Michaels Companies (MIK) Earns Sell Rating from Piper Jaffray Companies
Piper Jaffray Companies restated their sell rating on shares of Michaels Companies (NASDAQ:MIK) in a research note released on Thursday. Piper Jaffray Companies currently has a $15.00 target price on the specialty retailer’s stock.
A number of other equities research analysts have also issued reports on the company. Zacks Investment Research lowered Michaels Companies from a buy rating to a hold rating in a research note on Tuesday, December 5th. Deutsche Bank lowered Michaels Companies from a buy rating to a hold rating and set a $25.00 price target for the company. in a research note on Tuesday, December 12th. Telsey Advisory Group raised Michaels Companies from a market perform rating to an outperform rating and raised their price target for the stock from $23.00 to $32.00 in a research note on Thursday, January 25th. ValuEngine lowered Michaels Companies from a buy rating to a hold rating in a research note on Sunday, December 31st. Finally, BidaskClub raised Michaels Companies from a hold rating to a buy rating in a research note on Wednesday, December 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Michaels Companies presently has a consensus rating of Hold and an average price target of $24.70.
Shares of Michaels Companies stock traded down $0.42 during mid-day trading on Thursday, hitting $19.13. The company had a trading volume of 3,376,035 shares, compared to its average volume of 1,938,586. Michaels Companies has a 52-week low of $17.25 and a 52-week high of $27.87. The company has a debt-to-equity ratio of -1.56, a current ratio of 1.39 and a quick ratio of 0.25. The company has a market cap of $3,840.66, a price-to-earnings ratio of 9.76, a P/E/G ratio of 0.68 and a beta of 1.14.
In other Michaels Companies news, CEO Carl Rubin sold 220,930 shares of the firm’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $27.15, for a total transaction of $5,998,249.50. Following the transaction, the chief executive officer now directly owns 444,796 shares in the company, valued at approximately $12,076,211.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Michaels Companies by 0.9% in the 4th quarter. BlackRock Inc. now owns 9,089,170 shares of the specialty retailer’s stock valued at $219,865,000 after acquiring an additional 79,208 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Michaels Companies by 0.8% in the 4th quarter. Alliancebernstein L.P. now owns 5,913,787 shares of the specialty retailer’s stock valued at $143,055,000 after acquiring an additional 46,619 shares during the period. William Blair Investment Management LLC increased its holdings in shares of Michaels Companies by 10.0% in the 4th quarter. William Blair Investment Management LLC now owns 5,705,741 shares of the specialty retailer’s stock valued at $138,022,000 after acquiring an additional 520,881 shares during the period. Old Mutual Global Investors UK Ltd. increased its holdings in shares of Michaels Companies by 1,714.8% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 2,316,399 shares of the specialty retailer’s stock valued at $56,033,000 after acquiring an additional 2,188,757 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Michaels Companies by 18.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,536,451 shares of the specialty retailer’s stock valued at $32,988,000 after acquiring an additional 244,344 shares during the period.
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About Michaels Companies
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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