Michaels Companies’ (MIK) Underperform Rating Reaffirmed at Bank of America

Bank of America reiterated their underperform rating on shares of Michaels Companies (NASDAQ:MIK) in a report published on Tuesday, The Fly reports. The firm currently has a $4.00 price objective on the specialty retailer’s stock, down from their prior price objective of $5.00.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Michaels Companies from a buy rating to a hold rating in a research note on Thursday, May 23rd. BidaskClub downgraded shares of Michaels Companies from a sell rating to a strong sell rating in a research note on Tuesday, August 13th. Telsey Advisory Group downgraded shares of Michaels Companies from an outperform rating to a market perform rating and decreased their price target for the company from $17.00 to $9.00 in a research note on Friday, June 7th. Goldman Sachs Group assumed coverage on shares of Michaels Companies in a research note on Thursday, July 11th. They issued a neutral rating and a $8.00 price target on the stock. Finally, Deutsche Bank decreased their price target on shares of Michaels Companies from $16.00 to $9.00 and set a hold rating on the stock in a research note on Friday, June 7th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $10.64.

MIK stock opened at $5.25 on Tuesday. The company’s 50-day simple moving average is $6.96 and its 200 day simple moving average is $10.23. Michaels Companies has a 52 week low of $4.96 and a 52 week high of $20.81. The company has a market capitalization of $834.35 million, a PE ratio of 2.23, a price-to-earnings-growth ratio of 0.40 and a beta of 1.06.

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

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royce & Associates LP lifted its position in Michaels Companies by 56.3% during the first quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock worth $45,000 after purchasing an additional 1,408 shares during the period. AlphaOne Investment Services LLC lifted its position in Michaels Companies by 126.1% during the first quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock worth $37,000 after purchasing an additional 1,791 shares during the period. Meeder Asset Management Inc. lifted its position in Michaels Companies by 512.3% during the first quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 2,085 shares during the period. Texas Permanent School Fund lifted its position in Michaels Companies by 3.8% during the first quarter. Texas Permanent School Fund now owns 61,031 shares of the specialty retailer’s stock worth $697,000 after purchasing an additional 2,211 shares during the period. Finally, CSat Investment Advisory L.P. lifted its position in Michaels Companies by 17.5% during the second quarter. CSat Investment Advisory L.P. now owns 16,691 shares of the specialty retailer’s stock worth $145,000 after purchasing an additional 2,489 shares during the period.

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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Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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