The Michaels Companies, Inc. (MIK) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a sell rating to a hold rating in a research note issued to investors on Thursday morning.
According to Zacks, “The Michaels Companies, Inc. is a specialty retailer of arts and crafts. The Company’s stores offer stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children’s hobbies. It produces 11 exclusive private brands including Recollections(R), Studio Decor(R), Bead Landing(R), Creatology(R), Ashland(R), Celebrate It(R), Art Minds(R), Artist’s Loft(R), Craft Smart(R), Loops & Threads(R) and Imagin8(R). The Michaels Companies, Inc. is based in Irving, Texas. “
A number of other equities research analysts have also recently commented on MIK. BidaskClub cut The Michaels Companies from a sell rating to a strong sell rating in a research note on Wednesday, July 12th. J P Morgan Chase & Co raised The Michaels Companies from a neutral rating to an overweight rating and set a $23.00 target price on the stock in a research note on Monday, July 24th. Piper Jaffray Companies set a $18.00 target price on The Michaels Companies and gave the stock a hold rating in a research note on Friday, August 25th. ValuEngine cut The Michaels Companies from a buy rating to a hold rating in a research report on Friday, September 1st. Finally, Bank of America Corporation reaffirmed a buy rating and set a $29.00 price objective on shares of The Michaels Companies in a research report on Tuesday, September 5th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The Michaels Companies currently has a consensus rating of Hold and an average price target of $24.29.
Shares of The Michaels Companies (NASDAQ:MIK) opened at $19.22 on Thursday. The company has a market capitalization of $3,478.55, a P/E ratio of 9.96, a price-to-earnings-growth ratio of 0.75 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 (NASDAQ:MIK) last released its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the firm posted $0.17 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. analysts anticipate that The Michaels Companies will post 2.14 EPS for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of The Michaels Companies by 6.9% during the first quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock valued at $212,194,000 after buying an additional 615,723 shares during the last quarter. BlackRock Inc. lifted its holdings in The Michaels Companies by 7.1% in the second quarter. BlackRock Inc. now owns 8,752,674 shares of the specialty retailer’s stock valued at $162,099,000 after acquiring an additional 583,585 shares during the period. Alliancebernstein L.P. lifted its holdings 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 valued at $112,804,000 after acquiring an additional 2,086,817 shares during the period. State Street Corp lifted its holdings in The Michaels Companies by 15.5% in the second quarter. State Street Corp now owns 5,872,512 shares of the specialty retailer’s stock valued at $108,763,000 after acquiring an additional 787,225 shares during the period. Finally, William Blair Investment Management LLC lifted its holdings in The Michaels Companies by 3.6% in the second quarter. William Blair Investment Management LLC now owns 4,392,319 shares of the specialty retailer’s stock valued at $81,346,000 after acquiring an additional 152,308 shares during the period. 98.43% of the stock is currently owned by institutional investors.
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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