The Michaels Companies, Inc. (NASDAQ:MIK) Stake Maintained by Strs Ohio
Strs Ohio continued to hold its position in The Michaels Companies, Inc. (NASDAQ:MIK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,000 shares of the specialty retailer’s stock at the end of the second quarter. Strs Ohio’s holdings in The Michaels Companies were worth $4,630,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in MIK. Mutual of America Capital Management LLC purchased a new position in The Michaels Companies during the first quarter worth about $1,877,000. Russell Investments Group Ltd. purchased a new position in The Michaels Companies during the fourth quarter worth about $122,000. Acadian Asset Management LLC purchased a new position in The Michaels Companies during the first quarter worth about $5,353,000. Spark Investment Management LLC purchased a new position in The Michaels Companies during the first quarter worth about $3,992,000. Finally, New England Asset Management Inc. boosted its position in The Michaels Companies by 92.0% in the first quarter. New England Asset Management Inc. now owns 38,600 shares of the specialty retailer’s stock worth $865,000 after buying an additional 18,500 shares during the last quarter. Hedge funds and other institutional investors own 98.43% of the company’s stock.
Shares of The Michaels Companies, Inc. (NASDAQ MIK) opened at 20.14 on Monday. The Michaels Companies, Inc. has a 1-year low of $17.25 and a 1-year high of $26.30. The company’s 50-day moving average is $18.69 and its 200 day moving average is $20.61. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 10.76 and a beta of 0.96.
The Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. The Michaels Companies had a negative return on equity of 22.75% and a net margin of 7.30%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS. Equities analysts anticipate that The Michaels Companies, Inc. will post $2.08 EPS for the current year.
The Michaels Companies declared that its board has approved a stock buyback program on Thursday, June 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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MIK has been the topic of several research analyst reports. Zacks Investment Research cut shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Wednesday, May 10th. BidaskClub upgraded shares of The Michaels Companies from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 25th. J P Morgan Chase & Co upgraded shares of The Michaels Companies from a “neutral” rating to an “overweight” rating and set a $23.00 price target on the stock in a research report on Monday, July 24th. Bank of America Corporation reiterated a “buy” rating and set a $26.00 price target on shares of The Michaels Companies in a research report on Friday, June 16th. Finally, TheStreet upgraded shares of The Michaels Companies from a “d+” rating to a “c” rating in a research report on Monday, June 26th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $25.25.
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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