Fmr LLC lowered its stake in shares of Michaels Companies Inc (NASDAQ:MIK) by 11.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,079,021 shares of the specialty retailer’s stock after selling 281,604 shares during the period. Fmr LLC owned approximately 1.32% of Michaels Companies worth $28,150,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Squarepoint Ops LLC bought a new position in shares of Michaels Companies during the 4th quarter valued at about $2,740,000. California Public Employees Retirement System raised its position in Michaels Companies by 9.1% in the 4th quarter. California Public Employees Retirement System now owns 203,656 shares of the specialty retailer’s stock valued at $2,758,000 after buying an additional 16,940 shares during the last quarter. Denali Advisors LLC acquired a new stake in Michaels Companies in the 4th quarter valued at approximately $1,154,000. Credit Suisse AG raised its position in Michaels Companies by 5.9% in the 3rd quarter. Credit Suisse AG now owns 135,981 shares of the specialty retailer’s stock valued at $2,207,000 after buying an additional 7,623 shares during the last quarter. Finally, NumerixS Investment Technologies Inc raised its position in Michaels Companies by 161.3% in the 4th quarter. NumerixS Investment Technologies Inc now owns 24,300 shares of the specialty retailer’s stock valued at $326,000 after buying an additional 15,000 shares during the last quarter.
A number of equities research analysts recently issued reports on MIK shares. BidaskClub raised Michaels Companies from a “hold” rating to a “buy” rating in a research report on Friday, March 1st. Loop Capital raised Michaels Companies from a “hold” rating to a “buy” rating and lifted their target price for the company from $14.00 to $17.00 in a research report on Wednesday, February 6th. Bank of America reissued a “buy” rating and issued a $21.00 target price (down previously from $25.00) on shares of Michaels Companies in a research report on Wednesday, January 9th. Zacks Investment Research reissued a “buy” rating and issued a $14.00 target price on shares of Michaels Companies in a research report on Monday, December 31st. Finally, JPMorgan Chase & Co. lowered Michaels Companies from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $18.00 to $15.00 in a research report on Friday, March 1st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $16.30.
Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings results on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.02. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.78 billion. Michaels Companies had a negative return on equity of 24.50% and a net margin of 6.06%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 EPS. Sell-side analysts forecast that Michaels Companies Inc will post 2.46 earnings per share for the current fiscal year.
About Michaels Companies
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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