$1.80 Billion in Sales Expected for Michaels Companies Inc (MIK) This Quarter

Wall Street analysts expect that Michaels Companies Inc (NASDAQ:MIK) will announce $1.80 billion in sales for the current quarter, according to Zacks. Five analysts have provided estimates for Michaels Companies’ earnings, with the lowest sales estimate coming in at $1.78 billion and the highest estimate coming in at $1.83 billion. Michaels Companies posted sales of $1.89 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 4.8%. The firm is expected to report its next quarterly earnings results on Thursday, March 28th.

On average, analysts expect that Michaels Companies will report full year sales of $5.29 billion for the current fiscal year, with estimates ranging from $5.27 billion to $5.37 billion. For the next fiscal year, analysts expect that the company will post sales of $5.35 billion, with estimates ranging from $5.29 billion to $5.39 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Michaels Companies.

Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, December 6th. The specialty retailer reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.04. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Michaels Companies had a net margin of 6.35% and a negative return on equity of 24.35%. Michaels Companies’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $0.44 EPS.

MIK has been the topic of several recent research reports. BidaskClub downgraded shares of Michaels Companies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 8th. Wells Fargo & Co reiterated a “hold” rating and issued a $17.00 price objective (down from $19.00) on shares of Michaels Companies in a research report on Thursday, December 6th. Loop Capital set a $18.00 price objective on shares of Michaels Companies and gave the company a “hold” rating in a research report on Thursday, December 6th. Zacks Investment Research downgraded shares of Michaels Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, December 18th. Finally, Morgan Stanley cut their price objective on shares of Michaels Companies from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, October 11th. Two analysts have rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $19.60.

Several hedge funds have recently added to or reduced their stakes in the business. Hsbc Holdings PLC raised its position in shares of Michaels Companies by 9.7% during the 3rd quarter. Hsbc Holdings PLC now owns 50,819 shares of the specialty retailer’s stock worth $825,000 after buying an additional 4,514 shares in the last quarter. Putnam FL Investment Management Co. raised its holdings in shares of Michaels Companies by 2.0% in the 3rd quarter. Putnam FL Investment Management Co. now owns 257,956 shares of the specialty retailer’s stock worth $4,187,000 after purchasing an additional 5,074 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Michaels Companies by 31.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 22,248 shares of the specialty retailer’s stock worth $360,000 after purchasing an additional 5,311 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Michaels Companies by 2.1% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 266,457 shares of the specialty retailer’s stock worth $4,354,000 after purchasing an additional 5,508 shares in the last quarter. Finally, Baird Financial Group Inc. raised its holdings in shares of Michaels Companies by 3.4% in the 3rd quarter. Baird Financial Group Inc. now owns 169,710 shares of the specialty retailer’s stock worth $2,766,000 after purchasing an additional 5,586 shares in the last quarter.

NASDAQ:MIK traded up $0.43 during mid-day trading on Friday, hitting $15.98. The stock had a trading volume of 1,229,416 shares, compared to its average volume of 2,110,837. The company has a market cap of $2.54 billion, a PE ratio of 7.36, a P/E/G ratio of 0.77 and a beta of 1.22. Michaels Companies has a 52 week low of $12.48 and a 52 week high of $27.87.

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.

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