Michaels Companies (NASDAQ:MIK) Shares Down 5.1%

Michaels Companies Inc (NASDAQ:MIK)’s share price traded down 5.1% during mid-day trading on Thursday . The stock traded as low as $8.75 and last traded at $9.24, 7,300,500 shares traded hands during trading. An increase of 146% from the average session volume of 2,964,742 shares. The stock had previously closed at $9.74.

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Michaels Companies from $9.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Telsey Advisory Group lowered shares of Michaels Companies from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $17.00 to $9.00 in a report on Friday, June 7th. Zacks Investment Research lowered shares of Michaels Companies from a “buy” rating to a “hold” rating in a report on Thursday, May 23rd. Goldman Sachs Group assumed coverage on shares of Michaels Companies in a report on Thursday, July 11th. They set a “neutral” rating and a $8.00 price target on the stock. Finally, Loop Capital set a $15.00 price target on shares of Michaels Companies and gave the company a “buy” rating in a report on Friday, July 12th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $8.73.

The firm’s 50-day moving average is $6.37 and its 200 day moving average is $9.59. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 3.93, a P/E/G ratio of 0.68 and a beta of 1.06.

Michaels Companies (NASDAQ:MIK) last posted its earnings results on Wednesday, September 4th. The specialty retailer reported $0.19 EPS for the quarter, topping the consensus estimate of $0.14 by $0.05. Michaels Companies had a net margin of 6.31% and a negative return on equity of 23.40%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the company earned $0.15 EPS. The firm’s revenue was down 1.9% compared to the same quarter last year. On average, equities analysts anticipate that Michaels Companies Inc will post 2.37 EPS for the current fiscal year.

In other Michaels Companies news, Director Beryl Raff bought 6,700 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $7.47 per share, for a total transaction of $50,049.00. Following the transaction, the director now directly owns 30,993 shares in the company, valued at $231,517.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.51% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. AlphaOne Investment Services LLC boosted its position in Michaels Companies by 126.1% during the 1st quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock worth $37,000 after buying an additional 1,791 shares during the period. Royce & Associates LP boosted its position in Michaels Companies by 56.3% during the 1st quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock worth $45,000 after buying an additional 1,408 shares during the period. Marshall Wace North America L.P. acquired a new stake in Michaels Companies during the 1st quarter worth approximately $102,000. Bank of Montreal Can boosted its position in Michaels Companies by 54.8% during the 2nd quarter. Bank of Montreal Can now owns 9,022 shares of the specialty retailer’s stock worth $78,000 after buying an additional 3,194 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in Michaels Companies during the 1st quarter worth approximately $126,000.

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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