Short Interest in Michaels Companies Inc (NASDAQ:MIK) Decreases By 10.4%

Michaels Companies Inc (NASDAQ:MIK) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 28,540,000 shares, a decrease of 10.4% from the September 30th total of 31,840,000 shares. Based on an average daily volume of 4,220,000 shares, the days-to-cover ratio is presently 6.8 days. Approximately 35.1% of the company’s stock are sold short.

A number of brokerages recently issued reports on MIK. ValuEngine downgraded Michaels Companies from a “hold” rating to a “sell” rating in a report on Friday, November 1st. JPMorgan Chase & Co. lowered their price target on Michaels Companies from $9.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Wells Fargo & Co set a $6.00 price target on Michaels Companies and gave the company a “hold” rating in a report on Wednesday, September 4th. BidaskClub downgraded Michaels Companies from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Finally, Morgan Stanley set a $7.00 price target on Michaels Companies and gave the company a “hold” rating in a report on Monday, September 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $8.73.

In other Michaels Companies news, Director Beryl Raff purchased 6,700 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $7.47 per share, with a total value of $50,049.00. Following the completion of the acquisition, the director now directly owns 30,993 shares of the company’s stock, valued at approximately $231,517.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.51% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. First Trust Advisors LP raised its stake in shares of Michaels Companies by 21.9% during the second quarter. First Trust Advisors LP now owns 345,676 shares of the specialty retailer’s stock worth $3,007,000 after purchasing an additional 62,039 shares during the last quarter. BBT Capital Management LLC raised its position in Michaels Companies by 8.3% in the second quarter. BBT Capital Management LLC now owns 51,994 shares of the specialty retailer’s stock worth $452,000 after acquiring an additional 3,993 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Michaels Companies by 40.9% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 82,475 shares of the specialty retailer’s stock worth $718,000 after acquiring an additional 23,925 shares in the last quarter. Bernzott Capital Advisors raised its position in Michaels Companies by 0.7% in the second quarter. Bernzott Capital Advisors now owns 2,046,073 shares of the specialty retailer’s stock worth $17,801,000 after acquiring an additional 14,813 shares in the last quarter. Finally, APG Asset Management N.V. raised its position in Michaels Companies by 1.1% in the second quarter. APG Asset Management N.V. now owns 1,346,300 shares of the specialty retailer’s stock worth $10,285,000 after acquiring an additional 14,500 shares in the last quarter.

Shares of MIK stock traded down $0.29 during trading hours on Monday, hitting $8.43. The stock had a trading volume of 1,717,600 shares, compared to its average volume of 3,039,610. The firm has a market capitalization of $1.34 billion, a PE ratio of 3.59, a PEG ratio of 0.52 and a beta of 1.15. Michaels Companies has a twelve month low of $4.96 and a twelve month high of $17.79. The stock’s 50 day moving average is $9.45 and its 200 day moving average is $8.58.

Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Wednesday, September 4th. The specialty retailer reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.05. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.02 billion. Michaels Companies had a negative return on equity of 23.40% and a net margin of 6.31%. The company’s revenue was down 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 earnings per share. On average, research analysts expect that Michaels Companies will post 2.38 EPS for the current year.

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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