Michaels Companies Inc (MIK) was Downgraded by JP Morgan to ” Neutral” while Lowering the Price Target of the company shares to $ 30 from a previous price target of $33 . Earlier the firm had a rating of “Overweight ” on the company shares. JP Morgan advised their investors in a research report released on Jul 19, 2016.
Many Wall Street Analysts have commented on Michaels Companies Inc. Michaels Companies Inc was Downgraded by Goldman to ” Neutral” on May 6, 2016.
On the company’s financial health, Michaels Companies Inc reported $0.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jun 7, 2016. Analyst had a consensus of $0.35. The company had revenue of $1159.00 million for the quarter, compared to analysts expectations of $1167.11 million. The company’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS.
Michaels Companies Inc opened for trading at $26.86 and hit $27.63 on the upside on Monday, eventually ending the session at $27.56, with a gain of 2.80% or 0.75 points. The heightened volatility saw the trading volume jump to 15,43,951 shares. Company has a market cap of $5,724 M.
In a different news, on Jun 8, 2016, Carl Rubin (Chairman & CEO) sold 150,000 shares at $30.29 per share price. According to the SEC, on Jun 6, 2016, Dennis A. Mullahy (EVP-Supply Chain & IT) sold 7,421 shares at $30.00 per share price. On May 4, 2016, Theodore J. Bachmeier (EVP – Store Operations) sold 40,000 shares at $29.00 per share price, according to the Form-4 filing with the securities and exchange commission.
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.