Michaels Companies (NASDAQ:MIK) Shares Gap Up to $9.12

Michaels Companies Inc (NASDAQ:MIK) gapped up before the market opened on Monday . The stock had previously closed at $8.89, but opened at $9.12. Michaels Companies shares last traded at $9.51, with a volume of 3,397,344 shares traded.

A number of analysts recently issued reports on the stock. ValuEngine upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. BidaskClub upgraded shares of Michaels Companies from a “sell” rating to a “hold” rating in a research note on Thursday, September 26th. Bank of America restated an “underperform” rating and issued a $4.00 price target (down previously from $5.00) on shares of Michaels Companies in a research note on Tuesday, August 20th. Loop Capital set a $15.00 price target on shares of Michaels Companies and gave the stock a “buy” rating in a research note on Friday, July 12th. Finally, 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 for the company. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Michaels Companies presently has a consensus rating of “Hold” and a consensus price target of $8.73.

The business’s 50 day moving average is $7.96 and its 200-day moving average is $9.11. The firm has a market cap of $1.42 billion, a P/E ratio of 3.98, a price-to-earnings-growth ratio of 0.86 and a beta of 1.18.

Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings results on Wednesday, September 4th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.05. Michaels Companies had a net margin of 6.31% and a negative return on equity of 23.40%. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the firm earned $0.15 earnings per share. The business’s revenue was down 1.9% compared to the same quarter last year. Analysts expect that Michaels Companies Inc will post 2.37 EPS for the current year.

In other Michaels Companies news, Director Beryl Raff bought 6,700 shares of the stock in a transaction on Friday, September 6th. The stock was purchased at an average price of $7.47 per share, for a total transaction of $50,049.00. Following the completion of the purchase, the director now directly owns 30,993 shares in the company, valued at $231,517.71. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.51% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP increased its stake in Michaels Companies by 21.9% during the second quarter. First Trust Advisors LP now owns 345,676 shares of the specialty retailer’s stock valued at $3,007,000 after purchasing an additional 62,039 shares during the last quarter. BBT Capital Management LLC grew its position in shares of Michaels Companies by 8.3% during the second quarter. BBT Capital Management LLC now owns 51,994 shares of the specialty retailer’s stock worth $452,000 after acquiring an additional 3,993 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Michaels Companies by 40.9% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 82,475 shares of the specialty retailer’s stock worth $718,000 after acquiring an additional 23,925 shares during the last quarter. Bernzott Capital Advisors grew its position in shares of Michaels Companies by 0.7% during the second quarter. Bernzott Capital Advisors now owns 2,046,073 shares of the specialty retailer’s stock worth $17,801,000 after acquiring an additional 14,813 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Michaels Companies by 5.9% during the first quarter. Nordea Investment Management AB now owns 693,515 shares of the specialty retailer’s stock worth $7,919,000 after acquiring an additional 38,578 shares during the last quarter.

About Michaels Companies (NASDAQ:MIK)

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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