Zacks: Analysts Expect Michaels Companies Inc (MIK) Will Announce Quarterly Sales of $1.25 Billion

Equities analysts expect Michaels Companies Inc (NASDAQ:MIK) to post $1.25 billion in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Michaels Companies’ earnings. The highest sales estimate is $1.27 billion and the lowest is $1.25 billion. Michaels Companies reported sales of $1.24 billion during the same quarter last year, which would suggest a positive year over year growth rate of 0.8%. The business is expected to report its next quarterly earnings results before the market opens on Thursday, December 6th.

According to Zacks, analysts expect that Michaels Companies will report full year sales of $5.26 billion for the current fiscal year, with estimates ranging from $5.24 billion to $5.28 billion. For the next fiscal year, analysts anticipate that the company will post sales of $5.34 billion, with estimates ranging from $5.28 billion to $5.39 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Michaels Companies.

Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings results on Thursday, August 30th. The specialty retailer reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. Michaels Companies had a negative return on equity of 24.56% and a net margin of 6.31%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the firm earned $0.19 EPS. The company’s quarterly revenue was down 1.8% compared to the same quarter last year.

MIK has been the topic of several research analyst reports. Morgan Stanley reduced their price objective on shares of Michaels Companies from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, October 11th. ValuEngine upgraded shares of Michaels Companies from a “strong sell” rating to a “sell” rating in a report on Monday, August 20th. BidaskClub upgraded shares of Michaels Companies from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 7th. Zacks Investment Research lowered shares of Michaels Companies from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Finally, Wells Fargo & Co restated a “hold” rating and issued a $19.00 price objective (down from $20.00) on shares of Michaels Companies in a report on Thursday, August 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $22.22.

Several institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its stake in shares of Michaels Companies by 89.0% during the third quarter. Morgan Stanley now owns 526,234 shares of the specialty retailer’s stock worth $8,541,000 after purchasing an additional 247,860 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Michaels Companies by 73.9% during the third quarter. Nordea Investment Management AB now owns 784,054 shares of the specialty retailer’s stock worth $12,725,000 after purchasing an additional 333,164 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Michaels Companies by 3.6% during the third quarter. Thrivent Financial for Lutherans now owns 824,131 shares of the specialty retailer’s stock worth $13,375,000 after purchasing an additional 28,949 shares during the last quarter. Meghalaya Partners L.P. raised its stake in shares of Michaels Companies by 1.8% during the third quarter. Meghalaya Partners L.P. now owns 407,103 shares of the specialty retailer’s stock worth $6,607,000 after purchasing an additional 7,103 shares during the last quarter. Finally, Putnam Investments LLC raised its stake in shares of Michaels Companies by 48.7% during the third quarter. Putnam Investments LLC now owns 698,972 shares of the specialty retailer’s stock worth $11,344,000 after purchasing an additional 228,950 shares during the last quarter.

Shares of NASDAQ MIK traded up $0.12 during trading on Friday, hitting $16.77. 913,639 shares of the company were exchanged, compared to its average volume of 1,995,158. Michaels Companies has a 12-month low of $14.82 and a 12-month high of $27.87. The firm has a market cap of $2.87 billion, a PE ratio of 7.73, a P/E/G ratio of 0.93 and a beta of 1.03.

Michaels Companies Company Profile

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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