Bank of America Downgrades Michaels Companies (MIK) to Neutral

Michaels Companies (NASDAQ:MIK) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a report issued on Wednesday, The Fly reports.

Other analysts also recently issued reports about the stock. BidaskClub raised shares of Michaels Companies from a “hold” rating to a “buy” rating in a research note on Saturday, January 5th. Zacks Investment Research reissued a “buy” rating and set a $14.00 target price on shares of Michaels Companies in a research note on Monday, December 31st. Loop Capital raised shares of Michaels Companies from a “hold” rating to a “buy” rating and boosted their target price for the company from $14.00 to $17.00 in a research note on Wednesday, February 6th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $17.00 target price (down from $19.00) on shares of Michaels Companies in a research note on Thursday, December 6th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $17.73.

Shares of NASDAQ:MIK opened at $12.79 on Wednesday. Michaels Companies has a 12-month low of $11.44 and a 12-month high of $22.15. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 5.89, a PEG ratio of 0.54 and a beta of 1.14.



Michaels Companies (NASDAQ:MIK) last announced its earnings results on Tuesday, March 19th. The specialty retailer reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.02. Michaels Companies had a net margin of 6.35% and a negative return on equity of 24.35%. The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the business earned $1.19 EPS. The company’s revenue was down 5.4% on a year-over-year basis. Equities research analysts anticipate that Michaels Companies will post 2.36 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in shares of Michaels Companies by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,748,896 shares of the specialty retailer’s stock valued at $33,526,000 after buying an additional 26,109 shares during the period. Victory Capital Management Inc. purchased a new stake in Michaels Companies during the 3rd quarter worth about $304,000. SG Americas Securities LLC increased its holdings in Michaels Companies by 437.7% during the 3rd quarter. SG Americas Securities LLC now owns 129,388 shares of the specialty retailer’s stock worth $2,100,000 after purchasing an additional 105,323 shares during the period. Alliancebernstein L.P. increased its holdings in Michaels Companies by 7.8% during the 3rd quarter. Alliancebernstein L.P. now owns 4,718,062 shares of the specialty retailer’s stock worth $76,574,000 after purchasing an additional 341,551 shares during the period. Finally, Jupiter Asset Management Ltd. increased its holdings in Michaels Companies by 2.1% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 266,457 shares of the specialty retailer’s stock worth $4,354,000 after purchasing an additional 5,508 shares during the period.

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.

Recommended Story: Why do corrections happen?

The Fly

Analyst Recommendations for Michaels Companies (NASDAQ:MIK)

Receive News & Ratings for Michaels Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michaels Companies and related companies with MarketBeat.com's FREE daily email newsletter.