$1.12 Billion in Sales Expected for Michaels Companies Inc (MIK) This Quarter

Equities research analysts predict that Michaels Companies Inc (NASDAQ:MIK) will announce sales of $1.12 billion for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Michaels Companies’ earnings. The lowest sales estimate is $1.10 billion and the highest is $1.14 billion. Michaels Companies reported sales of $1.16 billion in the same quarter last year, which would suggest a negative year over year growth rate of 3.4%. The firm is expected to report its next earnings results before the market opens on Thursday, June 6th.

On average, analysts expect that Michaels Companies will report full year sales of $5.25 billion for the current fiscal year, with estimates ranging from $5.18 billion to $5.34 billion. For the next year, analysts anticipate that the company will report sales of $5.32 billion, with estimates ranging from $5.28 billion to $5.45 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Michaels Companies.

Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.02. Michaels Companies had a negative return on equity of 24.50% and a net margin of 6.06%. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter last year, the firm earned $1.19 earnings per share. The business’s revenue was down 5.4% on a year-over-year basis.

Several research firms have recently issued reports on MIK. JPMorgan Chase & Co. cut Michaels Companies from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $18.00 to $15.00 in a report on Friday, March 1st. BidaskClub upgraded Michaels Companies from a “hold” rating to a “buy” rating in a report on Friday, March 1st. Credit Suisse Group restated a “positive” rating and set a $20.00 price objective (down previously from $26.00) on shares of Michaels Companies in a report on Thursday, January 31st. Loop Capital upgraded Michaels Companies from a “hold” rating to a “buy” rating and raised their price objective for the stock from $14.00 to $17.00 in a report on Wednesday, February 6th. Finally, Zacks Investment Research cut Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, February 1st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $15.00.

Institutional investors have recently modified their holdings of the stock. Cresset Asset Management LLC acquired a new position in Michaels Companies in the first quarter valued at $25,000. Meeder Asset Management Inc. boosted its holdings in Michaels Companies by 512.3% in the first quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock valued at $28,000 after acquiring an additional 2,085 shares during the last quarter. AlphaOne Investment Services LLC boosted its holdings in Michaels Companies by 126.1% in the first quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock valued at $37,000 after acquiring an additional 1,791 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings 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 valued at $39,000 after acquiring an additional 482,395 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in Michaels Companies by 56.3% in the first quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock valued at $45,000 after acquiring an additional 1,408 shares during the last quarter.

MIK stock opened at $9.49 on Tuesday. Michaels Companies has a 52-week low of $9.41 and a 52-week high of $22.15. The firm has a market cap of $1.61 billion, a PE ratio of 4.04, a price-to-earnings-growth ratio of 0.54 and a beta of 1.08.

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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Earnings History and Estimates for Michaels Companies (NASDAQ:MIK)

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