Lingohr & Partner Asset Management GmbH reduced its stake in shares of Michaels Companies Inc (NASDAQ:MIK) by 15.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,123 shares of the specialty retailer’s stock after selling 11,777 shares during the quarter. Lingohr & Partner Asset Management GmbH’s holdings in Michaels Companies were worth $1,057,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. WP Advisors LLC acquired a new stake in shares of Michaels Companies in the second quarter valued at $113,000. Cerebellum GP LLC acquired a new stake in shares of Michaels Companies during the second quarter worth $162,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Michaels Companies during the second quarter worth $170,000. We Are One Seven LLC acquired a new stake in shares of Michaels Companies during the third quarter worth $180,000. Finally, State of Alaska Department of Revenue raised its position in shares of Michaels Companies by 138.6% during the third quarter. State of Alaska Department of Revenue now owns 11,642 shares of the specialty retailer’s stock worth $187,000 after purchasing an additional 6,762 shares during the period.

MIK has been the topic of a number of recent analyst reports. Morgan Stanley cut their target price on Michaels Companies from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, October 11th. ValuEngine raised Michaels Companies from a “strong sell” rating to a “sell” rating in a research report on Monday, August 20th. Zacks Investment Research lowered Michaels Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Wells Fargo & Co reaffirmed a “hold” rating and set a $19.00 target price (down from $20.00) on shares of Michaels Companies in a research report on Thursday, August 30th. Finally, BidaskClub lowered Michaels Companies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $22.22.

Shares of MIK traded down $0.05 during trading hours on Friday, hitting $17.72. 2,027,415 shares of the company were exchanged, compared to its average volume of 2,309,303. Michaels Companies Inc has a 52 week low of $14.82 and a 52 week high of $27.87. The company has a market cap of $2.99 billion, a PE ratio of 8.17, a price-to-earnings-growth ratio of 0.96 and a beta of 1.03.

Michaels Companies (NASDAQ:MIK) last announced its earnings results on Thursday, August 30th. The specialty retailer reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02. Michaels Companies had a negative return on equity of 24.56% and a net margin of 6.31%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the company earned $0.19 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, research analysts predict that Michaels Companies Inc will post 2.37 EPS for the current year.

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Michaels Companies Company Profile

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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Institutional Ownership by Quarter for Michaels Companies (NASDAQ:MIK)

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