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.
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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