Michaels Companies’ (MIK) Underperform Rating Reaffirmed at Bank of America

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Bank of America reissued their underperform rating on shares of Michaels Companies (NASDAQ:MIK) in a report released on Tuesday morning, The Fly reports. They currently have a $4.00 target price on the specialty retailer’s stock, down from their previous target price of $5.00.

A number of other brokerages have also weighed in on MIK. Deutsche Bank cut their price target on shares of Michaels Companies from $16.00 to $9.00 and set a hold rating on the stock in a research note on Friday, June 7th. Goldman Sachs Group assumed coverage on shares of Michaels Companies in a research note on Thursday, July 11th. They issued a neutral rating and a $8.00 price target on the stock. Zacks Investment Research lowered shares of Michaels Companies from a buy rating to a hold rating in a research note on Thursday, May 23rd. Morgan Stanley set a $9.00 price target on shares of Michaels Companies and gave the company a hold rating in a research note on Monday, June 17th. Finally, Loop Capital set a $15.00 price target on shares of Michaels Companies and gave the company a buy rating in a research note on Friday, July 12th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Michaels Companies currently has an average rating of Hold and an average target price of $10.64.

Shares of NASDAQ MIK opened at $5.25 on Tuesday. The stock has a market cap of $834.35 million, a P/E ratio of 2.23, a P/E/G ratio of 0.40 and a beta of 1.06. The firm has a 50 day moving average price of $6.96 and a 200 day moving average price of $10.23. Michaels Companies has a 52-week low of $4.96 and a 52-week high of $20.81.

Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.31. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, analysts forecast that Michaels Companies will post 2.34 EPS for the current year.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Michaels Companies by 34.8% in the second quarter. BlackRock Inc. now owns 11,534,685 shares of the specialty retailer’s stock worth $100,351,000 after purchasing an additional 2,979,904 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Michaels Companies by 5.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 11,404,092 shares of the specialty retailer’s stock worth $99,216,000 after purchasing an additional 568,313 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Michaels Companies by 2.0% in the second quarter. Vanguard Group Inc. now owns 7,655,919 shares of the specialty retailer’s stock worth $66,606,000 after purchasing an additional 146,442 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Michaels Companies by 19.2% in the second quarter. Prudential Financial Inc. now owns 3,999,466 shares of the specialty retailer’s stock worth $34,796,000 after purchasing an additional 644,692 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of Michaels Companies by 4,969.2% in the second quarter. UBS Group AG now owns 2,817,989 shares of the specialty retailer’s stock worth $24,516,000 after purchasing an additional 2,762,399 shares in the last quarter.

Michaels Companies Company Profile

The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.

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Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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