Michaels Companies (NASDAQ:MIK) Stock Price Down 7.8%

Michaels Companies Inc (NASDAQ:MIK) shares traded down 7.8% on Tuesday . The stock traded as low as $7.19 and last traded at $7.23, 5,226,642 shares changed hands during trading. An increase of 74% from the average session volume of 3,005,044 shares. The stock had previously closed at $7.84.

Several equities analysts recently issued reports on the company. BidaskClub cut Michaels Companies from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Wells Fargo & Co set a $6.00 price objective on Michaels Companies and gave the stock a “hold” rating in a report on Wednesday, September 4th. Morgan Stanley set a $7.00 price objective on Michaels Companies and gave the stock a “hold” rating in a report on Monday, September 9th. ValuEngine lowered Michaels Companies from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. lowered their target price on shares of Michaels Companies from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Four equities research 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 a consensus rating of “Hold” and an average price target of $8.73.

The business’s 50 day simple moving average is $8.98 and its two-hundred day simple moving average is $8.32. The firm has a market capitalization of $1.12 billion, a PE ratio of 2.73, a price-to-earnings-growth ratio of 0.64 and a beta of 1.05.

Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Wednesday, September 4th. The specialty retailer reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.05. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.02 billion. Michaels Companies had a negative return on equity of 23.40% and a net margin of 6.31%. Michaels Companies’s revenue was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 earnings per share. On average, equities research analysts expect that Michaels Companies Inc will post 2.38 EPS for the current year.

In other Michaels Companies news, Director Beryl Raff acquired 6,700 shares of the company’s stock in a transaction that occurred on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.51% of the company’s stock.

Large investors have recently bought and sold shares of the company. Millennium Management LLC purchased a new stake in Michaels Companies in the third quarter worth about $1,318,000. Zebra Capital Management LLC increased its stake in Michaels Companies by 37.1% in the 3rd quarter. Zebra Capital Management LLC now owns 148,293 shares of the specialty retailer’s stock worth $1,452,000 after buying an additional 40,103 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Michaels Companies by 2.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 112,596 shares of the specialty retailer’s stock worth $1,102,000 after buying an additional 3,224 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Michaels Companies by 1,534.5% during the third quarter. Point72 Asset Management L.P. now owns 97,106 shares of the specialty retailer’s stock valued at $951,000 after acquiring an additional 91,165 shares during the period. Finally, California State Teachers Retirement System raised its holdings in Michaels Companies by 2.4% during the third quarter. California State Teachers Retirement System now owns 134,695 shares of the specialty retailer’s stock valued at $1,319,000 after acquiring an additional 3,133 shares during the period.

About Michaels Companies (NASDAQ:MIK)

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.

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