Michaels Companies (NASDAQ:MIK) Reaches New 12-Month Low at $6.34

Michaels Companies Inc (NASDAQ:MIK) shares reached a new 52-week low on Tuesday . The company traded as low as $6.34 and last traded at $6.38, with a volume of 86551 shares traded. The stock had previously closed at $6.78.

MIK has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Michaels Companies from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Bank of America lowered shares of Michaels Companies from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $9.00 to $5.00 in a report on Friday, July 19th. BidaskClub lowered shares of Michaels Companies from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. Telsey Advisory Group lowered shares of Michaels Companies from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $17.00 to $9.00 in a report on Friday, June 7th. Finally, Credit Suisse Group lowered shares of Michaels Companies from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $18.00 to $11.00 in a report on Friday, June 7th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $10.73.

The stock’s fifty day moving average price is $7.97. The stock has a market cap of $1.07 billion, a P/E ratio of 2.86, a price-to-earnings-growth ratio of 0.51 and a beta of 1.06.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings results on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.31. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.11 billion. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. The business’s revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.39 EPS. Equities research analysts predict that Michaels Companies Inc will post 2.34 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Stone Ridge Asset Management LLC increased its stake in Michaels Companies by 74.8% during the 2nd quarter. Stone Ridge Asset Management LLC now owns 230,454 shares of the specialty retailer’s stock worth $2,005,000 after buying an additional 98,600 shares during the period. Guyasuta Investment Advisors Inc. increased its position in shares of Michaels Companies by 8.8% in the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 190,120 shares of the specialty retailer’s stock valued at $1,654,000 after purchasing an additional 15,400 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Michaels Companies by 48.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 1,949,678 shares of the specialty retailer’s stock valued at $16,962,000 after purchasing an additional 639,300 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Michaels Companies in the 2nd quarter valued at approximately $132,000. Finally, TD Asset Management Inc. increased its position in shares of Michaels Companies by 2.9% in the 2nd quarter. TD Asset Management Inc. now owns 237,600 shares of the specialty retailer’s stock valued at $2,067,000 after purchasing an additional 6,800 shares during the last quarter.

About Michaels Companies (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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