Raymond James & Associates Raises Holdings in Michaels Companies Inc (MIK)

Raymond James & Associates raised its stake in Michaels Companies Inc (NASDAQ:MIK) by 36.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 68,362 shares of the specialty retailer’s stock after purchasing an additional 18,385 shares during the period. Raymond James & Associates’ holdings in Michaels Companies were worth $926,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MIK. Oregon Public Employees Retirement Fund boosted its holdings in Michaels Companies by 1,108.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 525,907 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 482,395 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Michaels Companies during the fourth quarter worth about $64,000. Franklin Resources Inc. purchased a new position in Michaels Companies during the third quarter worth about $195,000. We Are One Seven LLC boosted its holdings in Michaels Companies by 36.5% during the fourth quarter. We Are One Seven LLC now owns 15,165 shares of the specialty retailer’s stock worth $205,000 after purchasing an additional 4,052 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Michaels Companies during the fourth quarter worth about $242,000.

Michaels Companies stock traded up $0.22 during midday trading on Wednesday, reaching $12.84. 2,177,000 shares of the stock were exchanged, compared to its average volume of 2,467,612. The firm has a market capitalization of $1.96 billion, a PE ratio of 5.47, a price-to-earnings-growth ratio of 0.69 and a beta of 1.11. Michaels Companies Inc has a 52 week low of $10.90 and a 52 week high of $22.15.

Michaels Companies (NASDAQ:MIK) last posted its earnings results on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.02. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.78 billion. Michaels Companies had a net margin of 6.06% and a negative return on equity of 24.50%. Michaels Companies’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.19 EPS. As a group, research analysts anticipate that Michaels Companies Inc will post 2.46 earnings per share for the current year.

Several analysts have commented on MIK shares. Piper Jaffray Companies lowered their price objective on shares of Michaels Companies from $11.00 to $9.00 and set an “underweight” rating on the stock in a research report on Friday, March 15th. Loop Capital raised shares of Michaels Companies from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $14.00 to $17.00 in a research report on Wednesday, February 6th. Bank of America lowered shares of Michaels Companies from a “buy” rating to a “neutral” rating and lowered their price target for the company from $21.00 to $15.00 in a research report on Wednesday, March 20th. BidaskClub lowered shares of Michaels Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, February 5th. Finally, JPMorgan Chase & Co. lowered shares of Michaels Companies from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $18.00 to $15.00 in a research report on Friday, March 1st. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.30.

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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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Institutional Ownership by Quarter for Michaels Companies (NASDAQ:MIK)

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