Rhumbline Advisers increased its position in The Michaels Companies, Inc. (NASDAQ:MIK) by 12.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 204,645 shares of the specialty retailer’s stock after buying an additional 22,190 shares during the period. Rhumbline Advisers owned 0.11% of The Michaels Companies worth $3,790,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in MIK. FNY Partners Fund LP bought a new position in The Michaels Companies in the first quarter worth $111,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in The Michaels Companies by 59.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock worth $112,000 after purchasing an additional 1,875 shares during the period. LS Investment Advisors LLC bought a new position in The Michaels Companies in the first quarter worth $159,000. Pacer Advisors Inc. lifted its position in The Michaels Companies by 86.6% in the first quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock worth $171,000 after purchasing an additional 3,549 shares during the period. Finally, ProShare Advisors LLC bought a new position in The Michaels Companies in the first quarter worth $209,000. Hedge funds and other institutional investors own 98.43% of the company’s stock.
A number of research analysts have issued reports on the company. Zacks Investment Research cut The Michaels Companies from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. ValuEngine cut The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub cut The Michaels Companies from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Morgan Stanley reiterated an “overweight” rating and issued a $25.00 price objective on shares of The Michaels Companies in a research report on Tuesday, June 13th. Finally, J P Morgan Chase & Co upgraded The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 price objective for the company in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, six have assigned 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 target price of $24.25.
The Michaels Companies, Inc. (NASDAQ MIK) opened at 22.01 on Wednesday. The company has a market cap of $3.98 billion, a PE ratio of 11.48 and a beta of 0.94. The Michaels Companies, Inc. has a 12-month low of $17.25 and a 12-month high of $25.57. The stock’s 50 day moving average price is $20.71 and its 200 day moving average price is $20.68.
The Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The Michaels Companies’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.17 EPS. Equities research analysts anticipate that The Michaels Companies, Inc. will post $2.14 EPS for the current year.
The Michaels Companies declared that its board has authorized a share repurchase program on Thursday, June 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty retailer to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
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The Michaels Companies Profile
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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