Michaels Companies (MIK) Shares Down 5.8%

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Michaels Companies Inc (NASDAQ:MIK) shares traded down 5.8% on Thursday . The stock traded as low as $12.07 and last traded at $12.11. 2,812,769 shares traded hands during trading, an increase of 38% from the average session volume of 2,031,003 shares. The stock had previously closed at $12.86.

Several research analysts have recently weighed in on the stock. Bank of America reiterated a “buy” rating and set a $21.00 price target (down previously from $25.00) on shares of Michaels Companies in a research note on Wednesday, January 9th. BidaskClub cut shares of Michaels Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, February 5th. JPMorgan Chase & Co. cut shares of Michaels Companies from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $15.00 in a research note on Friday, March 1st. Zacks Investment Research restated a “buy” rating and set a $14.00 target price on shares of Michaels Companies in a research note on Monday, December 31st. Finally, Citigroup started coverage on shares of Michaels Companies in a research note on Thursday, December 20th. They set a “market weight” rating on the stock. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $18.82.

The company has a market cap of $1.98 billion, a price-to-earnings ratio of 5.58, a price-to-earnings-growth ratio of 0.57 and a beta of 1.14.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MIK. Denali Advisors LLC bought a new stake in Michaels Companies in the 4th quarter valued at $1,154,000. Credit Suisse AG increased its holdings in Michaels Companies by 5.9% in the 3rd quarter. Credit Suisse AG now owns 135,981 shares of the specialty retailer’s stock valued at $2,207,000 after acquiring an additional 7,623 shares during the last quarter. Putnam FL Investment Management Co. increased its holdings in Michaels Companies by 2.0% in the 3rd quarter. Putnam FL Investment Management Co. now owns 257,956 shares of the specialty retailer’s stock valued at $4,187,000 after acquiring an additional 5,074 shares during the last quarter. South Dakota Investment Council increased its holdings in Michaels Companies by 300.3% in the 4th quarter. South Dakota Investment Council now owns 240,600 shares of the specialty retailer’s stock valued at $3,258,000 after acquiring an additional 180,500 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC increased its holdings in Michaels Companies by 43.3% in the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 1,957,818 shares of the specialty retailer’s stock valued at $31,775,000 after acquiring an additional 591,946 shares during the last quarter.

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Michaels Companies Company Profile (NASDAQ:MIK)

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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