The Michaels Companies, Inc. (MIK) Cut to “Underweight” at Piper Jaffray Companies

Piper Jaffray Companies cut shares of The Michaels Companies, Inc. (NASDAQ:MIK) from a neutral rating to an underweight rating in a research note released on Friday, MarketBeat.com reports.

MIK has been the subject of a number of other research reports. BidaskClub upgraded The Michaels Companies from a hold rating to a buy rating in a research report on Thursday, September 28th. Zacks Investment Research cut The Michaels Companies from a hold rating to a sell rating in a research report on Wednesday, August 16th. Bank of America Corporation reiterated a buy rating and set a $29.00 price objective on shares of The Michaels Companies in a research report on Tuesday, September 5th. ValuEngine cut The Michaels Companies from a buy rating to a hold rating in a research report on Friday, September 1st. Finally, J P Morgan Chase & Co upgraded The Michaels Companies from a neutral rating to an overweight rating and set a $23.00 price objective for the company in a research report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $24.29.

The Michaels Companies (NASDAQ:MIK) traded up 0.97% during midday trading on Friday, reaching $19.69. The company had a trading volume of 172,175 shares. The company has a 50-day moving average of $21.12 and a 200-day moving average of $20.47. The stock has a market capitalization of $3.56 billion, a PE ratio of 10.27 and a beta of 0.92. The Michaels Companies has a 12-month low of $17.25 and a 12-month high of $25.57.

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 the Zacks’ consensus estimate of $0.16 by $0.03. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 earnings per share. On average, analysts predict that The Michaels Companies will post $2.14 EPS for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in The Michaels Companies by 6.9% during the first quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock valued at $212,194,000 after purchasing an additional 615,723 shares during the period. BlackRock Inc. grew its holdings in The Michaels Companies by 7.1% during the second quarter. BlackRock Inc. now owns 8,752,674 shares of the specialty retailer’s stock valued at $162,099,000 after purchasing an additional 583,585 shares during the period. Alliancebernstein L.P. grew its holdings in The Michaels Companies by 52.1% during the second quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock valued at $112,804,000 after purchasing an additional 2,086,817 shares during the period. State Street Corp grew its holdings in The Michaels Companies by 15.5% during the second quarter. State Street Corp now owns 5,872,512 shares of the specialty retailer’s stock valued at $108,763,000 after purchasing an additional 787,225 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in The Michaels Companies by 3.6% during the second quarter. William Blair Investment Management LLC now owns 4,392,319 shares of the specialty retailer’s stock valued at $81,346,000 after purchasing an additional 152,308 shares during the period. 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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