Michaels Companies (MIK) Receives New Coverage from Analysts at Loop Capital
Loop Capital assumed coverage on shares of Michaels Companies (NASDAQ:MIK) in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage set a “hold” rating and a $25.00 price target on the specialty retailer’s stock. Loop Capital’s target price indicates a potential upside of 8.41% from the stock’s previous close.
Several other analysts also recently commented on MIK. BidaskClub downgraded Michaels Companies from a “buy” rating to a “hold” rating in a research note on Thursday. Raymond James Financial reaffirmed a “hold” rating on shares of Michaels Companies in a research note on Saturday, December 2nd. Goldman Sachs Group raised Michaels Companies from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. ValuEngine downgraded Michaels Companies from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Finally, Telsey Advisory Group raised Michaels Companies from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $23.00 to $32.00 in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Michaels Companies currently has an average rating of “Hold” and an average target price of $25.89.
Shares of Michaels Companies (NASDAQ:MIK) traded down $0.25 during midday trading on Thursday, hitting $23.06. The company had a trading volume of 1,990,000 shares, compared to its average volume of 1,780,000. The firm has a market cap of $4,130.00, a PE ratio of 11.71, a PEG ratio of 0.75 and a beta of 1.14. The company has a current ratio of 1.39, a quick ratio of 0.25 and a debt-to-equity ratio of -1.56. Michaels Companies has a 1 year low of $17.25 and a 1 year high of $27.87.
In other news, CEO Carl Rubin sold 220,930 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 444,796 shares of the company’s stock, valued at approximately $12,076,211.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Michaels Companies during the 4th quarter worth approximately $218,000. Xact Kapitalforvaltning AB purchased a new position in shares of Michaels Companies during the 4th quarter worth approximately $306,000. William Blair Investment Management LLC raised its stake in shares of Michaels Companies by 10.0% during the 4th quarter. William Blair Investment Management LLC now owns 5,705,741 shares of the specialty retailer’s stock worth $138,022,000 after buying an additional 520,881 shares in the last quarter. We Are One Seven LLC purchased a new position in shares of Michaels Companies during the 4th quarter worth approximately $197,000. Finally, Banco de Sabadell S.A purchased a new position in shares of Michaels Companies during the 4th quarter worth approximately $1,034,000.
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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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