Wall Street brokerages expect that The Michaels Companies, Inc. (NASDAQ:MIK) will report sales of $1.26 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for The Michaels Companies’ earnings, with the lowest sales estimate coming in at $1.25 billion and the highest estimate coming in at $1.29 billion. The Michaels Companies reported sales of $1.23 billion in the same quarter last year, which indicates a positive year over year growth rate of 2.4%. The firm is expected to announce its next quarterly earnings results on Tuesday, December 5th.

On average, analysts expect that The Michaels Companies will report full year sales of $1.26 billion for the current year, with estimates ranging from $5.34 billion to $5.42 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $5.44 billion per share, with estimates ranging from $5.36 billion to $5.56 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for The Michaels Companies.

The Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.19 EPS for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.03. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. The Michaels Companies had a negative return on equity of 22.53% and a net margin of 7.29%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $0.17 EPS.

MIK has been the topic of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating and set a $26.00 price target on shares of The Michaels Companies in a research report on Wednesday, June 21st. Bank of America Corporation reaffirmed a “buy” rating and set a $26.00 price target on shares of The Michaels Companies in a research report on Friday, June 16th. BidaskClub raised shares of The Michaels Companies from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. TheStreet raised shares of The Michaels Companies from a “d+” rating to a “c” rating in a research report on Monday, June 26th. Finally, Zacks Investment Research raised shares of The Michaels Companies from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $24.29.

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Hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its position in shares of The Michaels Companies by 52.1% during the 2nd quarter. Alliancebernstein L.P. now owns 6,090,904 shares of the specialty retailer’s stock worth $112,804,000 after purchasing an additional 2,086,817 shares in the last quarter. CenturyLink Investment Management Co boosted its position in shares of The Michaels Companies by 54.0% during the 2nd quarter. CenturyLink Investment Management Co now owns 32,242 shares of the specialty retailer’s stock worth $597,000 after purchasing an additional 11,300 shares in the last quarter. Rhumbline Advisers boosted its position in shares of The Michaels Companies by 12.2% during the 2nd quarter. Rhumbline Advisers now owns 204,645 shares of the specialty retailer’s stock worth $3,790,000 after purchasing an additional 22,190 shares in the last quarter. BlackRock Inc. boosted its position in shares of The Michaels Companies by 44,112.2% during the 1st quarter. BlackRock Inc. now owns 8,169,089 shares of the specialty retailer’s stock worth $182,908,000 after purchasing an additional 8,150,612 shares in the last quarter. Finally, New England Asset Management Inc. boosted its position in shares of The Michaels Companies by 92.0% during the 1st quarter. New England Asset Management Inc. now owns 38,600 shares of the specialty retailer’s stock worth $865,000 after purchasing an additional 18,500 shares in the last quarter. 98.43% of the stock is currently owned by institutional investors.

The Michaels Companies (NASDAQ:MIK) opened at 21.72 on Friday. The firm has a 50-day moving average price of $21.55 and a 200-day moving average price of $20.73. The Michaels Companies has a 12 month low of $17.25 and a 12 month high of $25.57. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of 11.32 and a beta of 0.91.

The Michaels Companies declared that its board has initiated a share buyback program on Thursday, June 15th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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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