Michaels Cos. (NASDAQ:MIK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “The Michaels Companies, Inc. is a specialty retailer of arts and crafts. The Company’s stores offer stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children’s hobbies. It produces 11 exclusive private brands including Recollections(R), Studio Decor(R), Bead Landing(R), Creatology(R), Ashland(R), Celebrate It(R), Art Minds(R), Artist’s Loft(R), Craft Smart(R), Loops & Threads(R) and Imagin8(R). The Michaels Companies, Inc. is based in Irving, Texas. “
Other research analysts have also issued research reports about the stock. Piper Jaffray Cos. cut their price target on shares of Michaels Cos. from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Thursday, July 14th. JPMorgan Chase & Co. lowered shares of Michaels Cos. from an “overweight” rating to a “neutral” rating in a report on Thursday, July 28th. SunTrust Banks Inc. restated a “buy” rating on shares of Michaels Cos. in a report on Thursday, August 25th. Credit Suisse Group AG upgraded shares of Michaels Cos. from a “neutral” rating to an “outperform” rating and set a $29.00 price target on the stock in a report on Tuesday, September 6th. Finally, BTIG Research restated a “neutral” rating on shares of Michaels Cos. in a report on Monday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $29.15.
Michaels Cos. (NASDAQ:MIK) traded down 0.24% on Tuesday, reaching $25.32. 401,398 shares of the company’s stock traded hands. Michaels Cos. has a 52 week low of $19.46 and a 52 week high of $31.36. The firm has a market capitalization of $5.21 billion, a P/E ratio of 14.50 and a beta of 1.12. The stock has a 50-day moving average of $23.59 and a 200 day moving average of $25.69.
Michaels Cos. (NASDAQ:MIK) last released its quarterly earnings results on Thursday, August 25th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. Michaels Cos. had a net margin of 7.24% and a negative return on equity of 21.18%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same period last year, the company earned $0.17 EPS. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities analysts expect that Michaels Cos. will post $1.95 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its stake in Michaels Cos. by 501.5% in the second quarter. Pacer Advisors Inc. now owns 3,513 shares of the company’s stock worth $100,000 after buying an additional 2,929 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its position in Michaels Cos. by 35.5% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 4,200 shares of the company’s stock worth $102,000 after buying an additional 1,100 shares in the last quarter. Advisory Services Network LLC increased its position in Michaels Cos. by 13.9% in the third quarter. Advisory Services Network LLC now owns 4,416 shares of the company’s stock worth $107,000 after buying an additional 538 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Michaels Cos. by 45.4% in the third quarter. BNP Paribas Arbitrage SA now owns 4,845 shares of the company’s stock worth $117,000 after buying an additional 1,512 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in Michaels Cos. during the third quarter worth approximately $142,000.
Michaels Cos. Company Profile
The Michaels Companies, Inc is North America’s specialty provider of arts, crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of February 27, 2016, the Company owned and operated more than 1,340 stores in 49 states and Canada under the brands Michaels, Aaron Brothers and Pat Catan’s.