Teachers Retirement System of The State of Kentucky decreased its holdings in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 66.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 67,856 shares of the specialty retailer’s stock after selling 134,922 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in The Michaels Companies were worth $1,257,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. FNY Partners Fund LP bought a new stake in The Michaels Companies during the first quarter worth about $111,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in The Michaels Companies by 59.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock worth $112,000 after purchasing an additional 1,875 shares during the last quarter. Pinebridge Investments L.P. bought a new stake in The Michaels Companies during the second quarter worth about $124,000. Pacer Advisors Inc. lifted its stake in The Michaels Companies by 86.6% during the first quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock worth $171,000 after purchasing an additional 3,549 shares during the last quarter. Finally, LS Investment Advisors LLC lifted its stake in The Michaels Companies by 24.6% during the second quarter. LS Investment Advisors LLC now owns 8,825 shares of the specialty retailer’s stock worth $163,000 after purchasing an additional 1,745 shares during the last quarter. 98.43% of the stock is owned by institutional investors.

Several brokerages have issued reports on MIK. BidaskClub lowered The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Saturday. Piper Jaffray Companies reaffirmed a “hold” rating and set a $18.00 price target on shares of The Michaels Companies in a research note on Friday, September 29th. Bank of America Corporation reaffirmed a “buy” rating and set a $29.00 price target on shares of The Michaels Companies in a research note on Tuesday, September 5th. ValuEngine lowered The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Zacks Investment Research raised The Michaels Companies from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $24.29.

The Michaels Companies, Inc. (NASDAQ MIK) opened at 21.30 on Friday. The Michaels Companies, Inc. has a 12-month low of $17.25 and a 12-month high of $25.57. The stock has a market cap of $3.86 billion, a P/E ratio of 11.11 and a beta of 0.91. The stock has a 50 day moving average price of $21.59 and a 200 day moving average price of $20.72.

The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the firm earned $0.17 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, analysts forecast that The Michaels Companies, Inc. will post $2.14 earnings per share for the current fiscal year.

The Michaels Companies declared that its Board of Directors has approved a share buyback plan on Thursday, June 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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

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