Pacad Investment Ltd. Increases Position in The Michaels Companies, Inc. (MIK)

Pacad Investment Ltd. boosted its position in shares of The Michaels Companies, Inc. (NASDAQ:MIK) by 720.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 106,700 shares of the company’s stock after buying an additional 93,700 shares during the period. Pacad Investment Ltd. owned approximately 0.05% of The Michaels Companies worth $2,182,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of The Michaels Companies by 15.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 22,865,977 shares of the company’s stock valued at $552,671,000 after buying an additional 3,033,594 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of The Michaels Companies by 3.6% in the second quarter. Vanguard Group Inc. now owns 7,195,028 shares of the company’s stock valued at $204,626,000 after buying an additional 248,720 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of The Michaels Companies by 2.4% in the third quarter. Ameriprise Financial Inc. now owns 5,266,198 shares of the company’s stock valued at $127,276,000 after buying an additional 121,788 shares in the last quarter. State Street Corp increased its stake in shares of The Michaels Companies by 94.7% in the fourth quarter. State Street Corp now owns 2,723,956 shares of the company’s stock valued at $55,704,000 after buying an additional 1,324,617 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its stake in shares of The Michaels Companies by 47.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,542,325 shares of the company’s stock valued at $61,447,000 after buying an additional 820,310 shares in the last quarter.

Institutional Ownership by Quarter for The Michaels Companies (NASDAQ:MIK)

Shares of The Michaels Companies, Inc. (NASDAQ:MIK) traded up 1.02% during mid-day trading on Tuesday, reaching $20.75. 1,890,677 shares of the company were exchanged. The Michaels Companies, Inc. has a 12 month low of $19.00 and a 12 month high of $31.36. The stock has a market capitalization of $4.25 billion, a P/E ratio of 11.84 and a beta of 1.01. The stock has a 50 day moving average price of $20.55 and a 200-day moving average price of $23.16.

The Michaels Companies (NASDAQ:MIK) last released its quarterly earnings data on Tuesday, December 6th. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by $0.03. The Michaels Companies had a negative return on equity of 22.27% and a net margin of 7.15%. The business earned $1.23 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the firm earned $0.37 earnings per share. The Michaels Companies’s quarterly revenue was up 5.0% on a year-over-year basis. Analysts predict that The Michaels Companies, Inc. will post $1.87 earnings per share for the current year.

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A number of equities research analysts have issued reports on the stock. Raymond James Financial, Inc. cut shares of The Michaels Companies from an “outperform” rating to a “market perform” rating in a report on Wednesday, December 7th. Bank of America Corporation cut shares of The Michaels Companies from a “buy” rating to a “neutral” rating in a report on Friday, November 4th. J P Morgan Chase & Co raised shares of The Michaels Companies from a “neutral” rating to an “overweight” rating in a report on Tuesday, January 17th. Zacks Investment Research cut shares of The Michaels Companies from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 8th. Finally, Guggenheim reissued a “buy” rating and set a $30.00 target price (down previously from $33.00) on shares of The Michaels Companies in a report on Wednesday, December 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $29.36.

In related news, EVP Philo Pappas sold 1,152 shares of the company’s stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $23.92, for a total transaction of $27,555.84. Following the sale, the executive vice president now directly owns 85,715 shares of the company’s stock, valued at approximately $2,050,302.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Blackstone Management Associat sold 18,000,000 shares of the company’s stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $21.28, for a total value of $383,040,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,001,152 shares of company stock valued at $647,547,556. Corporate insiders own 1.50% of the company’s stock.

About The Michaels Companies

The Michaels Companies, Inc is North America’s specialty provider of arts, crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of February 27, 2016, the Company owned and operated more than 1,340 stores in 49 states and Canada under the brands Michaels, Aaron Brothers and Pat Catan’s.

5 Day Chart for NASDAQ:MIK

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