 after purchasing an additional 8,150,612 shares in the last quarter. Finally, New England Asset Management Inc. raised its holdings in shares of The Michaels Companies by 92.0% in the 1st quarter. New England Asset Management Inc. now owns 38,600 shares of the specialty retailer’s stock valued at $865,000 after purchasing an additional 18,500 shares in the last quarter. 98.43% of the stock is owned by hedge funds and other institutional investors.

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The Michaels Companies, Inc. (MIK) opened at 21.47 on Monday. The company has a 50 day moving average of $21.01 and a 200-day moving average of $20.73. The stock has a market capitalization of $3.89 billion, a P/E ratio of 11.19 and a beta of 0.92. The Michaels Companies, Inc. has a 52-week low of $17.25 and a 52-week high of $25.57.

The Michaels Companies (NASDAQ:MIK) last announced its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.03. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The Michaels Companies’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. Equities research analysts anticipate that The Michaels Companies, Inc. will post $2.14 EPS for the current year.

The Michaels Companies announced that its board has initiated a stock repurchase plan on Thursday, June 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Several research firms have recently issued reports on MIK. Telsey Advisory Group decreased their price objective on shares of The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating for the company in a research report on Wednesday, June 7th. Zacks Investment Research downgraded shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Morgan Stanley reissued an “overweight” rating and issued a $25.00 target price on shares of The Michaels Companies in a report on Tuesday, June 13th. BidaskClub raised The Michaels Companies from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, Bank of America Corporation restated a “buy” rating and issued a $26.00 price target on shares of The Michaels Companies in a research note on Friday, June 16th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The Michaels Companies has a consensus rating of “Buy” and an average target price of $24.25.

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

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