$1.86 Billion in Sales Expected for Michaels Companies Inc (MIK) This Quarter

Brokerages forecast that Michaels Companies Inc (NASDAQ:MIK) will announce $1.86 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Michaels Companies’ earnings. The highest sales estimate is $1.89 billion and the lowest is $1.83 billion. Michaels Companies reported sales of $1.75 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 6.3%. The business is scheduled to issue its next earnings report on Tuesday, March 6th.

On average, analysts expect that Michaels Companies will report full-year sales of $1.86 billion for the current fiscal year, with estimates ranging from $5.34 billion to $5.39 billion. For the next financial year, analysts expect that the company will report sales of $5.39 billion per share, with estimates ranging from $5.30 billion to $5.50 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Michaels Companies.

Michaels Companies (NASDAQ:MIK) last released its quarterly earnings data on Thursday, November 30th. The specialty retailer reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Michaels Companies had a negative return on equity of 22.16% and a net margin of 7.33%. Michaels Companies’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 earnings per share.

Several research analysts have issued reports on MIK shares. Bank of America reiterated a “buy” rating and issued a $29.00 price objective on shares of Michaels Companies in a research report on Tuesday, September 5th. BidaskClub upgraded Michaels Companies from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. ValuEngine upgraded Michaels Companies from a “hold” rating to a “buy” rating in a research report on Friday, October 27th. Zacks Investment Research upgraded Michaels Companies from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Wednesday. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $18.00 price target on shares of Michaels Companies in a research report on Friday, September 29th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Michaels Companies currently has an average rating of “Hold” and an average price target of $24.00.

Michaels Companies (NASDAQ:MIK) traded up $0.34 during trading hours on Friday, reaching $21.94. The company’s stock had a trading volume of 3,950,000 shares, compared to its average volume of 2,340,865. The stock has a market capitalization of $3,970.83, a PE ratio of 11.14, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The company has a debt-to-equity ratio of -1.56, a current ratio of 1.39 and a quick ratio of 0.26. Michaels Companies has a 1 year low of $17.25 and a 1 year high of $24.66.

Several hedge funds have recently made changes to their positions in the company. Suntrust Banks Inc. increased its position in shares of Michaels Companies by 3.0% in the second quarter. Suntrust Banks Inc. now owns 12,680 shares of the specialty retailer’s stock valued at $234,000 after buying an additional 368 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Michaels Companies by 5.0% in the second quarter. Pacer Advisors Inc. now owns 8,028 shares of the specialty retailer’s stock valued at $149,000 after buying an additional 383 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Michaels Companies by 11.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,556 shares of the specialty retailer’s stock valued at $103,000 after buying an additional 549 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of Michaels Companies by 3.0% in the second quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the specialty retailer’s stock valued at $511,000 after buying an additional 800 shares in the last quarter. Finally, People s United Financial Inc. boosted its stake in shares of Michaels Companies by 5.5% during the second quarter. People s United Financial Inc. now owns 17,323 shares of the specialty retailer’s stock valued at $321,000 after acquiring an additional 904 shares during the last quarter.

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About 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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