Mork Capital Management adds Michaels Companies Inc (MIK) to its portfolio

Michaels Companies Inc (MIK) : Mork Capital Management added new position in Michaels Companies Inc during the most recent quarter end. The investment management firm now holds 50,000 shares of Michaels Companies Inc which is valued at $1.4 Million , the company said in a statement filed on May 13, 2016 with the SEC.Michaels Companies Inc makes up approximately 1.51% of Mork Capital Management’s portfolio.

Other Hedge Funds, Including , Laurion Capital Management Lp added MIK to its portfolio by purchasing 28,300 company shares during the most recent quarter which is valued at $798,060. Michaels Companies Inc makes up approx 0.07% of Laurion Capital Management Lp’s portfolio.Teachers Advisors Inc boosted its stake in MIK in the latest quarter, The investment management firm added 744,980 additional shares and now holds a total of 792,954 shares of Michaels Companies Inc which is valued at $22.7 Million. Michaels Companies Inc makes up approx 0.04% of Teachers Advisors Inc’s portfolio.Diam Ltd. boosted its stake in MIK in the latest quarter, The investment management firm added 3,749 additional shares and now holds a total of 62,524 shares of Michaels Companies Inc which is valued at $1.8 Million. Michaels Companies Inc makes up approx 0.03% of Diam Ltd.’s portfolio.California Public Employees Retirement System reduced its stake in MIK by selling 125,100 shares or 55.8% in the most recent quarter. The Hedge Fund company now holds 99,100 shares of MIK which is valued at $2.8 Million.Public Employees Retirement Association Of Colorado reduced its stake in MIK by selling 4 shares or 0.2% in the most recent quarter. The Hedge Fund company now holds 2,011 shares of MIK which is valued at $57,173.

Michaels Companies Inc opened for trading at $28.3 and hit $28.84 on the upside on Wednesday, eventually ending the session at $28.68, with a gain of 1.45% or 0.41 points. The heightened volatility saw the trading volume jump to 4,38,354 shares. Company has a market cap of $5,993 M.

On the company’s financial health, Michaels Companies Inc reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Mar 17, 2016. Analyst had a consensus of $0.84. The company had revenue of $1682.50 million for the quarter, compared to analysts expectations of $1654.32 million. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS.

Many Wall Street Analysts have commented on Michaels Companies Inc. Michaels Companies Inc was Downgraded by Goldman to ” Neutral” on May 6, 2016. Company shares were Reiterated by Telsey Advisory Group on Mar 18, 2016 to “Market Perform”, Firm has raised the Price Target to $ 28 from a previous price target of $26 .Michaels Companies Inc was Downgraded by Morgan Stanley to ” Equal-Weight” on Mar 7, 2016.

The Michaels Companies Inc. is an arts and crafts specialty retailer in North America. The Company owns and operates a chain of retail stores in 49 states and Canada featuring arts crafts framing floral home decor and seasonal merchandise for the hobbyist and do-it-yourself home decorator. The Company also operates a vertically integrated custom framing business. The Company provides materials project ideas and education for creative activities. The Company has approximately 35000 stock-keeping units (SKUs) in arts crafts scrapbooking floral framing home decor seasonal offerings and children’s hobbies. It has developed an online platform which promotes social networking and includes tips project ideas marketing content and information on upcoming store events. The Company’s subsidiaries include Aaron Brothers Inc. Artistree of Canada ULC and Michaels Stores Procurement Company.

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