Michaels Companies (MIK) Shares Gap Down to $10.86

Michaels Companies Inc (NASDAQ:MIK) gapped down before the market opened on Tuesday . The stock had previously closed at $10.47, but opened at $10.86. Michaels Companies shares last traded at $10.99, with a volume of 697714 shares trading hands.

A number of research firms recently weighed in on MIK. BidaskClub upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research note on Friday, March 1st. Loop Capital upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $17.00 in a research note on Wednesday, February 6th. Zacks Investment Research cut shares of Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. JPMorgan Chase & Co. cut shares of Michaels Companies from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $18.00 to $15.00 in a research note on Friday, March 1st. Finally, Bank of America cut shares of Michaels Companies from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $21.00 to $15.00 in a research note on Wednesday, March 20th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $16.30.

The company has a market capitalization of $1.89 billion, a P/E ratio of 4.71, a price-to-earnings-growth ratio of 0.64 and a beta of 1.08.

Michaels Companies (NASDAQ:MIK) last announced its earnings results on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.02. The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Michaels Companies had a net margin of 6.06% and a negative return on equity of 24.50%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.19 EPS. On average, research analysts forecast that Michaels Companies Inc will post 2.46 earnings per share for the current year.

Large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. raised its holdings in shares of Michaels Companies by 512.3% in the first quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock worth $28,000 after buying an additional 2,085 shares during the last quarter. AlphaOne Investment Services LLC increased its stake in shares of Michaels Companies by 126.1% in the first quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock worth $37,000 after acquiring an additional 1,791 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Michaels Companies by 1,108.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 525,907 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 482,395 shares during the period. Royce & Associates LP increased its stake in shares of Michaels Companies by 56.3% in the first quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock worth $45,000 after acquiring an additional 1,408 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in shares of Michaels Companies in the fourth quarter worth $64,000.

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Michaels Companies Company Profile (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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