Michaels Companies Inc (NASDAQ:MIK) Short Interest Up 9.9% in January

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Michaels Companies Inc (NASDAQ:MIK) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 33,730,000 shares, an increase of 9.9% from the January 15th total of 30,690,000 shares. Approximately 46.3% of the shares of the company are sold short. Based on an average daily volume of 4,320,000 shares, the short-interest ratio is presently 7.8 days.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Michaels Companies in the fourth quarter worth $34,000. Tower Research Capital LLC TRC grew its stake in Michaels Companies by 216.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,750 shares of the specialty retailer’s stock valued at $38,000 after acquiring an additional 3,251 shares in the last quarter. Meeder Asset Management Inc. grew its stake in Michaels Companies by 1,946.6% during the third quarter. Meeder Asset Management Inc. now owns 5,669 shares of the specialty retailer’s stock valued at $55,000 after acquiring an additional 5,392 shares in the last quarter. Guggenheim Capital LLC purchased a new position in Michaels Companies during the fourth quarter valued at $114,000. Finally, Iron Financial LLC purchased a new position in Michaels Companies during the fourth quarter valued at $118,000.

A number of research analysts recently weighed in on MIK shares. BidaskClub downgraded shares of Michaels Companies from a “sell” rating to a “strong sell” rating in a research report on Friday, December 6th. Stephens cut shares of Michaels Companies from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $9.00 to $7.00 in a report on Friday, December 6th. Telsey Advisory Group reduced their target price on shares of Michaels Companies from $10.00 to $7.00 and set a “market perform” rating for the company in a report on Friday, December 6th. ValuEngine raised shares of Michaels Companies from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Goldman Sachs Group cut shares of Michaels Companies from a “neutral” rating to a “sell” rating and reduced their target price for the company from $7.00 to $6.50 in a report on Thursday, January 16th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Michaels Companies has a consensus rating of “Hold” and a consensus target price of $7.71.

MIK stock traded down $0.17 during midday trading on Friday, reaching $4.64. 1,396,497 shares of the company’s stock traded hands, compared to its average volume of 4,479,593. Michaels Companies has a 52-week low of $4.69 and a 52-week high of $14.47. The stock has a market cap of $730.99 million, a P/E ratio of 2.67, a PEG ratio of 0.36 and a beta of 1.16. The stock’s 50-day moving average is $6.51 and its 200 day moving average is $7.53.

Michaels Companies (NASDAQ:MIK) last announced its earnings results on Thursday, December 5th. The specialty retailer reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.09). Michaels Companies had a net margin of 5.30% and a negative return on equity of 22.75%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the company posted $0.48 earnings per share. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. Sell-side analysts anticipate that Michaels Companies will post 2.11 earnings per share for the current fiscal year.

About Michaels Companies

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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