Michaels Companies Inc (NASDAQ:MIK) shares gapped down prior to trading on Monday . The stock had previously closed at $11.09, but opened at $10.45. Michaels Companies shares last traded at $10.05, with a volume of 3350526 shares traded.

MIK has been the subject of several recent research reports. Bank of America lowered Michaels Companies from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $21.00 to $15.00 in a research report on Wednesday, March 20th. BidaskClub lowered Michaels Companies from a “buy” rating to a “hold” rating in a research report on Saturday, March 9th. Piper Jaffray Companies reduced their target price on Michaels Companies from $11.00 to $9.00 and set an “underweight” rating on the stock in a research report on Friday, March 15th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $17.00 target price (down from $20.00) on shares of Michaels Companies in a research report on Wednesday, March 20th. Finally, Loop Capital raised Michaels Companies from a “hold” rating to a “buy” rating and upped their target price for the company from $14.00 to $17.00 in a research report on Wednesday, February 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Michaels Companies presently has an average rating of “Hold” and a consensus price target of $15.00.

The stock has a market cap of $1.59 billion, a PE ratio of 4.17, a PEG ratio of 0.56 and a beta of 1.08.

Michaels Companies (NASDAQ:MIK) last announced its earnings results on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.02. Michaels Companies had a negative return on equity of 24.50% and a net margin of 6.06%. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the company posted $1.19 EPS. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. Sell-side analysts expect that Michaels Companies Inc will post 2.46 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Michaels Companies in the fourth quarter valued at about $30,536,000. Prudential Financial Inc. increased its holdings in shares of Michaels Companies by 1,135.5% in the fourth quarter. Prudential Financial Inc. now owns 1,503,157 shares of the specialty retailer’s stock valued at $20,353,000 after purchasing an additional 1,381,497 shares during the period. Morgan Stanley increased its holdings in shares of Michaels Companies by 848.5% in the first quarter. Morgan Stanley now owns 1,331,459 shares of the specialty retailer’s stock valued at $15,206,000 after purchasing an additional 1,191,082 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Michaels Companies by 5,916.2% in the fourth quarter. Teacher Retirement System of Texas now owns 776,266 shares of the specialty retailer’s stock valued at $10,511,000 after purchasing an additional 763,363 shares during the period. Finally, FMR LLC increased its holdings in shares of Michaels Companies by 29.9% in the first quarter. FMR LLC now owns 2,699,700 shares of the specialty retailer’s stock valued at $30,831,000 after purchasing an additional 620,679 shares during the period.

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About Michaels Companies (NASDAQ:MIK)

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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