Michaels Companies Inc (MIK) Position Trimmed by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its stake in shares of Michaels Companies Inc (NASDAQ:MIK) by 12.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 126,232 shares of the specialty retailer’s stock after selling 17,568 shares during the period. Retirement Systems of Alabama owned approximately 0.07% of Michaels Companies worth $2,049,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. WP Advisors LLC acquired a new stake in Michaels Companies during the 2nd quarter worth approximately $113,000. Itau Unibanco Holding S.A. acquired a new stake in Michaels Companies during the 2nd quarter worth approximately $170,000. We Are One Seven LLC acquired a new stake in Michaels Companies during the 3rd quarter worth approximately $180,000. State of Alaska Department of Revenue raised its holdings in Michaels Companies by 138.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 11,642 shares of the specialty retailer’s stock worth $187,000 after buying an additional 6,762 shares during the period. Finally, Atria Investments LLC acquired a new stake in Michaels Companies during the 2nd quarter worth approximately $256,000.

NASDAQ MIK opened at $17.77 on Friday. Michaels Companies Inc has a 12-month low of $14.82 and a 12-month high of $27.87. The company has a market capitalization of $2.95 billion, a PE ratio of 8.19, a price-to-earnings-growth ratio of 0.95 and a beta of 1.03.

Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Thursday, August 30th. The specialty retailer reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.02. Michaels Companies had a net margin of 6.31% and a negative return on equity of 24.56%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the company earned $0.19 earnings per share. The firm’s revenue was down 1.8% compared to the same quarter last year. Sell-side analysts predict that Michaels Companies Inc will post 2.37 EPS for the current fiscal year.

MIK has been the topic of several research analyst reports. Credit Suisse Group restated a “buy” rating on shares of Michaels Companies in a report on Thursday, August 9th. BidaskClub upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a report on Saturday, October 13th. Zacks Investment Research downgraded shares of Michaels Companies from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Deutsche Bank dropped their target price on shares of Michaels Companies from $21.00 to $19.00 and set a “hold” rating on the stock in a report on Friday, August 31st. Finally, Wells Fargo & Co restated a “hold” rating and set a $19.00 target price (down from $20.00) on shares of Michaels Companies in a report on Thursday, August 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. Michaels Companies currently has an average rating of “Hold” and a consensus price target of $22.22.

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Michaels Companies Company Profile

The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.

Further Reading: Marijuana Stocks

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

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