Michaels Companies Inc (NASDAQ:MIK) was the target of a significant increase in short interest during the month of September. As of September 14th, there was short interest totalling 18,805,888 shares, an increase of 26.5% from the August 31st total of 14,865,665 shares. Based on an average daily volume of 3,865,090 shares, the days-to-cover ratio is presently 4.9 days. Approximately 17.3% of the company’s stock are short sold.

Several research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Michaels Companies from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Deutsche Bank cut their price target on shares of Michaels Companies from $21.00 to $19.00 and set a “hold” rating on the stock in a report on Friday, August 31st. Wells Fargo & Co reaffirmed a “hold” rating and issued a $19.00 price objective (down previously from $20.00) on shares of Michaels Companies in a research report on Thursday, August 30th. BidaskClub lowered shares of Michaels Companies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Finally, ValuEngine lowered shares of Michaels Companies from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 26th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $22.78.

Shares of MIK stock opened at $16.34 on Friday. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 7.67, a P/E/G ratio of 0.93 and a beta of 1.13. The company has a debt-to-equity ratio of -1.59, a quick ratio of 0.26 and a current ratio of 1.48. Michaels Companies has a 52 week low of $15.85 and a 52 week high of $27.87.

Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, August 30th. The specialty retailer reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.06 billion. Michaels Companies had a net margin of 6.31% and a negative return on equity of 24.56%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 earnings per share. research analysts predict that Michaels Companies will post 2.35 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in MIK. BlackRock Inc. raised its position in shares of Michaels Companies by 0.9% in the second quarter. BlackRock Inc. now owns 9,456,390 shares of the specialty retailer’s stock valued at $181,279,000 after purchasing an additional 85,558 shares during the period. Tyvor Capital LLC raised its position in shares of Michaels Companies by 100.8% in the second quarter. Tyvor Capital LLC now owns 2,470,565 shares of the specialty retailer’s stock valued at $47,361,000 after purchasing an additional 1,240,426 shares during the period. FMR LLC raised its position in shares of Michaels Companies by 835.3% in the second quarter. FMR LLC now owns 2,431,302 shares of the specialty retailer’s stock valued at $46,609,000 after purchasing an additional 2,171,363 shares during the period. Bank of Montreal Can bought a new stake in shares of Michaels Companies in the second quarter valued at approximately $40,076,000. Finally, Bank of New York Mellon Corp raised its position in shares of Michaels Companies by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 1,748,896 shares of the specialty retailer’s stock valued at $33,526,000 after purchasing an additional 26,109 shares during the period.

About Michaels Companies

The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.

Further Reading: Intrinsic Value

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