Mackay Shields LLC Invests $446,000 in Michaels Companies Inc (MIK)

Mackay Shields LLC purchased a new stake in Michaels Companies Inc (NASDAQ:MIK) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 33,002 shares of the specialty retailer’s stock, valued at approximately $446,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Denali Advisors LLC bought a new position in Michaels Companies in the fourth quarter valued at approximately $1,154,000. Credit Suisse AG increased its stake in Michaels Companies by 5.9% in the third quarter. Credit Suisse AG now owns 135,981 shares of the specialty retailer’s stock valued at $2,207,000 after acquiring an additional 7,623 shares during the last quarter. NumerixS Investment Technologies Inc increased its stake in Michaels Companies by 161.3% in the fourth quarter. NumerixS Investment Technologies Inc now owns 24,300 shares of the specialty retailer’s stock valued at $326,000 after acquiring an additional 15,000 shares during the last quarter. South Dakota Investment Council increased its stake in Michaels Companies by 300.3% in the fourth quarter. South Dakota Investment Council now owns 240,600 shares of the specialty retailer’s stock valued at $3,258,000 after acquiring an additional 180,500 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in Michaels Companies by 9.1% in the fourth quarter. California Public Employees Retirement System now owns 203,656 shares of the specialty retailer’s stock valued at $2,758,000 after acquiring an additional 16,940 shares during the last quarter.

NASDAQ MIK opened at $11.51 on Tuesday. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 4.64, a P/E/G ratio of 0.61 and a beta of 1.11. Michaels Companies Inc has a fifty-two week low of $10.90 and a fifty-two week high of $22.15.

Michaels Companies (NASDAQ:MIK) last posted its earnings results on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.02. The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Michaels Companies had a net margin of 6.06% and a negative return on equity of 24.50%. The company’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.19 earnings per share. On average, sell-side analysts expect that Michaels Companies Inc will post 2.47 EPS for the current year.

A number of brokerages recently issued reports on MIK. BidaskClub cut shares of Michaels Companies from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. Zacks Investment Research cut shares of Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. Loop Capital set a $18.00 price objective on shares of Michaels Companies and gave the company a “hold” rating in a research note on Thursday, December 6th. Wells Fargo & Co reaffirmed a “hold” rating and set a $17.00 target price (down previously from $19.00) on shares of Michaels Companies in a research note on Thursday, December 6th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $17.00 target price (down previously from $20.00) on shares of Michaels Companies in a research note on Wednesday, March 20th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Michaels Companies presently has a consensus rating of “Hold” and a consensus target price of $16.30.

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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.

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

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