Brokerages forecast that The Michaels Companies, Inc. (NASDAQ:MIK) will announce sales of $1.26 billion for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for The Michaels Companies’ earnings, with estimates ranging from $1.25 billion to $1.29 billion. The Michaels Companies reported sales of $1.23 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 2.4%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, December 5th.

According to Zacks, analysts expect that The Michaels Companies will report full year sales of $1.26 billion for the current financial year, with estimates ranging from $5.34 billion to $5.42 billion. For the next fiscal year, analysts forecast that the company will post sales of $5.44 billion per share, with estimates ranging from $5.36 billion to $5.56 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover The Michaels Companies.

The Michaels Companies (NASDAQ:MIK) last announced 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 firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business earned $0.17 EPS. The Michaels Companies’s revenue for the quarter was up 1.2% compared to the same quarter last year.

Several research analysts recently issued reports on MIK shares. BidaskClub raised shares of The Michaels Companies from a “hold” rating to a “buy” rating in a report on Thursday, September 28th. Piper Jaffray Companies reissued a “hold” rating and set a $18.00 price target on shares of The Michaels Companies in a report on Friday, September 29th. Zacks Investment Research raised shares of The Michaels Companies from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. TheStreet raised shares of The Michaels Companies from a “d+” rating to a “c” rating in a report on Monday, June 26th. Finally, Guggenheim reissued a “buy” rating and set a $26.00 price target on shares of The Michaels Companies in a report on Wednesday, June 21st. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $24.29.

Shares of The Michaels Companies (MIK) traded down 2.35% during trading on Friday, hitting $20.80. The company had a trading volume of 1,437,344 shares. The stock’s 50-day moving average is $21.59 and its 200 day moving average is $20.72. The firm has a market capitalization of $3.76 billion, a P/E ratio of 10.84 and a beta of 0.92. The Michaels Companies has a 52-week low of $17.25 and a 52-week high of $25.57.

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

A number of institutional investors have recently modified their holdings of MIK. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in The Michaels Companies by 11.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,556 shares of the specialty retailer’s stock valued at $103,000 after buying an additional 549 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in The Michaels Companies in the second quarter valued at about $103,000. FNY Partners Fund LP purchased a new position in The Michaels Companies in the first quarter valued at about $111,000. Pinebridge Investments L.P. purchased a new position in The Michaels Companies in the second quarter valued at about $124,000. Finally, Pacer Advisors Inc. increased its holdings in The Michaels Companies by 5.0% in the second quarter. Pacer Advisors Inc. now owns 8,028 shares of the specialty retailer’s stock valued at $149,000 after buying an additional 383 shares in the last quarter. 98.43% of the stock is owned by institutional investors.

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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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