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Michaels Companies (NYSE:MIK) shares saw strong trading volume on Wednesday following a better than expected earnings announcement, Analyst Ratings.Net reports. 1,514,631 shares changed hands during mid-day trading, an increase of 172% from the previous session’s volume of 556,604 shares.The stock last traded at $16.39 and had previously closed at $15.14.

The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.07. The company had revenue of $948.00 million for the quarter, compared to the consensus estimate of $943.00 million. The company’s revenue for the quarter was up 4.9% on a year-over-year basis.

Several analysts have recently commented on the stock. Analysts at Macquarie initiated coverage on shares of Michaels Companies in a research note on Thursday, August 7th. They set a “neutral” rating and a $16.00 price target on the stock. Separately, analysts at Telsey Advisory Group initiated coverage on shares of Michaels Companies in a research note on Wednesday, August 6th. They set a “not rated” rating and a $18.00 price target on the stock. Finally, analysts at Morgan Stanley initiated coverage on shares of Michaels Companies in a research note on Wednesday, August 6th. They set an “equal weight” rating and a $16.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $19.00.

The stock’s 50-day moving average is $15.75 and its 200-day moving average is $15.92. The company has a market cap of $3.317 billion and a price-to-earnings ratio of 12.80.

The Michaels Companies, Inc is an arts and crafts specialty retailer in North America. The Company also operates a vertically integrated custom framing business.

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