Brokerages expect The Michaels Companies, Inc. (NASDAQ:MIK) to report $1.06 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for The Michaels Companies’ earnings. The highest sales estimate is $1.08 billion and the lowest is $1.05 billion. The Michaels Companies also posted sales of $1.06 billion in the same quarter last year. The company is scheduled to announce its next quarterly earnings results on Thursday, August 24th.
According to Zacks, analysts expect that The Michaels Companies will report full-year sales of $1.06 billion for the current fiscal year, with estimates ranging from $5.31 billion to $5.36 billion. For the next fiscal year, analysts forecast that the company will post sales of $5.43 billion per share, with estimates ranging from $5.38 billion to $5.56 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover The Michaels Companies.
The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by $0.01. The Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the company posted $0.36 earnings per share. The business’s quarterly revenue was up .0% on a year-over-year basis.
A number of equities analysts recently weighed in on MIK shares. Morgan Stanley reiterated an “overweight” rating and issued a $25.00 price objective on shares of The Michaels Companies in a research report on Tuesday, June 13th. Telsey Advisory Group lowered their price objective on shares of The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research report on Wednesday, June 7th. Zacks Investment Research lowered shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Piper Jaffray Companies lowered shares of The Michaels Companies from an “overweight” rating to a “neutral” rating in a research report on Monday, March 27th. Finally, ValuEngine lowered shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $25.25.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Partners Fund LP purchased a new stake in shares of The Michaels Companies during the first quarter worth about $111,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of The Michaels Companies by 59.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock worth $112,000 after buying an additional 1,875 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of The Michaels Companies during the fourth quarter worth about $122,000. LS Investment Advisors LLC purchased a new stake in shares of The Michaels Companies during the first quarter worth about $159,000. Finally, New York State Teachers Retirement System boosted its stake in shares of The Michaels Companies by 1.2% in the fourth quarter. New York State Teachers Retirement System now owns 8,200 shares of the specialty retailer’s stock worth $168,000 after buying an additional 100 shares during the last quarter. 98.43% of the stock is owned by institutional investors.
Shares of The Michaels Companies (NASDAQ:MIK) traded up 3.115% during mid-day trading on Friday, reaching $19.695. 1,223,882 shares of the company were exchanged. The stock has a 50 day moving average price of $18.44 and a 200-day moving average price of $20.64. The Michaels Companies has a 12 month low of $17.25 and a 12 month high of $26.57. The stock has a market capitalization of $3.72 billion, a P/E ratio of 10.526 and a beta of 0.93. The Michaels Companies also was the recipient of some unusual options trading activity on Monday. Traders acquired 11,077 call options on the company. This represents an increase of 1,986% compared to the typical daily volume of 531 call options.
The Michaels Companies declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
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The Michaels Companies Company Profile
The Michaels Companies, Inc (Michaels) is an arts and crafts specialty retailer in North America. The Company’s segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store.
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