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.
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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