Cigna Investments Inc. New reduced its position in The Michaels Companies, Inc. (NASDAQ:MIK) by 11.0% during the second quarter, Holdings Channel reports. The fund owned 51,899 shares of the specialty retailer’s stock after selling 6,404 shares during the period. Cigna Investments Inc. New’s holdings in The Michaels Companies were worth $961,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of The Michaels Companies during the fourth quarter worth about $122,000. Dimensional Fund Advisors LP increased its position in shares of The Michaels Companies by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 570,431 shares of the specialty retailer’s stock worth $11,665,000 after buying an additional 16,209 shares during the last quarter. Guggenheim Capital LLC purchased a new position in shares of The Michaels Companies during the fourth quarter worth about $393,000. Bank of Montreal Can increased its position in shares of The Michaels Companies by 1,016.9% in the first quarter. Bank of Montreal Can now owns 943,547 shares of the specialty retailer’s stock worth $21,125,000 after buying an additional 859,065 shares during the last quarter. Finally, Skylands Capital LLC increased its position in shares of The Michaels Companies by 8.3% in the first quarter. Skylands Capital LLC now owns 510,000 shares of the specialty retailer’s stock worth $11,419,000 after buying an additional 38,900 shares during the last quarter. 98.43% of the stock is currently owned by hedge funds and other institutional investors.

Shares of The Michaels Companies, Inc. (NASDAQ MIK) opened at 20.04 on Friday. The stock has a market capitalization of $3.78 billion, a P/E ratio of 10.71 and a beta of 0.96. The stock has a 50 day moving average of $19.02 and a 200 day moving average of $20.54. The Michaels Companies, Inc. has a 12-month low of $17.25 and a 12-month high of $26.30.

The Michaels Companies (NASDAQ:MIK) last announced its earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. The Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The business’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the business posted $0.36 earnings per share. Equities research analysts anticipate that The Michaels Companies, Inc. will post $2.08 EPS for the current fiscal year.

The Michaels Companies declared that its Board of Directors has initiated a share repurchase program on Thursday, June 15th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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Several analysts have weighed in on MIK shares. Zacks Investment Research downgraded shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Wednesday, May 10th. ValuEngine downgraded shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Telsey Advisory Group dropped their target price on shares of The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research report on Wednesday, June 7th. Morgan Stanley reissued an “overweight” rating and set a $25.00 target price on shares of The Michaels Companies in a research report on Tuesday, June 13th. Finally, BidaskClub raised shares of The Michaels Companies from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $25.25.

The Michaels Companies Company Profile

The Michaels Companies, Inc (Michaels) is an arts and crafts specialty retailer in North America. The Company’s segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store.

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Institutional Ownership by Quarter for The Michaels Companies (NASDAQ:MIK)

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