The Michaels Companies, Inc. (MIK) Holdings Boosted by Riverhead Capital Management LLC
Riverhead Capital Management LLC raised its stake in The Michaels Companies, Inc. (NASDAQ:MIK) by 75.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,492 shares of the specialty retailer’s stock after purchasing an additional 39,438 shares during the period. Riverhead Capital Management LLC’s holdings in The Michaels Companies were worth $1,694,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Mutual of America Capital Management LLC purchased a new position in The Michaels Companies in the first quarter valued at approximately $1,877,000. CenturyLink Investment Management Co increased its stake in The Michaels Companies by 54.0% in the second quarter. CenturyLink Investment Management Co now owns 32,242 shares of the specialty retailer’s stock valued at $597,000 after purchasing an additional 11,300 shares during the last quarter. BlackRock Inc. increased its stake in 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 purchasing an additional 8,150,612 shares during the last quarter. New England Asset Management Inc. increased its stake 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 valued at $865,000 after purchasing an additional 18,500 shares during the last quarter. Finally, Spark Investment Management LLC purchased a new position in The Michaels Companies in the first quarter valued at approximately $3,992,000. Institutional investors own 98.43% of the company’s stock.
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The Michaels Companies, Inc. (NASDAQ MIK) opened at 21.49 on Friday. The Michaels Companies, Inc. has a 12 month low of $17.25 and a 12 month high of $25.57. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 11.20 and a beta of 0.94. The stock’s 50 day moving average is $20.93 and its 200-day moving average is $20.71.
The Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.17 EPS. On average, equities research analysts expect that The Michaels Companies, Inc. will post $2.14 earnings per share for the current year.
The Michaels Companies declared that its Board of Directors has approved a share buyback program on Thursday, June 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several brokerages have commented on MIK. Zacks Investment Research lowered shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. TheStreet upgraded shares of The Michaels Companies from a “d+” rating to a “c” rating in a research note on Monday, June 26th. Guggenheim reiterated a “buy” rating and issued a $26.00 price target on shares of The Michaels Companies in a research note on Wednesday, June 21st. Telsey Advisory Group dropped their price target on shares of The Michaels Companies from $24.00 to $21.00 and set a “market perform” rating on the stock in a research note on Wednesday, June 7th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $26.00 price target on shares of The Michaels Companies in a research note on Friday, June 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $24.25.
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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