Telsey Advisory Group cut shares of Michaels Companies (NASDAQ:MIK) from an outperform rating to a market perform rating in a report released on Friday, June 7th, Zacks.com reports. The firm currently has $9.00 price objective on the specialty retailer’s stock, down from their previous price objective of $17.00.
A number of other analysts also recently weighed in on MIK. JPMorgan Chase & Co. downgraded Michaels Companies from an overweight rating to a neutral rating and decreased their price target for the company from $18.00 to $15.00 in a research note on Friday, March 1st. BidaskClub upgraded Michaels Companies from a hold rating to a buy rating in a research report on Friday, March 1st. Bank of America downgraded Michaels Companies from a buy rating to a neutral rating and decreased their target price for the stock from $21.00 to $15.00 in a research report on Wednesday, March 20th. Piper Jaffray Companies decreased their target price on Michaels Companies from $11.00 to $9.00 and set an underweight rating on the stock in a research report on Friday, March 15th. Finally, Zacks Investment Research downgraded Michaels Companies from a hold rating to a sell rating in a research report on Friday, March 15th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. Michaels Companies presently has a consensus rating of Hold and a consensus target price of $12.20.
Shares of NASDAQ MIK traded down $0.66 during mid-day trading on Friday, reaching $8.04. 3,252,167 shares of the company’s stock were exchanged, compared to its average volume of 2,566,228. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 3.42, a price-to-earnings-growth ratio of 0.58 and a beta of 1.10. Michaels Companies has a 52-week low of $7.78 and a 52-week high of $21.11. The stock’s 50-day moving average is $9.23.
Large investors have recently made changes to their positions in the business. Morgan Stanley boosted its holdings in Michaels Companies by 89.0% in the third quarter. Morgan Stanley now owns 526,234 shares of the specialty retailer’s stock valued at $8,541,000 after purchasing an additional 247,860 shares during the last quarter. Rhumbline Advisers raised its stake in Michaels Companies by 36.5% during the fourth quarter. Rhumbline Advisers now owns 243,373 shares of the specialty retailer’s stock valued at $3,295,000 after buying an additional 65,052 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Michaels Companies by 11.4% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 59,059 shares of the specialty retailer’s stock valued at $800,000 after buying an additional 6,065 shares in the last quarter. TD Asset Management Inc. raised its stake in Michaels Companies by 1.3% during the fourth quarter. TD Asset Management Inc. now owns 284,900 shares of the specialty retailer’s stock valued at $3,858,000 after buying an additional 3,600 shares in the last quarter. Finally, Wesbanco Bank Inc. acquired a new stake in Michaels Companies during the fourth quarter valued at approximately $379,000.
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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