Pegasus Partners Ltd. grew its position in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 71.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 254,235 shares of the specialty retailer’s stock after buying an additional 106,331 shares during the period. The Michaels Companies accounts for 1.2% of Pegasus Partners Ltd.’s investment portfolio, making the stock its 15th largest position. Pegasus Partners Ltd. owned about 0.14% of The Michaels Companies worth $5,458,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alliancebernstein L.P. raised its stake in shares of The Michaels Companies by 52.1% during the 2nd quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after purchasing an additional 2,086,817 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of The Michaels Companies by 386.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 98,300 shares of the specialty retailer’s stock valued at $2,111,000 after purchasing an additional 78,100 shares during the period. BlackRock Inc. raised its stake in shares of The Michaels Companies by 7.1% during the 2nd quarter. BlackRock Inc. now owns 8,752,674 shares of the specialty retailer’s stock valued at $162,099,000 after purchasing an additional 583,585 shares during the period. Rhumbline Advisers raised its stake in shares of The Michaels Companies by 12.2% during the 2nd quarter. Rhumbline Advisers now owns 204,645 shares of the specialty retailer’s stock valued at $3,790,000 after purchasing an additional 22,190 shares during the period. Finally, Flinton Capital Management LLC raised its stake in shares of The Michaels Companies by 75.9% during the 2nd quarter. Flinton Capital Management LLC now owns 58,512 shares of the specialty retailer’s stock valued at $1,084,000 after purchasing an additional 25,248 shares during the period.

MIK has been the topic of a number of analyst reports. Zacks Investment Research upgraded The Michaels Companies from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Piper Jaffray Companies set a $18.00 price objective on The Michaels Companies and gave the company a “hold” rating in a research note on Friday, August 25th. ValuEngine lowered The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Bank of America Corporation restated a “buy” rating and issued a $29.00 target price on shares of The Michaels Companies in a research note on Tuesday, September 5th. Finally, BidaskClub lowered The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. The Michaels Companies has a consensus rating of “Hold” and an average price target of $24.29.

The Michaels Companies, Inc. (NASDAQ:MIK) opened at $18.54 on Monday. The firm has a market capitalization of $3,360.00, a PE ratio of 9.61, a price-to-earnings-growth ratio of 0.83 and a beta of 0.86. The company has a quick ratio of 0.26, a current ratio of 1.44 and a debt-to-equity ratio of -1.53. The Michaels Companies, Inc. has a one year low of $17.25 and a one year high of $25.57.

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

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