The Michaels Companies, Inc. (MIK) Rating Lowered to Hold at BidaskClub

The Michaels Companies, Inc. (NASDAQ:MIK) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Monday.

A number of other equities analysts have also commented on the company. 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. Morgan Stanley restated an “overweight” rating and set a $25.00 price objective on shares of The Michaels Companies in a research note on Tuesday, June 13th. Bank of America Corporation restated a “buy” rating and set a $29.00 price objective on shares of The Michaels Companies in a research note on Tuesday, September 5th. Finally, Piper Jaffray Companies set a $18.00 price objective on The Michaels Companies and gave the stock a “hold” rating in a research note on Friday, August 25th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $24.25.

Shares of The Michaels Companies (MIK) opened at 21.45 on Monday. The Michaels Companies has a 52 week low of $17.25 and a 52 week high of $25.57. The company has a 50-day moving average price of $21.01 and a 200 day moving average price of $20.73. The firm has a market cap of $3.88 billion, a price-to-earnings ratio of 11.18 and a beta of 0.94.

The Michaels Companies (NASDAQ:MIK) last announced its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The company had revenue of $1.07 billion for 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 firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 earnings per share. Analysts expect that The Michaels Companies will post $2.14 EPS for the current fiscal year.

The Michaels Companies announced that its board has authorized a stock buyback plan on Thursday, June 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Suntrust Banks Inc. boosted its holdings in shares of The Michaels Companies by 3.0% during the 2nd quarter. Suntrust Banks Inc. now owns 12,680 shares of the specialty retailer’s stock valued at $234,000 after acquiring an additional 368 shares in the last quarter. Pacer Advisors Inc. boosted 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 valued at $149,000 after acquiring an additional 383 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of The Michaels Companies by 11.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,556 shares of the specialty retailer’s stock valued at $103,000 after acquiring an additional 549 shares in the last quarter. Louisiana State Employees Retirement System boosted 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 valued at $511,000 after acquiring an additional 800 shares in the last quarter. Finally, People s United Financial Inc. boosted its holdings in shares of The Michaels Companies by 5.5% during the 2nd quarter. People s United Financial Inc. now owns 17,323 shares of the specialty retailer’s stock valued at $321,000 after acquiring an additional 904 shares in the last quarter. 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.

Analyst Recommendations for The Michaels Companies (NASDAQ:MIK)

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