Short Interest in Michaels Companies Inc (NASDAQ:MIK) Expands By 9.6%

Michaels Companies Inc (NASDAQ:MIK) saw a significant growth in short interest in June. As of June 30th, there was short interest totalling 23,400,500 shares, a growth of 9.6% from the May 30th total of 21,358,200 shares. Approximately 27.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,670,000 shares, the short-interest ratio is presently 8.8 days.

Shares of MIK opened at $8.60 on Tuesday. The stock’s 50-day moving average is $8.64. The firm has a market capitalization of $1.34 billion, a PE ratio of 3.66, a PEG ratio of 0.59 and a beta of 1.10. Michaels Companies has a 12 month low of $7.39 and a 12 month high of $21.11.

Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, June 6th. The specialty retailer reported $0.31 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.31. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Michaels Companies had a negative return on equity of 22.82% and a net margin of 6.34%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. As a group, equities research analysts expect that Michaels Companies will post 2.35 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of MIK. Meeder Asset Management Inc. increased its position in shares of Michaels Companies by 512.3% during the first quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock worth $28,000 after acquiring an additional 2,085 shares during the last quarter. AlphaOne Investment Services LLC increased 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 buying an additional 1,791 shares during the last quarter. Royce & Associates LP increased 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 buying an additional 1,408 shares during the last quarter. WP Advisors LLC bought a new stake in Michaels Companies in the first quarter valued at about $65,000. Finally, Marshall Wace North America L.P. bought a new stake in Michaels Companies in the first quarter valued at about $102,000.

MIK has been the topic of several analyst reports. Deutsche Bank set a $261.00 price objective on Vail Resorts and gave the stock a “buy” rating in a report on Friday, June 7th. Morgan Stanley initiated coverage on in a report on Monday, June 17th. They set an “equal weight” rating and a GBX 215 ($2.81) price objective on the stock. Bank of America raised their price objective on Altria Group from $56.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. BidaskClub cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Credit Suisse Group lifted their target price on Beyond Meat from $70.00 to $125.00 in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $11.64.

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.

Recommended Story: What is a balanced fund?

Receive News & Ratings for Michaels Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michaels Companies and related companies with MarketBeat.com's FREE daily email newsletter.