Shares of Michaels Companies Inc (NASDAQ:MIK) have received an average recommendation of “Buy” from the thirteen brokerages that are covering the firm. Five equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $28.50.
MIK has been the topic of several analyst reports. Zacks Investment Research raised shares of Michaels Companies from a “sell” rating to a “hold” rating in a research report on Thursday, March 9th. Guggenheim reaffirmed a “buy” rating and set a $28.00 price target on shares of Michaels Companies in a research report on Wednesday, March 8th. Bank of America Corp raised shares of Michaels Companies from a “neutral” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Wednesday, March 8th. JPMorgan Chase & Co. raised shares of Michaels Companies from a “neutral” rating to an “overweight” rating in a research report on Tuesday, January 17th. Finally, Morgan Stanley raised shares of Michaels Companies from an “equal weight” rating to an “overweight” rating and set a $25.00 price target on the stock in a research report on Tuesday, January 17th. They noted that the move was a valuation call.
Shares of Michaels Companies (NASDAQ:MIK) opened at 21.87 on Tuesday. Michaels Companies has a 12 month low of $19.00 and a 12 month high of $31.36. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of 12.01 and a beta of 1.01. The firm’s 50-day moving average price is $20.75 and its 200-day moving average price is $22.51.
Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Tuesday, March 7th. The company reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.01. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.76 billion. Michaels Companies had a net margin of 7.15% and a negative return on equity of 22.27%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Equities research analysts expect that Michaels Companies will post $2.12 EPS for the current year.
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In other Michaels Companies news, EVP Philo Pappas sold 32,020 shares of the company’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $22.00, for a total value of $704,440.00. Following the transaction, the executive vice president now directly owns 41,435 shares in the company, valued at $911,570. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Blackstone Management Associat sold 18,000,000 shares of the company’s stock in a transaction on Friday, January 27th. The shares were sold at an average price of $21.28, for a total transaction of $383,040,000.00. The disclosure for this sale can be found here. Insiders have sold 18,070,774 shares of company stock worth $384,601,678 over the last ninety days. Insiders own 1.50% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC increased its position in Michaels Companies by 13.9% in the third quarter. Advisory Services Network LLC now owns 4,416 shares of the company’s stock valued at $107,000 after buying an additional 538 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Michaels Companies during the fourth quarter valued at approximately $122,000. New York State Teachers Retirement System increased its position in Michaels Companies by 1.2% in the fourth quarter. New York State Teachers Retirement System now owns 8,200 shares of the company’s stock valued at $168,000 after buying an additional 100 shares in the last quarter. Laurion Capital Management LP bought a new position in Michaels Companies during the third quarter valued at approximately $203,000. Finally, Seven Eight Capital LP bought a new position in Michaels Companies during the fourth quarter valued at approximately $209,000.
About Michaels Companies
The Michaels Companies, Inc is North America’s specialty provider of arts, crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of February 27, 2016, the Company owned and operated more than 1,340 stores in 49 states and Canada under the brands Michaels, Aaron Brothers and Pat Catan’s.
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