Bank of Montreal Can acquired a new position in Michaels Cos. (NASDAQ:MIK) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 194,828 shares of the company’s stock, valued at approximately $5,540,000.
A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Michaels Cos. by 349.1% in the first quarter. BlackRock Inc. now owns 8,824 shares of the company’s stock worth $247,000 after buying an additional 6,859 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Michaels Cos. by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,756,812 shares of the company’s stock worth $49,138,000 after buying an additional 8,666 shares during the last quarter. HBK Investments L P increased its stake in Michaels Cos. by 72.6% in the first quarter. HBK Investments L P now owns 51,100 shares of the company’s stock worth $1,429,000 after buying an additional 21,500 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in Michaels Cos. during the first quarter worth about $384,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Michaels Cos. during the first quarter worth about $1,083,000.
Shares of Michaels Cos. (NASDAQ:MIK) traded down 2.77% during midday trading on Tuesday, hitting $23.88. The company’s stock had a trading volume of 627,931 shares. The firm has a 50-day moving average of $24.53 and a 200 day moving average of $26.82. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of 13.68 and a beta of 1.09. Michaels Cos. has a 12-month low of $19.46 and a 12-month high of $31.36.
Michaels Cos. (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, August 25th. The company reported $0.17 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.17. Michaels Cos. had a negative return on equity of 21.18% and a net margin of 7.24%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the business posted $0.17 earnings per share. The firm’s revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts predict that Michaels Cos. will post $1.95 EPS for the current fiscal year.
Several research firms have recently weighed in on MIK. BTIG Research reissued a “neutral” rating on shares of Michaels Cos. in a research report on Monday, August 29th. Credit Suisse Group AG raised Michaels Cos. from a “neutral” rating to an “outperform” rating and set a $29.00 target price on the stock in a research report on Tuesday, September 6th. Zacks Investment Research downgraded Michaels Cos. from a “hold” rating to a “sell” rating in a research report on Friday, July 22nd. JPMorgan Chase & Co. downgraded Michaels Cos. from an “overweight” rating to a “neutral” rating in a research report on Thursday, July 28th. Finally, Piper Jaffray Cos. cut their target price on Michaels Cos. from $34.00 to $33.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $29.15.
In other Michaels Cos. news, EVP Philo Pappas sold 1,756 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $25.48, for a total transaction of $44,742.88. Following the completion of the sale, the executive vice president now owns 87,699 shares of the company’s stock, valued at $2,234,570.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Blackstone Management Associat sold 5,500,000 shares of the firm’s stock in a transaction on Monday, July 18th. The stock was sold at an average price of $27.71, for a total value of $152,405,000.00. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
About Michaels Cos.
The Michaels Companies, Inc is North America’s specialty provider of arts, crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of February 27, 2016, the Company owned and operated more than 1,340 stores in 49 states and Canada under the brands Michaels, Aaron Brothers and Pat Catan’s.
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