The Michaels Companies, Inc. (NASDAQ:MIK) saw a large growth in short interest during the month of September. As of September 29th, there was short interest totalling 14,545,135 shares, a growth of 12.5% from the September 15th total of 12,931,240 shares. Approximately 13.6% of the company’s stock are short sold. Based on an average daily volume of 2,335,200 shares, the short-interest ratio is currently 6.2 days.
MIK has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of The Michaels Companies from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. ValuEngine downgraded shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Bank of America Corporation reissued a “buy” rating and issued a $29.00 target price on shares of The Michaels Companies in a research report on Tuesday, September 5th. BidaskClub downgraded shares of The Michaels Companies from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Finally, Piper Jaffray Companies set a $18.00 target price on shares of The Michaels Companies and gave the stock a “hold” rating in a research report on Friday, August 25th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The Michaels Companies presently has a consensus rating of “Hold” and a consensus target price of $24.29.
Several hedge funds have recently made changes to their positions in MIK. BlackRock Inc. raised its stake in shares of The Michaels Companies by 44,112.2% in the 1st quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock valued at $182,908,000 after buying an additional 8,150,612 shares in the last quarter. State Street Corp raised its stake in shares of The Michaels Companies by 86.7% in the 1st quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock valued at $113,853,000 after buying an additional 2,361,331 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of The Michaels Companies by 52.1% in the 2nd quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after buying an additional 2,086,817 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of The Michaels Companies by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock valued at $212,194,000 after buying an additional 615,723 shares in the last quarter. Finally, Freestone Capital Holdings LLC raised its stake in shares of The Michaels Companies by 2,260.8% in the 2nd quarter. Freestone Capital Holdings LLC now owns 639,903 shares of the specialty retailer’s stock valued at $11,851,000 after buying an additional 612,798 shares in the last quarter. Institutional investors own 98.43% of the company’s stock.
The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the company posted $0.17 EPS. The business’s revenue was up 1.2% on a year-over-year basis. Equities research analysts anticipate that The Michaels Companies will post $2.14 earnings per share for the current year.
The Michaels Companies declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the specialty retailer to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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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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