The Michaels Companies, Inc. (MIK) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a sell rating to a hold rating in a research note released on Friday morning.
According to Zacks, “The Michaels Companies, Inc. is a specialty retailer of arts and crafts. The Company’s stores offer stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children’s hobbies. It produces 11 exclusive private brands including Recollections(R), Studio Decor(R), Bead Landing(R), Creatology(R), Ashland(R), Celebrate It(R), Art Minds(R), Artist’s Loft(R), Craft Smart(R), Loops & Threads(R) and Imagin8(R). The Michaels Companies, Inc. is based in Irving, Texas. “
A number of other brokerages have also weighed in on MIK. Morgan Stanley reiterated an overweight rating and set a $25.00 target price on shares of The Michaels Companies in a research report on Tuesday, June 13th. Telsey Advisory Group cut 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. BidaskClub upgraded shares of The Michaels Companies from a strong sell rating to a sell rating in a research report on Tuesday, July 25th. ValuEngine lowered shares of The Michaels Companies from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, TheStreet upgraded shares of The Michaels Companies from a d+ rating to a c rating in a research report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $24.44.
Shares of The Michaels Companies (NASDAQ MIK) opened at 21.94 on Friday. The firm’s 50-day moving average is $19.49 and its 200-day moving average is $20.55. The Michaels Companies has a 12-month low of $17.25 and a 12-month high of $25.61. The company has a market capitalization of $3.97 billion, a PE ratio of 11.44 and a beta of 0.96.
The Michaels Companies (NASDAQ:MIK) last issued its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the business earned $0.17 earnings per share. On average, equities research analysts anticipate that The Michaels Companies will post $2.16 EPS for the current fiscal year.
The Michaels Companies announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of The Michaels Companies by 44,112.2% in the first quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock valued at $182,908,000 after buying an additional 8,150,612 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of The Michaels Companies during the first quarter valued at about $94,934,000. State Street Corp raised its stake in shares of The Michaels Companies by 86.7% in the first quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock valued at $113,853,000 after buying an additional 2,361,331 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of The Michaels Companies by 52.1% in the second quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after buying an additional 2,086,817 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of The Michaels Companies by 80.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,946,680 shares of the specialty retailer’s stock valued at $65,976,000 after buying an additional 1,309,370 shares during the last quarter. Institutional investors and hedge funds own 98.43% of the company’s stock.
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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