ING Groep NV acquired a new stake in shares of The Michaels Companies, Inc. (NASDAQ:MIK) during the second quarter, Holdings Channel reports. The fund acquired 12,868 shares of the specialty retailer’s stock, valued at approximately $238,000.

Other hedge funds have also made changes to their positions in the company. FNY Partners Fund LP purchased a new position in The Michaels Companies during the first quarter valued at about $111,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in The Michaels Companies by 59.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock valued at $112,000 after buying an additional 1,875 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in The Michaels Companies during the fourth quarter valued at about $122,000. LS Investment Advisors LLC purchased a new position in The Michaels Companies during the first quarter valued at about $159,000. Finally, Pacer Advisors Inc. boosted its position in The Michaels Companies by 86.6% in the first quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock valued at $171,000 after buying an additional 3,549 shares in the last quarter. Institutional investors and hedge funds own 98.43% of the company’s stock.

Shares of The Michaels Companies, Inc. (MIK) traded up 2.24% during midday trading on Friday, hitting $20.04. 1,402,297 shares of the company were exchanged. The company has a 50-day moving average price of $19.02 and a 200-day moving average price of $20.54. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 10.71 and a beta of 0.96. The Michaels Companies, Inc. has a 52-week low of $17.25 and a 52-week 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 for the quarter, missing the consensus estimate of $0.39 by $0.01. The Michaels Companies had a net margin of 7.30% and a negative return on equity of 22.75%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up .0% compared to the same quarter last year. On average, analysts forecast that The Michaels Companies, Inc. will post $2.08 EPS for the current year.

The Michaels Companies declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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Several equities analysts recently issued reports on MIK shares. Zacks Investment Research cut shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th. ValuEngine cut shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Morgan Stanley restated an “overweight” rating and set a $25.00 price objective on shares of The Michaels Companies in a research report on Tuesday, June 13th. BidaskClub cut shares of The Michaels Companies from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Finally, Bank of America Corporation restated a “buy” rating and set a $26.00 price objective on shares of The Michaels Companies in a research report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average 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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