Michaels Companies Inc (NASDAQ:MIK) – Equities researchers at Piper Jaffray Companies dropped their FY2021 earnings estimates for shares of Michaels Companies in a note issued to investors on Monday, June 10th. Piper Jaffray Companies analyst P. Keith now expects that the specialty retailer will post earnings per share of $2.30 for the year, down from their previous forecast of $2.33. Piper Jaffray Companies has a “Underweight” rating and a $9.00 price target on the stock.
MIK has been the subject of several other research reports. JPMorgan Chase & Co. cut Michaels Companies from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $18.00 to $15.00 in a report on Friday, March 1st. BidaskClub raised Michaels Companies from a “hold” rating to a “buy” rating in a report on Friday, March 1st. Zacks Investment Research cut Michaels Companies from a “hold” rating to a “sell” rating in a report on Friday, March 15th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $17.00 price target (down previously from $20.00) on shares of Michaels Companies in a report on Wednesday, March 20th. Finally, Bank of America cut Michaels Companies from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $21.00 to $15.00 in a report on Wednesday, March 20th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $12.30.
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 Thomson Reuters’ consensus estimate of $0.31. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Michaels Companies had a negative return on equity of 22.82% and a net margin of 6.34%. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MIK. Norges Bank acquired a new stake in shares of Michaels Companies in the fourth quarter valued at $30,536,000. Prudential Financial Inc. lifted its stake in Michaels Companies by 1,135.5% during the fourth quarter. Prudential Financial Inc. now owns 1,503,157 shares of the specialty retailer’s stock valued at $20,353,000 after purchasing an additional 1,381,497 shares during the last quarter. Morgan Stanley lifted its stake in Michaels Companies by 848.5% during the first quarter. Morgan Stanley now owns 1,331,459 shares of the specialty retailer’s stock valued at $15,206,000 after purchasing an additional 1,191,082 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Michaels Companies by 5,916.2% during the fourth quarter. Teacher Retirement System of Texas now owns 776,266 shares of the specialty retailer’s stock valued at $10,511,000 after purchasing an additional 763,363 shares during the last quarter. Finally, FMR LLC lifted its stake in Michaels Companies by 29.9% during the first quarter. FMR LLC now owns 2,699,700 shares of the specialty retailer’s stock valued at $30,831,000 after purchasing an additional 620,679 shares during the last quarter.
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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