Public Employees Retirement System of Ohio decreased its position in The Michaels Companies, Inc. (NASDAQ:MIK) by 7.6% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 30,245 shares of the specialty retailer’s stock after selling 2,483 shares during the period. Public Employees Retirement System of Ohio’s holdings in The Michaels Companies were worth $677,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of MIK. FNY Partners Fund LP acquired a new stake in The Michaels Companies during the first quarter valued at approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 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 valued at $112,000 after buying an additional 1,875 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in The Michaels Companies during the fourth quarter valued at approximately $122,000. LS Investment Advisors LLC acquired a new stake in The Michaels Companies during the first quarter valued at approximately $159,000. Finally, Pacer Advisors Inc. boosted its stake in The Michaels Companies by 86.6% in the first quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock valued at $171,000 after buying an additional 3,549 shares in the last quarter. 98.43% of the stock is owned by institutional investors.
The Michaels Companies, Inc. (NASDAQ:MIK) traded up 2.24% during trading on Friday, reaching $20.04. The company’s stock had a trading volume of 1,402,297 shares. The firm has a 50-day moving average price of $19.02 and a 200-day moving average price of $20.54. The Michaels Companies, Inc. has a 52 week low of $17.25 and a 52 week high of $26.30. The firm has a market capitalization of $3.78 billion, a P/E ratio of 10.71 and a beta of 0.96.
The Michaels Companies (NASDAQ:MIK) last posted its earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. The Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 earnings per share. On average, equities analysts anticipate that The Michaels Companies, Inc. will post $2.08 EPS for the current fiscal year.
The Michaels Companies announced that its board has initiated a share buyback plan on Thursday, June 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the specialty retailer to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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Several research firms have recently commented on MIK. Zacks Investment Research cut The Michaels Companies from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. J P Morgan Chase & Co raised The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 price target for the company in a report on Monday, July 24th. Bank of America Corporation reissued a “buy” rating and issued a $26.00 price target on shares of The Michaels Companies in a report on Friday, June 16th. BidaskClub downgraded The Michaels Companies from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Finally, TheStreet raised The Michaels Companies from a “d+” rating to a “c” rating in a research note on Monday, June 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $25.25.
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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