Ingalls & Snyder LLC Sells 59,242 Shares of Michaels Companies Inc (NASDAQ:MIK)
Ingalls & Snyder LLC reduced its holdings in Michaels Companies Inc (NASDAQ:MIK) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,022,720 shares of the specialty retailer’s stock after selling 59,242 shares during the quarter. Ingalls & Snyder LLC owned 0.66% of Michaels Companies worth $10,012,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. First Trust Advisors LP increased its position in shares of Michaels Companies by 21.9% during the 2nd quarter. First Trust Advisors LP now owns 345,676 shares of the specialty retailer’s stock valued at $3,007,000 after purchasing an additional 62,039 shares during the last quarter. BBT Capital Management LLC increased its position in shares of Michaels Companies by 8.3% during the 2nd quarter. BBT Capital Management LLC now owns 51,994 shares of the specialty retailer’s stock valued at $452,000 after purchasing an additional 3,993 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Michaels Companies by 40.9% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 82,475 shares of the specialty retailer’s stock valued at $718,000 after purchasing an additional 23,925 shares during the last quarter. Bernzott Capital Advisors increased its position in shares of Michaels Companies by 0.7% during the 2nd quarter. Bernzott Capital Advisors now owns 2,046,073 shares of the specialty retailer’s stock valued at $17,801,000 after purchasing an additional 14,813 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Michaels Companies by 5.9% during the 1st quarter. Nordea Investment Management AB now owns 693,515 shares of the specialty retailer’s stock valued at $7,919,000 after purchasing an additional 38,578 shares during the last quarter.
In other news, Director Beryl Raff bought 6,700 shares of the stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $7.47 per share, for a total transaction of $50,049.00. Following the purchase, the director now directly owns 30,993 shares in the company, valued at approximately $231,517.71. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.51% of the company’s stock.
Michaels Companies (NASDAQ:MIK) last released its earnings results on Wednesday, September 4th. The specialty retailer reported $0.19 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.05. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Michaels Companies had a negative return on equity of 23.40% and a net margin of 6.31%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 EPS. As a group, sell-side analysts anticipate that Michaels Companies Inc will post 2.38 earnings per share for the current fiscal year.
MIK has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price objective on Michaels Companies from $9.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Wells Fargo & Co set a $6.00 target price on Michaels Companies and gave the company a “hold” rating in a report on Wednesday, September 4th. Morgan Stanley set a $7.00 target price on Michaels Companies and gave the company a “hold” rating in a report on Monday, September 9th. Goldman Sachs Group started coverage on Michaels Companies in a report on Thursday, July 11th. They set a “neutral” rating and a $8.00 target price for the company. Finally, ValuEngine upgraded Michaels Companies from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $8.73.
Michaels Companies Company Profile
The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.
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