Jupiter Asset Management Ltd. boosted its stake in The Michaels Companies, Inc. (NASDAQ:MIK) by 6.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,489 shares of the specialty retailer’s stock after buying an additional 14,998 shares during the period. Jupiter Asset Management Ltd. owned approximately 0.12% of The Michaels Companies worth $5,183,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Highfields Capital Management LP raised its position in The Michaels Companies by 5.4% in the fourth quarter. Highfields Capital Management LP now owns 11,655,875 shares of the specialty retailer’s stock valued at $238,363,000 after buying an additional 600,902 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in The Michaels Companies during the fourth quarter valued at approximately $122,000. Norges Bank purchased a new position in The Michaels Companies during the fourth quarter valued at approximately $24,880,000. Two Sigma Advisers LP raised its position in The Michaels Companies by 12.7% in the third quarter. Two Sigma Advisers LP now owns 375,664 shares of the specialty retailer’s stock valued at $9,080,000 after buying an additional 42,464 shares in the last quarter. Finally, Folger Hill Asset Management LP purchased a new position in The Michaels Companies during the fourth quarter valued at approximately $2,078,000. Institutional investors and hedge funds own 98.67% of the company’s stock.
Shares of The Michaels Companies, Inc. (MIK) traded down 0.48% during midday trading on Friday, reaching $18.70. 3,896,593 shares of the company’s stock were exchanged. The Michaels Companies, Inc. has a 1-year low of $17.39 and a 1-year high of $29.75. The company has a market capitalization of $3.53 billion, a PE ratio of 9.99 and a beta of 0.93. The firm has a 50-day moving average of $20.24 and a 200-day moving average of $21.34.
The Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the firm posted $0.36 earnings per share. The Michaels Companies’s revenue for the quarter was up .0% compared to the same quarter last year. Equities analysts expect that The Michaels Companies, Inc. will post $2.07 earnings per share for the current fiscal year.
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MIK has been the subject of a number of recent analyst reports. Bank of America Corporation upgraded shares of The Michaels Companies from a “neutral” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Wednesday, March 8th. Zacks Investment Research upgraded shares of The Michaels Companies from a “sell” rating to a “hold” rating in a research report on Thursday, March 9th. Guggenheim reiterated a “buy” rating and issued a $28.00 target price on shares of The Michaels Companies in a research report on Wednesday, March 8th. Piper Jaffray Companies lowered shares of The Michaels Companies from an “overweight” rating to a “neutral” rating in a research report on Monday, March 27th. Finally, BidaskClub upgraded shares of The Michaels Companies from a “strong sell” rating to a “sell” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. The Michaels Companies presently has a consensus rating of “Hold” and an average price target of $27.11.
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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