Michaels Companies Target of Unusually High Options Trading (NASDAQ:MIK)
Michaels Companies Inc (NASDAQ:MIK) saw unusually large options trading activity on Thursday. Traders purchased 2,108 put options on the company. This is an increase of 3,733% compared to the average daily volume of 55 put options.
Several research firms have weighed in on MIK. ValuEngine raised shares of Michaels Companies from a “hold” rating to a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Wednesday, November 29th. BidaskClub upgraded shares of Michaels Companies from a “hold” rating to a “buy” rating in a research report on Wednesday, December 27th. Goldman Sachs Group upgraded shares of Michaels Companies from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 16th. Finally, Deutsche Bank cut shares of Michaels Companies from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a research report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $25.00.
A number of hedge funds have recently made changes to their positions in MIK. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Michaels Companies by 11.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,556 shares of the specialty retailer’s stock valued at $103,000 after buying an additional 549 shares during the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in Michaels Companies during the second quarter valued at approximately $103,000. Pinebridge Investments L.P. purchased a new stake in Michaels Companies during the second quarter valued at approximately $124,000. Pacer Advisors Inc. increased its holdings in Michaels Companies by 5.0% during the second quarter. Pacer Advisors Inc. now owns 8,028 shares of the specialty retailer’s stock valued at $149,000 after buying an additional 383 shares during the last quarter. Finally, Hikari Power Ltd purchased a new stake in Michaels Companies during the fourth quarter valued at approximately $204,000.
Michaels Companies (NASDAQ:MIK) last issued its quarterly earnings data on Thursday, November 30th. The specialty retailer reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.01. Michaels Companies had a net margin of 7.33% and a negative return on equity of 22.16%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. equities research analysts predict that Michaels Companies will post 2.17 earnings per share for the current fiscal year.
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Michaels Companies Company Profile
The Michaels Companies, Inc (Michaels) is an arts and crafts specialty retailer in North America. The Company’s segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store.
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