Russell Investments Group Ltd. Has $350,000 Position in Michaels Companies Inc (NASDAQ:MIK)

Russell Investments Group Ltd. boosted its holdings in shares of Michaels Companies Inc (NASDAQ:MIK) by 80.4% during the third quarter, Holdings Channel reports. The institutional investor owned 35,776 shares of the specialty retailer’s stock after acquiring an additional 15,940 shares during the quarter. Russell Investments Group Ltd.’s holdings in Michaels Companies were worth $350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. boosted its stake in shares of Michaels Companies by 1,946.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 5,669 shares of the specialty retailer’s stock valued at $55,000 after purchasing an additional 5,392 shares in the last quarter. Bank of Montreal Can lifted its position in Michaels Companies by 54.8% during the 2nd quarter. Bank of Montreal Can now owns 9,022 shares of the specialty retailer’s stock worth $78,000 after buying an additional 3,194 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Michaels Companies during the 3rd quarter worth about $120,000. CLARET ASSET MANAGEMENT Corp acquired a new position in Michaels Companies during the 3rd quarter worth about $129,000. Finally, CIBC Asset Management Inc acquired a new position in Michaels Companies during the 3rd quarter worth about $139,000.

Shares of MIK stock opened at $8.18 on Monday. The stock has a market cap of $1.27 billion, a PE ratio of 3.48, a price-to-earnings-growth ratio of 0.64 and a beta of 1.15. The stock has a 50-day moving average of $9.17 and a 200-day moving average of $8.40. Michaels Companies Inc has a one year low of $4.96 and a one year high of $17.52.

Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Wednesday, September 4th. The specialty retailer reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.05. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Michaels Companies had a negative return on equity of 23.40% and a net margin of 6.31%. Michaels Companies’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS. Analysts anticipate that Michaels Companies Inc will post 2.38 EPS for the current year.

In related news, Director Beryl Raff purchased 6,700 shares of the stock in a transaction dated Friday, September 6th. The stock was bought at an average cost of $7.47 per share, with a total value of $50,049.00. Following the purchase, the director now directly owns 30,993 shares in the company, valued at approximately $231,517.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.51% of the company’s stock.

Several research analysts recently issued reports on the stock. Wells Fargo & Co set a $6.00 price target on shares of Michaels Companies and gave the stock a “hold” rating in a research report on Wednesday, September 4th. BidaskClub cut Michaels Companies from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Morgan Stanley set a $7.00 price objective on Michaels Companies and gave the stock a “hold” rating in a report on Monday, September 9th. JPMorgan Chase & Co. dropped their price objective on Michaels Companies from $9.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Finally, ValuEngine cut Michaels Companies from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Four analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. Michaels Companies currently has a consensus rating of “Hold” and a consensus target price of $8.73.

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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Institutional Ownership by Quarter for Michaels Companies (NASDAQ:MIK)

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