$0.42 Earnings Per Share Expected for The Michaels Companies, Inc. (MIK) This Quarter
Equities research analysts forecast that The Michaels Companies, Inc. (NASDAQ:MIK) will post earnings of $0.42 per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for The Michaels Companies’ earnings, with the highest EPS estimate coming in at $0.43 and the lowest estimate coming in at $0.42. The Michaels Companies posted earnings per share of $0.40 in the same quarter last year, which would suggest a positive year over year growth rate of 5%. The company is scheduled to report its next quarterly earnings results on Tuesday, December 5th.
According to Zacks, analysts expect that The Michaels Companies will report full-year earnings of $2.14 per share for the current financial year, with EPS estimates ranging from $2.10 to $2.17. For the next financial year, analysts forecast that the company will post earnings of $2.30 per share, with EPS estimates ranging from $2.13 to $2.40. Zacks’ EPS averages are an average based on a survey of research analysts that that provide coverage for The Michaels Companies.
The Michaels Companies (NASDAQ:MIK) last posted its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.03. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.17 EPS.
A number of analysts recently issued reports on the company. BidaskClub upgraded The Michaels Companies from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Piper Jaffray Companies reiterated a “hold” rating and set a $18.00 price objective on shares of The Michaels Companies in a research note on Friday, September 29th. Zacks Investment Research upgraded The Michaels Companies from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. TheStreet upgraded The Michaels Companies from a “d+” rating to a “c” rating in a research note on Monday, June 26th. Finally, Guggenheim restated a “buy” rating and issued a $26.00 target price on shares of The Michaels Companies in a research note on Wednesday, June 21st. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $24.29.
The Michaels Companies (NASDAQ MIK) traded down 1.01% on Wednesday, reaching $21.61. The company’s stock had a trading volume of 1,155,621 shares. The firm has a 50 day moving average of $21.47 and a 200 day moving average of $20.72. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 11.27 and a beta of 0.91. The Michaels Companies has a 12 month low of $17.25 and a 12 month high of $25.57.
The Michaels Companies declared that its Board of Directors has initiated a stock repurchase program on Thursday, June 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Large investors have recently made changes to their positions in the company. FNY Partners Fund LP bought a new position in shares of The Michaels Companies in the 1st quarter worth approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in The Michaels Companies by 59.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,007 shares of the specialty retailer’s stock valued at $112,000 after buying an additional 1,875 shares in the last quarter. Mckinley Capital Management LLC Delaware bought a new position in The Michaels Companies during the 2nd quarter valued at approximately $103,000. Pinebridge Investments L.P. bought a new position in The Michaels Companies during the 2nd quarter valued at approximately $124,000. Finally, Pacer Advisors Inc. increased its position in The Michaels Companies by 86.6% during the 1st quarter. Pacer Advisors Inc. now owns 7,645 shares of the specialty retailer’s stock valued at $171,000 after buying an additional 3,549 shares in the last quarter. 98.43% of the stock is owned by hedge funds and other institutional investors.
About The Michaels Companies
The Michaels Companies, Inc (Michaels) is an arts and crafts specialty retailer in North America. The Company’s segments include Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s and Darice. As of January 28, 2017, the Company operated 1,223 Michaels retail stores in 49 states and Canada, with approximately 18,000 average square feet of selling space per store.
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