Michaels Companies (NASDAQ:MIK) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Friday, MarketBeat reports. They currently have a $5.00 target price on the specialty retailer’s stock, down from their prior target price of $9.00. Bank of America‘s target price would indicate a potential downside of 35.98% from the company’s previous close.

MIK has been the subject of a number of other reports. Morgan Stanley began coverage on in a report on Monday, June 17th. They set an “equal weight” rating and a GBX 215 ($2.81) price objective for the company. Goldman Sachs Group raised Altria Group from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Thursday, July 11th. Loop Capital set a $15.00 price objective on Michaels Companies and gave the stock a “buy” rating in a report on Friday, July 12th. Zacks Investment Research raised Investors Real Estate Trust Reit from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Finally, Deutsche Bank set a $261.00 price objective on Vail Resorts and gave the stock a “buy” rating in a report on Friday, June 7th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. Michaels Companies presently has a consensus rating of “Hold” and a consensus target price of $10.73.

Shares of Michaels Companies stock opened at $7.81 on Friday. Michaels Companies has a one year low of $7.39 and a one year high of $21.11. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 3.28, a price-to-earnings-growth ratio of 0.54 and a beta of 1.10. The company has a 50-day moving average price of $8.57.

Michaels Companies (NASDAQ:MIK) last issued its earnings results on Thursday, June 6th. The specialty retailer reported $0.31 EPS for the quarter, meeting analysts’ consensus estimates of $0.31. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.11 billion. Michaels Companies had a negative return on equity of 22.82% and a net margin of 6.34%. The firm’s revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. As a group, research analysts forecast that Michaels Companies will post 2.34 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC boosted its stake in shares of Michaels Companies by 29.9% in the 1st quarter. FMR LLC now owns 2,699,700 shares of the specialty retailer’s stock worth $30,831,000 after buying an additional 620,679 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Michaels Companies by 22.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,434,311 shares of the specialty retailer’s stock worth $32,960,000 after buying an additional 448,448 shares during the last quarter. Norges Bank purchased a new position in shares of Michaels Companies in the 4th quarter worth approximately $30,536,000. Reinhart Partners Inc. boosted its stake in shares of Michaels Companies by 11.8% in the 1st quarter. Reinhart Partners Inc. now owns 1,852,678 shares of the specialty retailer’s stock worth $21,158,000 after buying an additional 195,111 shares during the last quarter. Finally, Sapience Investments LLC boosted its stake in shares of Michaels Companies by 9.2% in the 1st quarter. Sapience Investments LLC now owns 1,641,795 shares of the specialty retailer’s stock worth $18,749,000 after buying an additional 137,655 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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Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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