Reinhart Partners Inc. lowered its holdings in shares of Michaels Companies Inc (NASDAQ:MIK) by 80.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 387,476 shares of the specialty retailer’s stock after selling 1,612,365 shares during the period. Reinhart Partners Inc.’s holdings in Michaels Companies were worth $3,793,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Michaels Companies by 34.8% during the second quarter. BlackRock Inc. now owns 11,534,685 shares of the specialty retailer’s stock worth $100,351,000 after buying an additional 2,979,904 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Michaels Companies by 5.2% during the second quarter. Price T Rowe Associates Inc. MD now owns 11,404,092 shares of the specialty retailer’s stock worth $99,216,000 after buying an additional 568,313 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Michaels Companies by 2.0% during the second quarter. Vanguard Group Inc. now owns 7,655,919 shares of the specialty retailer’s stock worth $66,606,000 after buying an additional 146,442 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of Michaels Companies by 19.2% during the second quarter. Prudential Financial Inc. now owns 3,999,466 shares of the specialty retailer’s stock worth $34,796,000 after buying an additional 644,692 shares in the last quarter. Finally, UBS Group AG grew its holdings in shares of Michaels Companies by 4,969.2% during the second quarter. UBS Group AG now owns 2,817,989 shares of the specialty retailer’s stock worth $24,516,000 after buying an additional 2,762,399 shares in the last quarter.
A number of brokerages have recently commented on MIK. Morgan Stanley set a $7.00 price target on shares of Michaels Companies and gave the stock a “hold” rating in a report on Monday, September 9th. Wells Fargo & Co set a $6.00 target price on shares of Michaels Companies and gave the company a “hold” rating in a report on Wednesday, September 4th. Bank of America restated an “underperform” rating and issued a $4.00 target price (down from $5.00) on shares of Michaels Companies in a report on Tuesday, August 20th. ValuEngine downgraded shares of Michaels Companies from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Finally, BidaskClub downgraded shares of Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $8.73.
In other Michaels Companies news, Director Beryl Raff bought 6,700 shares of the company’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $7.47 per share, with a total value of $50,049.00. Following the completion of the acquisition, the director now owns 30,993 shares of the company’s stock, valued at $231,517.71. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.51% of the company’s stock.
Michaels Companies stock traded down $0.20 during trading on Friday, reaching $9.08. The company had a trading volume of 2,466,100 shares, compared to its average volume of 3,079,028. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 3.86, a PEG ratio of 0.57 and a beta of 1.15. The stock’s 50 day moving average price is $9.53 and its two-hundred day moving average price is $8.74. Michaels Companies Inc has a 12-month low of $4.96 and a 12-month high of $18.04.
Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings results on Wednesday, September 4th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.05. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Michaels Companies had a net margin of 6.31% and a negative return on equity of 23.40%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 earnings per share. Equities analysts expect that Michaels Companies Inc will post 2.38 earnings per share for the current year.
Michaels Companies Company Profile
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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