Michaels Companies Inc (NASDAQ:MIK) Short Interest Up 18.2% in May

Michaels Companies Inc (NASDAQ:MIK) was the recipient of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 19,409,600 shares, an increase of 18.2% from the April 30th total of 16,427,900 shares. Based on an average daily volume of 2,850,000 shares, the short-interest ratio is presently 6.8 days. Currently, 23.1% of the shares of the company are sold short.

A number of brokerages have recently commented on MIK. Credit Suisse Group increased their target price on shares of Beyond Meat from $70.00 to $125.00 in a research report on Friday, June 7th. Goldman Sachs Group upgraded shares of Altria Group from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research report on Thursday. Telsey Advisory Group cut shares of Michaels Companies from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $17.00 to $9.00 in a research report on Friday, June 7th. Piper Jaffray Companies dropped their price objective on shares of Michaels Companies from $11.00 to $9.00 and set an “underweight” rating for the company in a report on Friday, March 15th. Finally, Deutsche Bank set a $261.00 price objective on shares of Vail Resorts and gave the company a “buy” rating in a report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company. Michaels Companies has a consensus rating of “Hold” and an average target price of $11.82.

MIK stock traded up $0.22 during midday trading on Friday, reaching $8.48. 2,799,123 shares of the company were exchanged, compared to its average volume of 3,071,837. Michaels Companies has a 1-year low of $7.39 and a 1-year high of $21.11. The company’s 50-day moving average price is $8.71. The company has a market capitalization of $1.31 billion, a P/E ratio of 3.61, a price-to-earnings-growth ratio of 0.57 and a beta of 1.10.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings data on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.31. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the company earned $0.39 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities analysts predict that Michaels Companies will post 2.35 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in Michaels Companies in the 4th quarter valued at $30,536,000. Prudential Financial Inc. grew its position in Michaels Companies by 1,135.5% in the 4th quarter. Prudential Financial Inc. now owns 1,503,157 shares of the specialty retailer’s stock valued at $20,353,000 after buying an additional 1,381,497 shares during the last quarter. Teacher Retirement System of Texas grew its position in Michaels Companies by 5,916.2% in the 4th quarter. Teacher Retirement System of Texas now owns 776,266 shares of the specialty retailer’s stock valued at $10,511,000 after buying an additional 763,363 shares during the last quarter. FMR LLC grew its position in Michaels Companies by 29.9% in the 1st quarter. FMR LLC now owns 2,699,700 shares of the specialty retailer’s stock valued at $30,831,000 after buying an additional 620,679 shares during the last quarter. Finally, Bernzott Capital Advisors grew its position in Michaels Companies by 43.3% in the 4th quarter. Bernzott Capital Advisors now owns 1,778,180 shares of the specialty retailer’s stock valued at $24,077,000 after buying an additional 537,170 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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