Blue Sky Asset Management LLC bought a new stake 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. The fund bought 42,060 shares of the specialty retailer’s stock, valued at approximately $779,000.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of The Michaels Companies by 6.9% in the first quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock valued at $212,194,000 after buying an additional 615,723 shares during the last quarter. BlackRock Inc. increased its stake in shares of The Michaels Companies by 44,112.2% in the first quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock valued at $182,908,000 after buying an additional 8,150,612 shares during the last quarter. State Street Corp increased its stake in shares of The Michaels Companies by 86.7% in the first quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock valued at $113,853,000 after buying an additional 2,361,331 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of The Michaels Companies during the first quarter valued at $94,934,000. Finally, Alliancebernstein L.P. increased its stake in shares of The Michaels Companies by 26.6% in the first quarter. Alliancebernstein L.P. now owns 4,004,087 shares of the specialty retailer’s stock valued at $89,652,000 after buying an additional 840,693 shares during the last quarter. 98.43% of the stock is owned by institutional investors.

The Michaels Companies, Inc. (NASDAQ:MIK) opened at 20.51 on Wednesday. The company has a 50-day moving average price of $18.79 and a 200-day moving average price of $20.59. The Michaels Companies, Inc. has a one year low of $17.25 and a one year high of $26.30. The stock has a market cap of $3.87 billion, a P/E ratio of 10.96 and a beta of 0.96.

The Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings results on Tuesday, June 6th. The specialty retailer reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. The Michaels Companies had a net margin of 7.30% and a negative return on equity of 22.75%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share. On average, analysts anticipate that The Michaels Companies, Inc. will post $2.08 earnings per share for the current year.

The Michaels Companies announced that its board has authorized a share repurchase program on Thursday, June 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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MIK has been the subject of several analyst reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $25.00 target price on shares of The Michaels Companies in a research report on Tuesday, June 13th. Telsey Advisory Group decreased their target price on The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating for the company in a research report on Wednesday, June 7th. BidaskClub raised The Michaels Companies from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Finally, ValuEngine downgraded The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The Michaels Companies currently has a consensus rating of “Hold” and an average target price 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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Institutional Ownership by Quarter for The Michaels Companies (NASDAQ:MIK)

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