Michaels Companies Inc (NASDAQ:MIK) – Stock analysts at Piper Jaffray Companies reduced their Q2 2020 earnings estimates for Michaels Companies in a research report issued on Monday, June 10th. Piper Jaffray Companies analyst P. Keith now forecasts that the specialty retailer will post earnings of $0.14 per share for the quarter, down from their prior estimate of $0.15. Piper Jaffray Companies has a “Underweight” rating and a $9.00 price target on the stock. Piper Jaffray Companies also issued estimates for Michaels Companies’ Q4 2020 earnings at $1.41 EPS, FY2020 earnings at $2.33 EPS, Q1 2021 earnings at $0.31 EPS, Q2 2021 earnings at $0.11 EPS and Q4 2021 earnings at $1.46 EPS.
Michaels Companies (NASDAQ:MIK) last posted its earnings results on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.31. Michaels Companies had a negative return on equity of 22.82% and a net margin of 6.34%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The company’s revenue was down 5.3% on a year-over-year basis.
A number of other equities research analysts also recently weighed in on the company. Bank of America downgraded Michaels Companies from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $21.00 to $15.00 in a report on Wednesday, March 20th. Morgan Stanley downgraded Michaels Companies from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $17.00 to $10.00 in a report on Monday, May 20th. JPMorgan Chase & Co. downgraded Michaels Companies from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $18.00 to $15.00 in a report on Friday, March 1st. BidaskClub raised Michaels Companies from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $17.00 price target (down previously from $20.00) on shares of Michaels Companies in a research note on Wednesday, March 20th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $12.30.
MIK opened at $8.24 on Thursday. Michaels Companies has a fifty-two week low of $7.78 and a fifty-two week high of $22.15. The firm has a market cap of $1.35 billion, a PE ratio of 3.51, a PEG ratio of 0.57 and a beta of 1.20.
A number of hedge funds have recently bought and sold shares of the stock. Cresset Asset Management LLC bought a new position in Michaels Companies in the first quarter valued at about $25,000. Meeder Asset Management Inc. grew its position in Michaels Companies by 512.3% in the first quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock valued at $28,000 after acquiring an additional 2,085 shares during the last quarter. AlphaOne Investment Services LLC grew its position in Michaels Companies by 126.1% in the first quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock valued at $37,000 after acquiring an additional 1,791 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in Michaels Companies by 1,108.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 525,907 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 482,395 shares during the last quarter. Finally, Royce & Associates LP grew its position in Michaels Companies by 56.3% in the first quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock valued at $45,000 after acquiring an additional 1,408 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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