Citigroup Inc. increased its holdings in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 1,260.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61,884 shares of the specialty retailer’s stock after acquiring an additional 57,336 shares during the quarter. Citigroup Inc.’s holdings in The Michaels Companies were worth $1,146,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. BlackRock Inc. increased its position in The Michaels Companies by 44,112.2% in the first quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock worth $182,908,000 after buying an additional 8,150,612 shares during the last quarter. State Street Corp increased its position in The Michaels Companies by 86.7% in the first quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock worth $113,853,000 after buying an additional 2,361,331 shares during the last quarter. Alliancebernstein L.P. increased its position in The Michaels Companies by 52.1% in the second quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock worth $112,804,000 after buying an additional 2,086,817 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in The Michaels Companies by 80.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,946,680 shares of the specialty retailer’s stock worth $65,976,000 after buying an additional 1,309,370 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in The Michaels Companies by 6.9% in the first quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock worth $212,194,000 after buying an additional 615,723 shares during the last quarter. Institutional investors and hedge funds own 98.43% of the company’s stock.

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A number of analysts have issued reports on the company. Zacks Investment Research downgraded The Michaels Companies from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Piper Jaffray Companies set a $18.00 target price on The Michaels Companies and gave the stock a “hold” rating in a research report on Friday, August 25th. J P Morgan Chase & Co raised The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 target price for the company in a research report on Monday, July 24th. Bank of America Corporation reissued a “buy” rating and issued a $26.00 target price on shares of The Michaels Companies in a research report on Friday, June 16th. Finally, ValuEngine downgraded The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $24.29.

The Michaels Companies, Inc. (MIK) opened at 21.61 on Thursday. The stock has a 50 day moving average price of $21.52 and a 200 day moving average price of $20.72. The Michaels Companies, Inc. has a 12 month low of $17.25 and a 12 month high of $25.57. The stock has a market capitalization of $3.91 billion, a PE ratio of 11.27 and a beta of 0.91.

The Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, topping the consensus estimate of $0.16 by $0.03. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The Michaels Companies’s revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 EPS. On average, equities research analysts forecast that The Michaels Companies, Inc. will post $2.14 earnings per share for the current fiscal year.

The Michaels Companies announced that its board has approved a stock repurchase program on Thursday, June 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.

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

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