Michaels Companies (NASDAQ:MIK) Shares Up 6.3%

Michaels Companies Inc (NASDAQ:MIK)’s stock price shot up 6.3% during mid-day trading on Tuesday . The company traded as high as $9.26 and last traded at $9.14, 3,579,512 shares changed hands during mid-day trading. An increase of 37% from the average session volume of 2,621,930 shares. The stock had previously closed at $8.60.

A number of brokerages have issued reports on MIK. Loop Capital set a $15.00 price target on Michaels Companies and gave the stock a “buy” rating in a research note on Friday. Credit Suisse Group raised their price target on Beyond Meat from $70.00 to $125.00 in a research note on Friday, June 7th. Bank of America raised their price target on Altria Group from $56.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Zacks Investment Research raised Investors Real Estate Trust Reit from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. Finally, Telsey Advisory Group lowered Michaels Companies from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $17.00 to $9.00 in a research note on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. Michaels Companies presently has a consensus rating of “Hold” and a consensus price target of $11.64.

The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 3.89, a price-to-earnings-growth ratio of 0.59 and a beta of 1.10. The firm’s 50 day moving average price is $8.63.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings data on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.11 billion. Michaels Companies had a negative return on equity of 22.82% and a net margin of 6.34%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. On average, equities research analysts predict that Michaels Companies Inc will post 2.35 EPS for the current year.

Several large investors have recently made changes to their positions in the stock. We Are One Seven LLC raised its holdings in shares of Michaels Companies by 29.0% during the 2nd quarter. We Are One Seven LLC now owns 39,153 shares of the specialty retailer’s stock valued at $340,000 after buying an additional 8,808 shares during the period. CWM Advisors LLC increased its holdings in Michaels Companies by 36.6% during the 2nd quarter. CWM Advisors LLC now owns 18,525 shares of the specialty retailer’s stock worth $161,000 after purchasing an additional 4,965 shares during the last quarter. FMR LLC increased its holdings in Michaels Companies by 29.9% during the 1st quarter. FMR LLC now owns 2,699,700 shares of the specialty retailer’s stock worth $30,831,000 after purchasing an additional 620,679 shares during the last quarter. Weiss Asset Management LP purchased a new stake in Michaels Companies during the 1st quarter worth approximately $136,000. Finally, Nordea Investment Management AB increased its holdings in Michaels Companies by 5.9% during the 1st quarter. Nordea Investment Management AB now owns 693,515 shares of the specialty retailer’s stock worth $7,919,000 after purchasing an additional 38,578 shares during the last quarter.

About Michaels Companies (NASDAQ:MIK)

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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