The Michaels Companies, Inc. (MIK) Shares Bought by Gotham Asset Management LLC
Gotham Asset Management LLC lifted its holdings in The Michaels Companies, Inc. (NASDAQ:MIK) by 86.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 333,918 shares of the specialty retailer’s stock after buying an additional 154,524 shares during the period. Gotham Asset Management LLC owned approximately 0.18% of The Michaels Companies worth $6,184,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. FNY Partners Fund LP purchased a new position in shares of The Michaels Companies in the 1st quarter worth approximately $111,000. Mckinley Capital Management LLC Delaware purchased a new position in The Michaels Companies in the second quarter valued at approximately $103,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 purchasing an additional 549 shares during the last quarter. Pinebridge Investments L.P. purchased a new position in The Michaels Companies in the second quarter valued at approximately $124,000. Finally, Pacer Advisors Inc. lifted its stake in The Michaels Companies by 86.6% in the first quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock valued at $171,000 after purchasing an additional 3,549 shares during the last quarter. Hedge funds and other institutional investors own 98.43% of the company’s stock.
Shares of The Michaels Companies, Inc. (NASDAQ:MIK) opened at 21.01 on Wednesday. The Michaels Companies, Inc. has a one year low of $17.25 and a one year high of $25.57. The firm’s 50-day moving average is $21.69 and its 200-day moving average is $20.70. The company has a market cap of $3.80 billion, a PE ratio of 10.95 and a beta of 0.91.
The Michaels Companies (NASDAQ:MIK) last released its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the previous year, the company earned $0.17 EPS. The Michaels Companies’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities analysts anticipate that The Michaels Companies, Inc. will post $2.14 EPS for the current year.
The Michaels Companies announced that its board has authorized a share repurchase program on Thursday, June 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several equities analysts recently commented on the company. ValuEngine downgraded The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Bank of America Corporation reiterated a “buy” rating and issued a $29.00 price objective on shares of The Michaels Companies in a research note on Tuesday, September 5th. BidaskClub upgraded The Michaels Companies from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Piper Jaffray Companies set a $18.00 price objective on The Michaels Companies and gave the company a “hold” rating in a research note on Friday, August 25th. Finally, Zacks Investment Research upgraded The Michaels Companies from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The Michaels Companies has a consensus rating of “Hold” and a consensus price target of $24.29.
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The Michaels Companies 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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