Michaels Companies (NASDAQ:MIK) Downgraded to “Market Perform” at Telsey Advisory Group

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.

Michaels Companies (NASDAQ:MIK) last announced its earnings results on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. Michaels Companies had a negative return on equity of 22.82% and a net margin of 6.34%. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the business posted $0.39 EPS. The company’s revenue was down 5.3% on a year-over-year basis. As a group, research analysts expect that Michaels Companies will post 2.36 earnings per share for the current fiscal year.

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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Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

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