Reinhart Partners Inc. Reduces Position in Michaels Companies Inc (NASDAQ:MIK)

Reinhart Partners Inc. lessened its holdings in shares of Michaels Companies Inc (NASDAQ:MIK) by 80.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 387,476 shares of the specialty retailer’s stock after selling 1,612,365 shares during the period. Reinhart Partners Inc. owned 0.25% of Michaels Companies worth $3,793,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Trust Advisors LP grew its stake in Michaels Companies by 21.9% during the 2nd quarter. First Trust Advisors LP now owns 345,676 shares of the specialty retailer’s stock valued at $3,007,000 after acquiring an additional 62,039 shares in the last quarter. BBT Capital Management LLC grew its stake in shares of Michaels Companies by 8.3% in the 2nd quarter. BBT Capital Management LLC now owns 51,994 shares of the specialty retailer’s stock valued at $452,000 after buying an additional 3,993 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Michaels Companies by 40.9% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 82,475 shares of the specialty retailer’s stock valued at $718,000 after buying an additional 23,925 shares during the period. Bernzott Capital Advisors grew its stake in shares of Michaels Companies by 0.7% in the 2nd quarter. Bernzott Capital Advisors now owns 2,046,073 shares of the specialty retailer’s stock valued at $17,801,000 after buying an additional 14,813 shares during the period. Finally, APG Asset Management N.V. grew its stake in shares of Michaels Companies by 1.1% in the 2nd quarter. APG Asset Management N.V. now owns 1,346,300 shares of the specialty retailer’s stock valued at $10,285,000 after buying an additional 14,500 shares during the period.

In other Michaels Companies news, Director Beryl Raff acquired 6,700 shares of the stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $7.47 per share, with a total value of $50,049.00. Following the transaction, the director now owns 30,993 shares of the company’s stock, valued at approximately $231,517.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.51% of the company’s stock.

Shares of MIK stock traded down $0.20 during trading hours on Friday, hitting $9.08. The company had a trading volume of 2,466,100 shares, compared to its average volume of 3,079,028. The company’s fifty day moving average is $9.53 and its 200 day moving average is $8.74. The stock has a market capitalization of $1.49 billion, a PE ratio of 3.86, a price-to-earnings-growth ratio of 0.57 and a beta of 1.15. Michaels Companies Inc has a fifty-two week low of $4.96 and a fifty-two week high of $18.04.

Michaels Companies (NASDAQ:MIK) last posted its earnings results on Wednesday, September 4th. The specialty retailer reported $0.19 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.05. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.02 billion. Michaels Companies had a net margin of 6.31% and a negative return on equity of 23.40%. The company’s revenue was down 1.9% on a year-over-year basis. During the same period last year, the firm posted $0.15 EPS. Equities research analysts expect that Michaels Companies Inc will post 2.38 earnings per share for the current year.

Several analysts have recently weighed in on MIK shares. Wells Fargo & Co set a $6.00 price target on shares of Michaels Companies and gave the company a “hold” rating in a research note on Wednesday, September 4th. BidaskClub cut shares of Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. ValuEngine cut shares of Michaels Companies from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. dropped their price target on shares of Michaels Companies from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, Morgan Stanley set a $7.00 price target on shares of Michaels Companies and gave the company a “hold” rating in a research note on Monday, September 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. Michaels Companies presently has a consensus rating of “Hold” and an average target price of $8.73.

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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Institutional Ownership by Quarter for Michaels Companies (NASDAQ:MIK)

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