The Michaels Companies, Inc. (MIK) Downgraded by Zacks Investment Research

The Michaels Companies, Inc. (NASDAQ:MIK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, July 12th.

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. “

Other equities analysts have also issued reports about the stock. Bank of America Corporation restated a “buy” rating and issued a $26.00 price objective on shares of The Michaels Companies in a report on Friday, June 16th. BidaskClub upgraded shares of The Michaels Companies from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Piper Jaffray Companies lowered shares of The Michaels Companies from an “overweight” rating to a “neutral” rating in a report on Monday, March 27th. TheStreet upgraded shares of The Michaels Companies from a “d+” rating to a “c” rating in a report on Monday, June 26th. Finally, ValuEngine lowered shares of The Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $25.25.

Shares of The Michaels Companies (NASDAQ:MIK) opened at 20.04 on Wednesday. The stock has a 50 day moving average price of $19.02 and a 200 day moving average price of $20.54. The Michaels Companies has a 12-month low of $17.25 and a 12-month high of $26.30. The stock has a market capitalization of $3.78 billion, a P/E ratio of 10.71 and a beta of 0.96.

The 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 Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The Michaels Companies’s revenue for the quarter was up .0% on a year-over-year basis. On average, equities analysts anticipate that The Michaels Companies will post $2.08 earnings per share for the current fiscal year.

The Michaels Companies announced that its Board of Directors has initiated a stock buyback program on Thursday, June 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes 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 shares are undervalued.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FNY Partners Fund LP acquired a new position in The Michaels Companies during the first quarter worth $111,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of The Michaels Companies by 59.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock worth $112,000 after buying an additional 1,875 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of The Michaels Companies during the fourth quarter worth approximately $122,000. Pinebridge Investments L.P. purchased a new position in shares of The Michaels Companies during the second quarter worth approximately $124,000. Finally, LS Investment Advisors LLC purchased a new position in shares of The Michaels Companies during the first quarter worth approximately $159,000. 98.43% of the stock is owned by institutional investors and hedge funds.

About The Michaels Companies

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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