Michaels Companies (NASDAQ:MIK) Rating Lowered to Strong Sell at BidaskClub
Michaels Companies (NASDAQ:MIK) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, BidAskClub reports.
Several other equities research analysts have also recently weighed in on the stock. Loop Capital set a $15.00 price objective on shares of Michaels Companies and gave the stock a “buy” rating in a research report on Friday, July 12th. Deutsche Bank lowered their target price on Michaels Companies from $16.00 to $9.00 and set a “hold” rating for the company in a research note on Friday, June 7th. Goldman Sachs Group started coverage on Michaels Companies in a research note on Thursday, July 11th. They set a “neutral” rating and a $8.00 target price for the company. Bank of America downgraded Michaels Companies from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $9.00 to $5.00 in a research note on Friday, July 19th. Finally, Zacks Investment Research downgraded Michaels Companies from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Michaels Companies currently has an average rating of “Hold” and a consensus price target of $10.73.
MIK opened at $5.45 on Tuesday. Michaels Companies has a twelve month low of $5.30 and a twelve month high of $20.81. The business’s 50-day moving average price is $7.50. The company has a market capitalization of $953.77 million, a PE ratio of 2.32, a price-to-earnings-growth ratio of 0.46 and a beta of 1.06.
Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of Michaels Companies by 22.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,434,311 shares of the specialty retailer’s stock valued at $32,960,000 after acquiring an additional 448,448 shares during the period. Norges Bank acquired a new position in Michaels Companies in the 4th quarter valued at approximately $30,536,000. Mercer Global Advisors Inc. ADV acquired a new position in Michaels Companies in the 1st quarter valued at approximately $163,000. Meeder Asset Management Inc. increased its stake in Michaels Companies by 512.3% in the 1st quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock valued at $28,000 after buying an additional 2,085 shares during the period. Finally, Highland Capital Management LLC acquired a new position in Michaels Companies in the 1st quarter valued at approximately $871,000.
About Michaels Companies
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.
Recommended Story: Understanding Price to Earnings Ratio (PE)
Receive News & Ratings for Michaels Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michaels Companies and related companies with MarketBeat.com's FREE daily email newsletter.