A number of other research analysts also recently weighed in on MIK. Bank of America restated an underperform rating and set a $4.00 price target (down previously from $5.00) on shares of Michaels Companies in a report on Tuesday, August 20th. Goldman Sachs Group began coverage on shares of Michaels Companies in a report on Thursday, July 11th. They issued a neutral rating and a $8.00 price objective for the company. Credit Suisse Group downgraded shares of Michaels Companies from an outperform rating to a neutral rating and lowered their target price for the stock from $18.00 to $11.00 in a research report on Friday, June 7th. Telsey Advisory Group lowered Michaels Companies from an outperform rating to a market perform rating and cut their target price for the company from $17.00 to $9.00 in a report on Friday, June 7th. Finally, JPMorgan Chase & Co. cut their target price on Michaels Companies from $9.00 to $7.00 and set a neutral rating on the stock in a report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $8.91.
NASDAQ:MIK opened at $10.07 on Friday. The company has a market capitalization of $1.56 billion, a P/E ratio of 4.29, a P/E/G ratio of 0.58 and a beta of 1.06. The stock’s 50 day moving average price is $6.32 and its 200 day moving average price is $9.61. Michaels Companies has a 52 week low of $4.96 and a 52 week high of $18.04.
In other news, Director Beryl Raff bought 6,700 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $7.47 per share, for a total transaction of $50,049.00. Following the purchase, the director now owns 30,993 shares of the company’s stock, valued at approximately $231,517.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.51% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Atria Investments LLC acquired a new stake in Michaels Companies in the 2nd quarter valued at approximately $919,000. Maverick Capital Ltd. bought a new stake in shares of Michaels Companies in the second quarter valued at approximately $1,103,000. Magnetar Financial LLC boosted its position in shares of Michaels Companies by 19.2% in the second quarter. Magnetar Financial LLC now owns 89,075 shares of the specialty retailer’s stock valued at $775,000 after acquiring an additional 14,350 shares during the period. UBS Group AG grew its stake in shares of Michaels Companies by 4,969.2% in the second quarter. UBS Group AG now owns 2,817,989 shares of the specialty retailer’s stock worth $24,516,000 after acquiring an additional 2,762,399 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Michaels Companies by 24.7% in the second quarter. Voloridge Investment Management LLC now owns 178,376 shares of the specialty retailer’s stock worth $1,552,000 after acquiring an additional 35,359 shares during the last quarter.
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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