Michaels Companies (NASDAQ:MIK) Cut to Underperform at Bank of America

Bank of America downgraded shares of Michaels Companies (NASDAQ:MIK) from a neutral rating to an underperform rating in a research note released on Friday, BenzingaRatingsTable reports. The brokerage currently has $5.00 price target on the specialty retailer’s stock, down from their prior price target of $9.00.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley began coverage on shares of in a report on Monday, June 17th. They set an equal weight rating and a GBX 215 ($2.81) price target on the stock. Zacks Investment Research upgraded shares of Investors Real Estate Trust Reit from a sell rating to a hold rating in a report on Thursday, May 23rd. Telsey Advisory Group downgraded shares of Michaels Companies from an outperform rating to a market perform rating and decreased their price target for the stock from $17.00 to $9.00 in a research report on Friday, June 7th. Deutsche Bank set a $261.00 price target on shares of Vail Resorts and gave the stock a buy rating in a research report on Friday, June 7th. Finally, Goldman Sachs Group upgraded shares of Altria Group from a neutral rating to a buy rating and set a $59.00 price target on the stock in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $10.73.

MIK stock opened at $7.81 on Friday. Michaels Companies has a 1 year low of $7.39 and a 1 year high of $21.11. The company has a market capitalization of $1.24 billion, a P/E ratio of 3.32, a P/E/G ratio of 0.54 and a beta of 1.10. The business has a 50-day moving average of $8.57.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.31. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. Michaels Companies’s revenue was down 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Michaels Companies will post 2.34 EPS for the current year.

Several hedge funds have recently made changes to their positions in the company. FMR LLC raised its position in shares of Michaels Companies by 29.9% during the 1st quarter. FMR LLC now owns 2,699,700 shares of the specialty retailer’s stock valued at $30,831,000 after purchasing an additional 620,679 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Michaels Companies by 22.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,434,311 shares of the specialty retailer’s stock valued at $32,960,000 after purchasing an additional 448,448 shares during the period. Norges Bank purchased a new position in Michaels Companies during the fourth quarter valued at $30,536,000. Reinhart Partners Inc. grew its stake in Michaels Companies by 11.8% during the first quarter. Reinhart Partners Inc. now owns 1,852,678 shares of the specialty retailer’s stock valued at $21,158,000 after acquiring an additional 195,111 shares in the last quarter. Finally, Sapience Investments LLC grew its stake in Michaels Companies by 9.2% during the first quarter. Sapience Investments LLC now owns 1,641,795 shares of the specialty retailer’s stock valued at $18,749,000 after acquiring an additional 137,655 shares in 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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