BlackRock Inc. Purchases 583,585 Shares of The Michaels Companies, Inc. (MIK)

BlackRock Inc. boosted its position in The Michaels Companies, Inc. (NASDAQ:MIK) by 7.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,752,674 shares of the specialty retailer’s stock after buying an additional 583,585 shares during the quarter. BlackRock Inc. owned approximately 4.63% of The Michaels Companies worth $162,099,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in MIK. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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 worth $103,000 after purchasing an additional 549 shares during the last quarter. FNY Partners Fund LP acquired a new position in shares of The Michaels Companies during the 1st quarter worth approximately $111,000. Pacer Advisors Inc. increased its position 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 purchasing an additional 383 shares during the last quarter. LS Investment Advisors LLC increased its position 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 purchasing an additional 1,745 shares during the last quarter. Finally, Credit Agricole S A acquired a new position in shares of The Michaels Companies during the 1st quarter worth approximately $228,000. 98.43% of the stock is currently owned by institutional investors and hedge funds.

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A number of research analysts recently weighed in on MIK shares. Zacks Investment Research raised The Michaels Companies from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub raised The Michaels Companies from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 25th. 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 report on Monday, July 24th. ValuEngine lowered The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Bank of America Corporation reissued a “buy” rating and set a $26.00 target price on shares of The Michaels Companies in a report on Friday, June 16th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $24.29.

Shares of The Michaels Companies, Inc. (NASDAQ MIK) opened at 20.20 on Friday. The company has a 50-day moving average price of $21.73 and a 200 day moving average price of $20.69. The Michaels Companies, Inc. has a 1-year low of $17.25 and a 1-year high of $25.57. The company has a market capitalization of $3.66 billion, a P/E ratio of 10.53 and a beta of 0.91.

The Michaels Companies (NASDAQ:MIK) last released its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share (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 business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the business posted $0.17 earnings per share. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts anticipate that The Michaels Companies, Inc. will post $2.14 EPS for the current year.

The Michaels Companies declared that its Board of Directors has authorized a stock buyback plan on Thursday, June 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board 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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