Traders Purchase Large Volume of Put Options on Michaels Companies (NASDAQ:MIK)

Michaels Companies Inc (NASDAQ:MIK) was the recipient of some unusual options trading activity on Thursday. Investors purchased 2,108 put options on the company. This represents an increase of approximately 3,733% compared to the typical volume of 55 put options.

Shares of Michaels Companies (NASDAQ MIK) opened at $25.03 on Tuesday. Michaels Companies has a 1-year low of $17.25 and a 1-year high of $25.25. The company has a debt-to-equity ratio of -1.56, a current ratio of 1.39 and a quick ratio of 0.25. The firm has a market cap of $4,536.65, a PE ratio of 12.77, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92.

Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings results on Thursday, November 30th. The specialty retailer reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. Michaels Companies had a net margin of 7.33% and a negative return on equity of 22.16%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the company earned $0.40 EPS. Michaels Companies’s revenue was up 1.1% on a year-over-year basis. equities research analysts anticipate that Michaels Companies will post 2.16 earnings per share for the current fiscal year.

A number of equities analysts recently issued reports on MIK shares. Zacks Investment Research lowered shares of Michaels Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, December 5th. ValuEngine upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research report on Friday, October 27th. Piper Jaffray Companies lowered shares of Michaels Companies from a “neutral” rating to an “underweight” rating in a research report on Friday, October 27th. Deutsche Bank lowered shares of Michaels Companies from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research report on Tuesday, December 12th. Finally, BidaskClub lowered shares of Michaels Companies from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Michaels Companies has a consensus rating of “Hold” and an average target price of $23.63.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Michaels Companies by 7.1% in the 2nd quarter. BlackRock Inc. now owns 8,752,674 shares of the specialty retailer’s stock valued at $162,099,000 after acquiring an additional 583,585 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Michaels Companies by 52.1% during the second quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after buying an additional 2,086,817 shares in the last quarter. State Street Corp lifted its stake in Michaels Companies by 15.5% during the second quarter. State Street Corp now owns 5,872,512 shares of the specialty retailer’s stock valued at $108,763,000 after buying an additional 787,225 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Michaels Companies by 18.9% during the third quarter. Bank of New York Mellon Corp now owns 1,536,451 shares of the specialty retailer’s stock valued at $32,988,000 after buying an additional 244,344 shares in the last quarter. Finally, Sapience Investments LLC lifted its stake in Michaels Companies by 70.9% during the second quarter. Sapience Investments LLC now owns 1,171,775 shares of the specialty retailer’s stock valued at $21,701,000 after buying an additional 486,295 shares in the last quarter.

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About 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.

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