Neuberger Berman Group LLC lifted its stake in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 46.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,160 shares of the specialty retailer’s stock after acquiring an additional 6,694 shares during the period. Neuberger Berman Group LLC’s holdings in The Michaels Companies were worth $392,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its holdings in shares of The Michaels Companies by 5.0% during the 2nd quarter. Pacer Advisors Inc. now owns 8,028 shares of the specialty retailer’s stock worth $149,000 after acquiring an additional 383 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of The Michaels Companies by 3.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the specialty retailer’s stock worth $511,000 after acquiring an additional 800 shares during the period. LS Investment Advisors LLC lifted its holdings in shares of The Michaels Companies by 24.6% during the 2nd quarter. LS Investment Advisors LLC now owns 8,825 shares of the specialty retailer’s stock worth $163,000 after acquiring an additional 1,745 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of The Michaels Companies by 59.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock worth $112,000 after acquiring an additional 1,875 shares during the period. Finally, FNY Partners Fund LP purchased a new position in shares of The Michaels Companies during the 1st quarter worth about $111,000. Institutional investors and hedge funds own 98.43% of the company’s stock.

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Several brokerages have recently weighed in on MIK. Guggenheim reiterated a “buy” rating and set a $26.00 price objective on shares of The Michaels Companies in a report on Wednesday, June 21st. Zacks Investment Research lowered shares of The Michaels Companies from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. BidaskClub lowered shares of The Michaels Companies from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Morgan Stanley reiterated an “overweight” rating and set a $25.00 price objective on shares of The Michaels Companies in a report on Tuesday, June 13th. Finally, Telsey Advisory Group cut their price objective on shares of The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a report on Wednesday, June 7th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The Michaels Companies currently has an average rating of “Hold” and a consensus target price of $24.25.

Shares of The Michaels Companies, Inc. (MIK) opened at 21.24 on Friday. The Michaels Companies, Inc. has a 52-week low of $17.25 and a 52-week high of $25.57. The firm has a market cap of $3.84 billion, a P/E ratio of 11.07 and a beta of 0.94. The company’s 50-day moving average is $21.01 and its 200-day moving average is $20.73.

The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate 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 during the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the company posted $0.17 EPS. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. 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 of Directors has initiated a stock buyback plan on Thursday, June 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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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