The Michaels Companies, Inc. (MIK) Shares Sold by Comerica Bank

Comerica Bank trimmed its holdings in The Michaels Companies, Inc. (NASDAQ:MIK) by 3.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 83,558 shares of the specialty retailer’s stock after selling 2,841 shares during the period. Comerica Bank’s holdings in The Michaels Companies were worth $1,596,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. BlackRock Inc. lifted its stake in shares of The Michaels Companies by 44,112.2% in the 1st quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock valued at $182,908,000 after purchasing an additional 8,150,612 shares in the last quarter. William Blair Investment Management LLC acquired a new position in shares of The Michaels Companies in the 1st quarter valued at about $94,934,000. State Street Corp lifted its stake in shares of The Michaels Companies by 86.7% in the 1st quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock valued at $113,853,000 after purchasing an additional 2,361,331 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of The Michaels Companies by 80.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,946,680 shares of the specialty retailer’s stock valued at $65,976,000 after purchasing an additional 1,309,370 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in shares of The Michaels Companies by 1,219.1% in the 1st quarter. Prudential Financial Inc. now owns 994,169 shares of the specialty retailer’s stock valued at $22,260,000 after purchasing an additional 918,799 shares in the last quarter. 98.43% of the stock is currently owned by hedge funds and other institutional investors.

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Shares of The Michaels Companies, Inc. (NASDAQ MIK) opened at 21.83 on Wednesday. The company’s 50 day moving average price is $20.71 and its 200 day moving average price is $20.68. The Michaels Companies, Inc. has a one year low of $17.25 and a one year high of $25.57. The stock has a market capitalization of $3.95 billion, a P/E ratio of 11.38 and a beta of 0.94.

The Michaels Companies (NASDAQ:MIK) last issued its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. On average, equities analysts expect that The Michaels Companies, Inc. will post $2.14 earnings per share 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 shares. This buyback authorization authorizes the specialty retailer to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

MIK has been the topic of several research analyst reports. Zacks Investment Research lowered The Michaels Companies from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. ValuEngine lowered The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub lowered The Michaels Companies from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $25.00 price objective on shares of The Michaels Companies in a research note on Tuesday, June 13th. Finally, J P Morgan Chase & Co raised The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 price objective on the stock in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $24.25.

The Michaels Companies 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.

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

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