Teacher Retirement System of Texas lifted its holdings in Michaels Companies Inc (NASDAQ:MIK) by 68.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,310,378 shares of the specialty retailer’s stock after buying an additional 534,112 shares during the quarter. Teacher Retirement System of Texas’ holdings in Michaels Companies were worth $14,965,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in MIK. Norges Bank bought a new position in shares of Michaels Companies in the fourth quarter valued at about $30,536,000. Prudential Financial Inc. increased its position in Michaels Companies by 1,135.5% in the fourth quarter. Prudential Financial Inc. now owns 1,503,157 shares of the specialty retailer’s stock worth $20,353,000 after purchasing an additional 1,381,497 shares during the period. Bernzott Capital Advisors increased its position in Michaels Companies by 43.3% in the fourth quarter. Bernzott Capital Advisors now owns 1,778,180 shares of the specialty retailer’s stock worth $24,077,000 after purchasing an additional 537,170 shares during the period. Oregon Public Employees Retirement Fund increased its position in 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 purchasing an additional 482,395 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Michaels Companies by 22.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,434,311 shares of the specialty retailer’s stock worth $32,960,000 after purchasing an additional 448,448 shares during the period.
A number of brokerages recently commented on MIK. BidaskClub upgraded Michaels Companies from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Bank of America lowered Michaels Companies from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $21.00 to $15.00 in a research report on Wednesday, March 20th. Telsey Advisory Group reiterated an “outperform” rating and issued a $17.00 price objective (down from $20.00) on shares of Michaels Companies in a research report on Wednesday, March 20th. Zacks Investment Research lowered Michaels Companies from a “hold” rating to a “sell” rating in a research report on Friday, March 15th. Finally, Piper Jaffray Companies lowered their price objective on Michaels Companies from $11.00 to $9.00 and set an “underweight” rating for the company in a research report on Friday, March 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $16.30.
Michaels Companies (NASDAQ:MIK) last posted its earnings results on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.02. The company had revenue of $1.79 billion during 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 company’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.19 EPS. On average, equities research analysts expect that Michaels Companies Inc will post 2.46 EPS 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.
Further Reading: Convertible Shares
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