The Michaels Companies, Inc. (MIK) Upgraded to “Buy” at ValuEngine
ValuEngine upgraded shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a hold rating to a buy rating in a research note issued to investors on Friday morning.
A number of other research analysts have also recently weighed in on the stock. Piper Jaffray Companies cut shares of The Michaels Companies from a neutral rating to an underweight rating in a research note on Friday. Zacks Investment Research cut shares of The Michaels Companies from a buy rating to a hold rating in a research note on Wednesday, October 25th. BidaskClub cut shares of The Michaels Companies from a hold rating to a sell rating in a research note on Friday, October 13th. Finally, Bank of America Corporation reissued a buy rating and set a $29.00 price objective on shares of The Michaels Companies in a research note on Tuesday, September 5th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $24.29.
The Michaels Companies (MIK) opened at 19.50 on Friday. The stock’s 50 day moving average price is $21.12 and its 200 day moving average price is $20.47. The firm has a market capitalization of $3.53 billion, a PE ratio of 10.17 and a beta of 0.92. The Michaels Companies has a one year low of $17.25 and a one year high of $25.57.
The Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping 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 business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the company posted $0.17 EPS. The company’s revenue was up 1.2% on a year-over-year basis. Analysts expect that The Michaels Companies will post $2.14 EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board grew its stake in The Michaels Companies by 386.6% in the 3rd quarter. Canada Pension Plan Investment Board now owns 98,300 shares of the specialty retailer’s stock worth $2,111,000 after acquiring an additional 78,100 shares during the period. First Trust Advisors LP grew its stake in The Michaels Companies by 93.6% in the 3rd quarter. First Trust Advisors LP now owns 361,702 shares of the specialty retailer’s stock worth $7,766,000 after acquiring an additional 174,834 shares during the period. Nationwide Fund Advisors grew its stake in The Michaels Companies by 82.8% in the 3rd quarter. Nationwide Fund Advisors now owns 391,814 shares of the specialty retailer’s stock worth $8,412,000 after acquiring an additional 177,433 shares during the period. Fox Run Management L.L.C. purchased a new stake in The Michaels Companies in the 3rd quarter worth approximately $702,000. Finally, APG Asset Management N.V. purchased a new stake in The Michaels Companies in the 3rd quarter worth approximately $2,192,000. 98.43% of the stock is owned by hedge funds and other institutional investors.
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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