Sachem Head Capital Management Lp adds Michaels Companies Inc (MIK) to its portfolio

Michaels Companies Inc (MIK) : Sachem Head Capital Management Lp added new position in Michaels Companies Inc during the most recent quarter end. The investment management firm now holds 1,826,300 shares of Michaels Companies Inc which is valued at $46,388,020 , the company said in a statement filed on Aug 12, 2016 with the SEC.Michaels Companies Inc makes up approximately 1.90% of Sachem Head Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Cornerstone Capital Management Holdings. boosted its stake in MIK in the latest quarter, The investment management firm added 25,783 additional shares and now holds a total of 49,560 shares of Michaels Companies Inc which is valued at $1,258,824. Michaels Companies Inc makes up approx 0.01% of Cornerstone Capital Management Holdings.’s portfolio.State Of Wisconsin Investment Board boosted its stake in MIK in the latest quarter, The investment management firm added 17,100 additional shares and now holds a total of 60,580 shares of Michaels Companies Inc which is valued at $1,538,732. Michaels Companies Inc makes up approx 0.01% of State Of Wisconsin Investment Board’s portfolio. Tocqueville Asset Management sold out all of its stake in MIK during the most recent quarter. The investment firm sold 10,000 shares of MIK which is valued $263,600.Public Employees Retirement Association Of Colorado boosted its stake in MIK in the latest quarter, The investment management firm added 972 additional shares and now holds a total of 2,983 shares of Michaels Companies Inc which is valued at $78,632.

Michaels Companies Inc closed down -0.41 points or -1.64% at $24.61 with 15,10,627 shares getting traded on Monday. Post opening the session at $24.99, the shares hit an intraday low of $24.4205 and an intraday high of $25.07 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Michaels Companies Inc reported $0.17 EPS for the quarter, based on the information available during the earnings call on Aug 25, 2016. Analyst had a consensus estimate of $0.17. The company had revenue of $1060.40 million for the quarter, compared to analysts expectations of $1052.49 million. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

Many Wall Street Analysts have commented on Michaels Companies Inc. Shares were Downgraded by JP Morgan on Jul 19, 2016 to ” Neutral” and Lowered the Price Target to $ 30 from a previous price target of $33 .

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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