Michaels Companies (NASDAQ:MIK) Price Target Raised to $7.00

Michaels Companies (NASDAQ:MIK) had its target price hoisted by Morgan Stanley from $5.00 to $7.00 in a research note released on Friday morning, The Fly reports. The brokerage currently has an underweight rating on the specialty retailer’s stock. The analysts noted that the move was a valuation call.

MIK has been the topic of a number of other research reports. Loop Capital increased their target price on Michaels Companies from $8.00 to $20.00 and gave the company a buy rating in a research note on Friday, September 4th. Zacks Investment Research raised Michaels Companies from a sell rating to a hold rating and set a $12.00 target price on the stock in a research note on Wednesday, September 2nd. TheStreet raised Michaels Companies from a d+ rating to a c rating in a research note on Thursday, September 3rd. JPMorgan Chase & Co. increased their target price on Michaels Companies from $13.00 to $14.00 and gave the company an overweight rating in a research note on Monday, August 31st. Finally, Telsey Advisory Group increased their target price on Michaels Companies from $6.00 to $10.00 and gave the company a market perform rating in a research note on Friday, August 21st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $11.72.

Michaels Companies stock opened at $9.42 on Friday. The stock has a market cap of $1.39 billion, a P/E ratio of 9.92, a PEG ratio of 4.88 and a beta of 3.04. Michaels Companies has a fifty-two week low of $1.00 and a fifty-two week high of $11.70. The firm’s fifty day moving average price is $9.80 and its 200-day moving average price is $5.72.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Thursday, September 3rd. The specialty retailer reported $0.30 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.38. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Michaels Companies had a net margin of 2.84% and a negative return on equity of 14.84%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. As a group, equities research analysts forecast that Michaels Companies will post 1.68 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Advisor Group Holdings Inc. boosted its position in Michaels Companies by 107.5% during the second quarter. Advisor Group Holdings Inc. now owns 4,167 shares of the specialty retailer’s stock valued at $29,000 after buying an additional 2,159 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of Michaels Companies by 8.5% during the second quarter. New York State Teachers Retirement System now owns 40,225 shares of the specialty retailer’s stock worth $284,000 after purchasing an additional 3,141 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Michaels Companies by 89.8% during the second quarter. PNC Financial Services Group Inc. now owns 8,731 shares of the specialty retailer’s stock worth $61,000 after purchasing an additional 4,130 shares during the period. Public Employees Retirement Association of Colorado boosted its holdings in shares of Michaels Companies by 31.6% during the first quarter. Public Employees Retirement Association of Colorado now owns 17,282 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 4,153 shares during the period. Finally, Aperio Group LLC boosted its holdings in shares of Michaels Companies by 6.3% during the first quarter. Aperio Group LLC now owns 76,328 shares of the specialty retailer’s stock worth $124,000 after purchasing an additional 4,497 shares during the period.

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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