Suntrust Banks Inc. Sells 4,606 Shares of Michaels Companies Inc (MIK)
Suntrust Banks Inc. trimmed its stake in shares of Michaels Companies Inc (NASDAQ:MIK) by 5.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 75,966 shares of the specialty retailer’s stock after selling 4,606 shares during the quarter. Suntrust Banks Inc.’s holdings in Michaels Companies were worth $1,837,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Michaels Companies by 40.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,792 shares of the specialty retailer’s stock valued at $188,000 after acquiring an additional 2,236 shares during the period. Hikari Power Ltd bought a new stake in shares of Michaels Companies during the 4th quarter valued at $204,000. Cetera Advisor Networks LLC bought a new stake in shares of Michaels Companies during the 4th quarter valued at $208,000. State of Alaska Department of Revenue bought a new stake in shares of Michaels Companies during the 4th quarter valued at $214,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Michaels Companies during the 4th quarter valued at $234,000.
In other Michaels Companies news, CEO Carl Rubin sold 220,930 shares of the company’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $27.15, for a total value of $5,998,249.50. Following the completion of the transaction, the chief executive officer now owns 444,796 shares of the company’s stock, valued at approximately $12,076,211.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.
Michaels Companies (NASDAQ:MIK) last issued its earnings results on Thursday, November 30th. The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Michaels Companies had a negative return on equity of 22.16% and a net margin of 7.33%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. research analysts expect that Michaels Companies Inc will post 2.18 earnings per share for the current fiscal year.
MIK has been the subject of a number of research analyst reports. Zacks Investment Research cut Michaels Companies from a “buy” rating to a “hold” rating in a report on Tuesday, December 5th. Deutsche Bank cut Michaels Companies from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a report on Tuesday, December 12th. Telsey Advisory Group raised Michaels Companies from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $23.00 to $32.00 in a report on Thursday, January 25th. ValuEngine cut Michaels Companies from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Finally, BidaskClub raised Michaels Companies from a “hold” rating to a “buy” rating in a report on Wednesday, December 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $25.89.
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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.
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