Louisiana State Employees Retirement System raised its stake in The Michaels Companies, Inc. (NASDAQ:MIK) by 3.0% during the second quarter, Holdings Channel reports. The fund owned 27,600 shares of the specialty retailer’s stock after buying an additional 800 shares during the period. Louisiana State Employees Retirement System’s holdings in The Michaels Companies were worth $511,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC purchased a new position in shares of The Michaels Companies during the first quarter valued at $1,877,000. Russell Investments Group Ltd. purchased a new position in shares of The Michaels Companies during the fourth quarter valued at $122,000. CenturyLink Investment Management Co boosted its position in shares of The Michaels Companies by 54.0% in the second quarter. CenturyLink Investment Management Co now owns 32,242 shares of the specialty retailer’s stock valued at $597,000 after buying an additional 11,300 shares in the last quarter. New England Asset Management Inc. boosted its position in shares of The Michaels Companies by 92.0% in the first quarter. New England Asset Management Inc. now owns 38,600 shares of the specialty retailer’s stock valued at $865,000 after buying an additional 18,500 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of The Michaels Companies during the first quarter valued at $5,353,000. 98.43% of the stock is owned by institutional investors.

Shares of The Michaels Companies, Inc. (NASDAQ:MIK) traded up 1.964% during midday trading on Friday, hitting $19.985. The stock had a trading volume of 586,569 shares. The firm’s 50-day moving average price is $18.97 and its 200-day moving average price is $20.55. The Michaels Companies, Inc. has a one year low of $17.25 and a one year high of $26.30. The firm has a market capitalization of $3.77 billion, a PE ratio of 10.681 and a beta of 0.96.

The Michaels Companies (NASDAQ:MIK) last released its earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by $0.01. The Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The business’s revenue was up .0% on a year-over-year basis. On average, equities analysts predict that The Michaels Companies, Inc. will post $2.08 EPS for the current year.

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

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Several research analysts recently weighed in on the company. Zacks Investment Research raised The Michaels Companies from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. TheStreet raised The Michaels Companies from a “d+” rating to a “c” rating in a research note on Monday, June 26th. BidaskClub raised The Michaels Companies from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 25th. Guggenheim reaffirmed a “buy” rating and set a $26.00 target price on shares of The Michaels Companies in a research note on Wednesday, June 21st. Finally, 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 note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The Michaels Companies has an average rating of “Hold” and a consensus target price of $25.25.

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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