Michaels Companies (NASDAQ:MIK) Releases Earnings Results, Misses Expectations By $0.09 EPS

Michaels Companies (NASDAQ:MIK) released its quarterly earnings data on Thursday. The specialty retailer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09), Briefing.com reports. Michaels Companies had a negative return on equity of 23.40% and a net margin of 6.31%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the company earned $0.48 EPS. Michaels Companies’s revenue was down 4.1% compared to the same quarter last year. Michaels Companies updated its Q4 guidance to $1.21-1.27 EPS.

NASDAQ:MIK traded down $1.13 during mid-day trading on Thursday, hitting $6.08. The stock had a trading volume of 10,146,800 shares, compared to its average volume of 3,049,411. The company has a 50 day simple moving average of $8.91 and a 200-day simple moving average of $8.29. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 2.59, a P/E/G ratio of 0.64 and a beta of 1.05. Michaels Companies has a 52 week low of $4.96 and a 52 week high of $17.27.

A number of brokerages have commented on MIK. Morgan Stanley set a $7.00 target price on Michaels Companies and gave the company a “hold” rating in a research note on Monday, September 9th. ValuEngine cut Michaels Companies from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Bank of America reissued an “underperform” rating and issued a $4.00 price target (down previously from $5.00) on shares of Michaels Companies in a report on Tuesday, August 20th. BidaskClub downgraded Michaels Companies from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Finally, Wells Fargo & Co set a $6.00 price objective on Michaels Companies and gave the company a “hold” rating in a research report on Wednesday, September 4th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $8.73.

In other Michaels Companies news, Director Beryl Raff purchased 6,700 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were bought at an average price of $7.47 per share, with a total value of $50,049.00. Following the completion of the acquisition, the director now owns 30,993 shares in the company, valued at approximately $231,517.71. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.51% of the company’s stock.

Michaels Companies Company Profile

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.

Further Reading: What are catch-up contributions?

Earnings History for Michaels Companies (NASDAQ:MIK)

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