Michaels Companies Inc (NASDAQ:MIK) was the recipient of unusually large options trading on Thursday. Stock traders purchased 9,316 put options on the company. This is an increase of 13,401% compared to the average volume of 69 put options.
A number of research analysts recently issued reports on the company. BidaskClub lowered Michaels Companies from a “buy” rating to a “hold” rating in a report on Saturday, March 9th. JPMorgan Chase & Co. lowered Michaels Companies from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $18.00 to $15.00 in a report on Friday, March 1st. Loop Capital raised Michaels Companies from a “hold” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $17.00 in a report on Wednesday, February 6th. Zacks Investment Research cut Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. Finally, Credit Suisse Group reissued a “positive” rating and issued a $20.00 price target (down previously from $26.00) on shares of Michaels Companies in a research note on Thursday, January 31st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Michaels Companies currently has an average rating of “Hold” and an average price target of $18.82.
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in Michaels Companies by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,748,896 shares of the specialty retailer’s stock worth $33,526,000 after acquiring an additional 26,109 shares during the period. Victory Capital Management Inc. acquired a new stake in Michaels Companies during the 3rd quarter worth about $304,000. Engineers Gate Manager LP boosted its position in Michaels Companies by 135.6% during the 3rd quarter. Engineers Gate Manager LP now owns 24,500 shares of the specialty retailer’s stock worth $398,000 after acquiring an additional 14,100 shares during the period. SG Americas Securities LLC boosted its position in Michaels Companies by 437.7% during the 3rd quarter. SG Americas Securities LLC now owns 129,388 shares of the specialty retailer’s stock worth $2,100,000 after acquiring an additional 105,323 shares during the period. Finally, Thompson Siegel & Walmsley LLC boosted its position in Michaels Companies by 43.3% during the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 1,957,818 shares of the specialty retailer’s stock worth $31,775,000 after acquiring an additional 591,946 shares during the period.
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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