The Michaels Companies, Inc. (MIK) Downgraded by BidaskClub

BidaskClub cut shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a buy rating to a hold rating in a report published on Saturday.

A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of The Michaels Companies from a hold rating to a sell rating in a research note on Wednesday, July 12th. ValuEngine downgraded shares of The Michaels Companies from a buy rating to a hold rating in a research note on Friday, September 1st. Bank of America Corporation reiterated a buy rating and set a $29.00 price target on shares of The Michaels Companies in a research note on Tuesday, September 5th. Morgan Stanley reiterated an overweight rating and set a $25.00 price target on shares of The Michaels Companies in a research note on Tuesday, June 13th. Finally, Piper Jaffray Companies set a $18.00 price target on shares of The Michaels Companies and gave the stock a hold rating in a research note on Friday, August 25th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $24.29.

Shares of The Michaels Companies (NASDAQ:MIK) opened at 21.01 on Friday. The firm has a market capitalization of $3.80 billion, a PE ratio of 10.95 and a beta of 0.92. The Michaels Companies has a 12-month low of $17.25 and a 12-month high of $25.57. The company has a 50-day moving average of $21.69 and a 200 day moving average of $20.70.

The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The Michaels Companies’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $0.17 earnings per share. On average, analysts predict that The Michaels Companies will post $2.14 EPS for the current year.

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The Michaels Companies declared that its Board of Directors has initiated a share buyback 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. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Suntrust Banks Inc. lifted its holdings in shares of The Michaels Companies by 3.0% during the second quarter. Suntrust Banks Inc. now owns 12,680 shares of the specialty retailer’s stock valued at $234,000 after acquiring an additional 368 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of The Michaels Companies by 5.0% during the second quarter. Pacer Advisors Inc. now owns 8,028 shares of the specialty retailer’s stock valued at $149,000 after acquiring an additional 383 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of The Michaels Companies by 11.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,556 shares of the specialty retailer’s stock valued at $103,000 after acquiring an additional 549 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of The Michaels Companies by 3.0% during the second quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the specialty retailer’s stock valued at $511,000 after acquiring an additional 800 shares during the period. Finally, People s United Financial Inc. lifted its holdings in shares of The Michaels Companies by 5.5% during the second quarter. People s United Financial Inc. now owns 17,323 shares of the specialty retailer’s stock valued at $321,000 after acquiring an additional 904 shares during the period. 98.43% of the stock is owned by 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.

Analyst Recommendations for The Michaels Companies (NASDAQ:MIK)

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