Michaels Companies Inc (MIK) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Michaels Companies Inc (NASDAQ:MIK) from a hold rating to a sell rating in a research report released on Wednesday.

According to Zacks, “The Michaels Companies, Inc. is a specialty retailer of arts and crafts. The Company’s stores offer stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children’s hobbies. It produces 11 exclusive private brands including Recollections(R), Studio Decor(R), Bead Landing(R), Creatology(R), Ashland(R), Celebrate It(R), Art Minds(R), Artist’s Loft(R), Craft Smart(R), Loops & Threads(R) and Imagin8(R). The Michaels Companies, Inc. is based in Irving, Texas. “

A number of other brokerages have also recently issued reports on MIK. Morgan Stanley reissued an overweight rating and issued a $25.00 target price on shares of Michaels Companies in a research report on Tuesday, June 13th. Telsey Advisory Group reduced their target price on shares of Michaels Companies from $24.00 to $21.00 and set a market perform rating for the company in a research report on Wednesday, June 7th. Piper Jaffray Companies cut shares of Michaels Companies from an overweight rating to a neutral rating in a research report on Monday, March 27th. ValuEngine cut shares of Michaels Companies from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, TheStreet raised shares of Michaels Companies from a d+ rating to a c rating in a research report on Monday, June 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $26.13.

Michaels Companies (MIK) traded up 0.33% during trading on Wednesday, hitting $18.32. 1,614,210 shares of the stock were exchanged. Michaels Companies has a 52 week low of $17.25 and a 52 week high of $27.63. The firm has a 50-day moving average of $19.19 and a 200-day moving average of $20.99. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 9.79 and a beta of 0.93.

Michaels Companies (NASDAQ:MIK) last announced its earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by $0.01. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 earnings per share. Equities research analysts anticipate that Michaels Companies will post $2.08 earnings per share for the current fiscal year.

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Michaels Companies announced that its board has authorized a stock buyback program on Thursday, June 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the specialty retailer to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently modified their holdings of MIK. Reinhart Partners Inc. increased its position in shares of Michaels Companies by 12.2% in the second quarter. Reinhart Partners Inc. now owns 1,618,818 shares of the specialty retailer’s stock valued at $29,981,000 after buying an additional 175,808 shares during the last quarter. Oregon Public Employees Retirement Fund acquired a new position in shares of Michaels Companies during the second quarter valued at approximately $722,000. GW&K Investment Management LLC increased its position in shares of Michaels Companies by 25.0% in the second quarter. GW&K Investment Management LLC now owns 669,913 shares of the specialty retailer’s stock valued at $12,407,000 after buying an additional 134,009 shares during the last quarter. CenturyLink Investment Management Co increased its position in shares of Michaels Companies by 54.0% in the second quarter. CenturyLink Investment Management Co now owns 32,242 shares of the specialty retailer’s stock valued at $597,000 after buying an additional 11,300 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in shares of Michaels Companies by 58.5% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 202,778 shares of the specialty retailer’s stock valued at $4,541,000 after buying an additional 74,843 shares during the last quarter. 98.43% of the stock is owned by hedge funds and other institutional investors.

Michaels Companies Company Profile

The Michaels Companies, Inc (Michaels) is an arts and crafts specialty retailer in North America. The Company’s segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store.

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