Michaels Companies (MIK) Upgraded to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Michaels Companies (NASDAQ:MIK) from a buy rating to a strong-buy rating in a research report released on Wednesday.

A number of other brokerages also recently issued reports on MIK. Credit Suisse Group reiterated a buy rating on shares of Michaels Companies in a report on Thursday, August 9th. ValuEngine downgraded Michaels Companies from a sell rating to a strong sell rating in a report on Thursday, August 2nd. Zacks Investment Research lowered Michaels Companies from a buy rating to a hold rating in a research note on Tuesday, September 4th. Morgan Stanley cut their target price on Michaels Companies from $23.00 to $20.00 and set an overweight rating on the stock in a research note on Thursday, October 11th. Finally, Deutsche Bank cut their target price on Michaels Companies from $21.00 to $19.00 and set a hold rating on the stock in a research note on Friday, August 31st. Two research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Michaels Companies has a consensus rating of Hold and a consensus target price of $22.22.

Shares of Michaels Companies stock traded up $0.31 during trading on Wednesday, hitting $17.77. 2,087,557 shares of the stock traded hands, compared to its average volume of 2,252,411. The firm has a market cap of $2.95 billion, a P/E ratio of 8.19, a P/E/G ratio of 0.95 and a beta of 1.03. Michaels Companies has a 52-week low of $14.82 and a 52-week high of $27.87.

Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, August 30th. The specialty retailer reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.06 billion. Michaels Companies had a negative return on equity of 24.56% and a net margin of 6.31%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. As a group, research analysts forecast that Michaels Companies will post 2.37 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in MIK. FMR LLC grew its stake in Michaels Companies by 835.3% during the 2nd quarter. FMR LLC now owns 2,431,302 shares of the specialty retailer’s stock worth $46,609,000 after buying an additional 2,171,363 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Michaels Companies during the second quarter worth about $40,076,000. Tyvor Capital LLC grew its stake in shares of Michaels Companies by 100.8% during the second quarter. Tyvor Capital LLC now owns 2,470,565 shares of the specialty retailer’s stock worth $47,361,000 after acquiring an additional 1,240,426 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Michaels Companies during the third quarter worth about $11,176,000. Finally, Teachers Retirement System of The State of Kentucky grew its stake in shares of Michaels Companies by 802.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 674,988 shares of the specialty retailer’s stock worth $10,955,000 after acquiring an additional 600,229 shares during the last quarter.

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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Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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