Teacher Retirement System of Texas boosted its position in shares of Michaels Cos. (NASDAQ:MIK) by 28.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,024 shares of the company’s stock after buying an additional 2,851 shares during the period. Teacher Retirement System of Texas’ holdings in Michaels Cos. were worth $370,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. TIAA CREF Investment Management LLC boosted its stake in Michaels Cos. by 96.6% in the first quarter. TIAA CREF Investment Management LLC now owns 842,980 shares of the company’s stock worth $23,578,000 after buying an additional 414,223 shares during the last quarter. Teachers Advisors Inc. boosted its stake in Michaels Cos. by 1,552.9% in the first quarter. Teachers Advisors Inc. now owns 792,954 shares of the company’s stock worth $22,179,000 after buying an additional 744,980 shares during the last quarter. Prudential Financial Inc. acquired a new stake in Michaels Cos. during the first quarter worth about $561,000. BlackRock Inc. boosted 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. Finally, BlackRock Group LTD boosted its stake in Michaels Cos. by 23.8% in the first quarter. BlackRock Group LTD now owns 54,390 shares of the company’s stock worth $1,520,000 after buying an additional 10,457 shares during the last quarter.
Michaels Cos. (NASDAQ:MIK) opened at 24.42 on Tuesday. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 13.99 and a beta of 1.09. The stock’s 50 day moving average price is $24.53 and its 200-day moving average price is $26.82. Michaels Cos. has a 12 month low of $19.46 and a 12 month high of $31.36.
Michaels Cos. (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, August 25th. The company reported $0.17 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.17. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Michaels Cos. had a negative return on equity of 21.18% and a net margin of 7.24%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $0.17 EPS. Equities analysts anticipate that Michaels Cos. will post $1.95 EPS for the current fiscal year.
Several brokerages have recently weighed in on MIK. Zacks Investment Research raised shares of Michaels Cos. from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Wednesday, July 6th. JPMorgan Chase & Co. cut shares of Michaels Cos. from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $33.00 to $30.00 in a research note on Tuesday, July 19th. Piper Jaffray Cos. decreased their target price on shares of Michaels Cos. from $34.00 to $33.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Michaels Cos. in a report on Thursday, August 25th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Michaels Cos. in a report on Monday, August 29th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Michaels Cos. has a consensus rating of “Hold” and an average target price of $29.15.
In other news, EVP Philo Pappas sold 1,756 shares of Michaels Cos. stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $25.48, for a total value of $44,742.88. Following the sale, the executive vice president now directly owns 87,699 shares in the company, valued at approximately $2,234,570.52. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Blackstone Management Associat sold 5,500,000 shares of Michaels Cos. stock in a transaction that occurred 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. 1.50% of the stock is owned by insiders.
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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