Morgan Stanley Cuts Michaels Companies (MIK) Price Target to $25.00

Michaels Companies (NASDAQ:MIK) had its price target reduced by equities researchers at Morgan Stanley from $28.00 to $25.00 in a research note issued to investors on Friday. The firm presently has an “overweight” rating on the specialty retailer’s stock. Morgan Stanley’s price objective would suggest a potential upside of 31.65% from the company’s current price.

Other analysts have also issued research reports about the company. Zacks Investment Research raised Michaels Companies from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, November 29th. BidaskClub raised Michaels Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Goldman Sachs raised Michaels Companies from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 16th. Deutsche Bank increased their price objective on Michaels Companies from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, March 19th. Finally, ValuEngine lowered Michaels Companies from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.70.

Shares of Michaels Companies (MIK) opened at $18.99 on Friday. The stock has a market capitalization of $3,555.87, a P/E ratio of 8.96, a price-to-earnings-growth ratio of 0.66 and a beta of 1.14. The company has a debt-to-equity ratio of -1.79, a current ratio of 1.75 and a quick ratio of 0.25. Michaels Companies has a 52 week low of $17.25 and a 52 week high of $27.87.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings data on Thursday, March 22nd. The specialty retailer reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.02). The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Michaels Companies had a net margin of 7.28% and a negative return on equity of 24.07%. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the company posted $0.96 EPS. equities analysts expect that Michaels Companies will post 2.47 EPS for the current year.

In related news, CEO Carl Rubin sold 220,930 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $27.15, for a total transaction of $5,998,249.50. Following the completion of the transaction, the chief executive officer now owns 444,796 shares in the company, valued at $12,076,211.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the stock. Guggenheim Capital LLC raised its holdings in shares of Michaels Companies by 11.3% during the fourth quarter. Guggenheim Capital LLC now owns 21,380 shares of the specialty retailer’s stock valued at $518,000 after acquiring an additional 2,167 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Michaels Companies by 40.2% during the fourth 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 in the last quarter. American International Group Inc. raised its holdings in shares of Michaels Companies by 1.3% during the fourth quarter. American International Group Inc. now owns 228,785 shares of the specialty retailer’s stock valued at $5,534,000 after acquiring an additional 2,927 shares in the last quarter. ING Groep NV raised its holdings in shares of Michaels Companies by 23.2% during the fourth quarter. ING Groep NV now owns 16,659 shares of the specialty retailer’s stock valued at $403,000 after acquiring an additional 3,138 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in shares of Michaels Companies by 54.6% during the third quarter. Pinebridge Investments L.P. now owns 10,360 shares of the specialty retailer’s stock valued at $222,000 after acquiring an additional 3,660 shares in the last quarter.

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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.

Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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