Michaels Companies Inc (NASDAQ:MIK) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $17.61, but opened at $19.35. Michaels Companies shares last traded at $21.60, with a volume of 11170500 shares trading hands.

The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.26 billion. Michaels Companies had a net margin of 7.29% and a negative return on equity of 22.53%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 EPS.

MIK has been the topic of a number of analyst reports. BidaskClub upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Zacks Investment Research cut shares of Michaels Companies from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. ValuEngine upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Piper Jaffray Companies cut shares of Michaels Companies from a “neutral” rating to an “underweight” rating in a research note on Friday, October 27th. Finally, Bank of America reiterated a “buy” rating and issued a $29.00 price objective on shares of Michaels Companies in a research note on Tuesday, September 5th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Michaels Companies presently has a consensus rating of “Hold” and an average target price of $24.00.

A number of institutional investors and hedge funds have recently modified their holdings of MIK. GSA Capital Partners LLP increased its stake in shares of Michaels Companies by 12.4% during the third quarter. GSA Capital Partners LLP now owns 53,046 shares of the specialty retailer’s stock valued at $1,139,000 after buying an additional 5,842 shares during the period. Sterling Capital Management LLC purchased a new position in Michaels Companies in the third quarter valued at about $896,000. California Public Employees Retirement System grew its stake in shares of Michaels Companies by 36.2% during the third quarter. California Public Employees Retirement System now owns 135,090 shares of the specialty retailer’s stock worth $2,900,000 after acquiring an additional 35,890 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Michaels Companies during the third quarter worth about $641,000. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Michaels Companies by 70.1% during the third quarter. Cubist Systematic Strategies LLC now owns 38,254 shares of the specialty retailer’s stock worth $821,000 after acquiring an additional 15,769 shares during the last quarter.

The company has a debt-to-equity ratio of -1.53, a current ratio of 1.44 and a quick ratio of 0.26. The company has a market capitalization of $3,500.27, a price-to-earnings ratio of 10.02, a P/E/G ratio of 0.86 and a beta of 0.86.

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About 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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