Swiss National Bank increased its stake in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 210,943 shares of the specialty retailer’s stock after acquiring an additional 4,100 shares during the quarter. Swiss National Bank owned about 0.11% of The Michaels Companies worth $3,907,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of The Michaels Companies by 6.9% during the first quarter. Vanguard Group Inc. now owns 9,477,211 shares of the specialty retailer’s stock worth $212,194,000 after acquiring an additional 615,723 shares during the last quarter. BlackRock Inc. boosted its position in shares of The Michaels Companies by 44,112.2% during the first quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock worth $182,908,000 after acquiring an additional 8,150,612 shares during the last quarter. State Street Corp boosted its position in shares of The Michaels Companies by 86.7% during the first quarter. State Street Corp now owns 5,085,287 shares of the specialty retailer’s stock worth $113,853,000 after acquiring an additional 2,361,331 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of The Michaels Companies by 3.6% during the second quarter. William Blair Investment Management LLC now owns 4,392,319 shares of the specialty retailer’s stock worth $81,346,000 after acquiring an additional 152,308 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of The Michaels Companies by 26.6% during the first quarter. Alliancebernstein L.P. now owns 4,004,087 shares of the specialty retailer’s stock worth $89,652,000 after acquiring an additional 840,693 shares during the last quarter. Hedge funds and other institutional investors own 98.43% of the company’s stock.

The Michaels Companies, Inc. (NASDAQ:MIK) opened at 21.24 on Monday. The firm’s 50-day moving average is $21.01 and its 200 day moving average is $20.73. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 11.07 and a beta of 0.94. The Michaels Companies, Inc. has a 52-week low of $17.25 and a 52-week high of $25.57.

The Michaels Companies (NASDAQ:MIK) last released its earnings results on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $0.17 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, equities research analysts predict that The Michaels Companies, Inc. will post $2.14 EPS for the current fiscal year.

The Michaels Companies declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty retailer to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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Several equities analysts have commented on the stock. BidaskClub lowered shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Bank of America Corporation reiterated a “buy” rating and set a $29.00 price objective on shares of The Michaels Companies in a research report on Tuesday, September 5th. ValuEngine lowered shares of The Michaels Companies from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Piper Jaffray Companies set a $18.00 price objective on shares of The Michaels Companies and gave the company a “hold” rating in a research report on Friday, August 25th. Finally, Zacks Investment Research upgraded shares of The Michaels Companies from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $24.25.

The Michaels Companies Company Profile

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.

Institutional Ownership by Quarter for The Michaels Companies (NASDAQ:MIK)

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