Piper Jaffray Companies Lowers Michaels Companies (MIK) Price Target to $9.00

Michaels Companies (NASDAQ:MIK) had its target price dropped by investment analysts at Piper Jaffray Companies from $11.00 to $9.00 in a research note issued on Friday, The Fly reports. The firm presently has an “underweight” rating on the specialty retailer’s stock. Piper Jaffray Companies’ price objective points to a potential downside of 22.95% from the stock’s previous close.

Several other equities research analysts have also recently commented on MIK. Bank of America reiterated a “buy” rating and set a $21.00 price target (down previously from $25.00) on shares of Michaels Companies in a research report on Wednesday, January 9th. BidaskClub upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research report on Saturday, January 5th. Zacks Investment Research reiterated a “buy” rating and set a $14.00 price target on shares of Michaels Companies in a research report on Monday, December 31st. Loop Capital upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating and lifted their price target for the stock from $14.00 to $17.00 in a research report on Wednesday, February 6th. Finally, Wells Fargo & Co reiterated a “hold” rating and set a $17.00 price target (down previously from $19.00) on shares of Michaels Companies in a research report on Thursday, December 6th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $18.27.

Shares of NASDAQ MIK opened at $11.68 on Friday. Michaels Companies has a 1-year low of $11.44 and a 1-year high of $22.38. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 5.38, a P/E/G ratio of 0.57 and a beta of 1.14.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of Michaels Companies by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 1,748,896 shares of the specialty retailer’s stock worth $33,526,000 after purchasing an additional 26,109 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Michaels Companies during the third quarter worth about $304,000. Engineers Gate Manager LP increased its position in shares of Michaels Companies by 135.6% during the third quarter. Engineers Gate Manager LP now owns 24,500 shares of the specialty retailer’s stock worth $398,000 after purchasing an additional 14,100 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Michaels Companies by 437.7% during the third quarter. SG Americas Securities LLC now owns 129,388 shares of the specialty retailer’s stock worth $2,100,000 after purchasing an additional 105,323 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC increased its position in shares of Michaels Companies by 43.3% during the third quarter. Thompson Siegel & Walmsley LLC now owns 1,957,818 shares of the specialty retailer’s stock worth $31,775,000 after purchasing an additional 591,946 shares in the last quarter.

About Michaels Companies

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.

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