Contrarius Investment Management.. recently announced the acquisition of new stake in The Michaels Companies Inc. (NASDAQ:MIK). The institutional investor has increased its shareholding in the Consumer Cyclical company by 21.46% to 10.19 million shares with purchase of 1.8 million shares. This fresh investment now brings its stake to 6.92% valued currently at $73.19 million. In addition, Fidelity Management & Research Co.. raised its holdings by 4.19 million to 8.42 million shares. And The Vanguard Group, Inc. has lifted its position by 0.80% or 61510.0 shares – to 7.76 million shares.
With over 3.98 million The Michaels Companies Inc. (MIK) shares trading Monday and a closing price of $11.25 on the day, the dollar volume was approximately $44.73 million. The shares have shown a positive weekly performance of 7.76% and its price on 08/31/20 gained nearly 1.08%. Currently, there are 146.87M common shares owned by the public and among those 93.70M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for MIK have a consensus price objective of $6.78. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $3.00 should the stock experience a downside. Incidentally, analysts’ outlook for the The Michaels Companies Inc. stock is 3.10 for the next 12 months. The average price target is -126.81% below its last price level and a downside to the estimated low will see the stock lose -275.0% over that period. But an upside of 19.64% will see the stock hit the forecast high price target while mean target price for the stock is $5.13.
Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 205,330 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 48,812 shares.
The top 3 mutual fund holders in The Michaels Companies Inc. are Contrarius ICAV – Global Equity F, iShares Core S&P Small Cap ETF, and Fidelity Value Fund. Contrarius ICAV – Global Equity F owns 5.36 million shares of the company’s stock, all valued at over $38.48 million. The company bought an additional 5.36 million shares recently to bring their total holdings to about 3.64% of the shares outstanding. iShares Core S&P Small Cap ETF bought 17010.0 shares to see its total holdings expand to 4.76 million shares valued at over $34.2 million and representing 3.23% of the shares outstanding. Fidelity Value Fund sold -0.65 million shares to bring its total holdings to over 3.53 million shares at a value of $25.34 million. Fidelity Value Fund now owns shares totaling to 2.40% of the shares outstanding.
Shares of The Michaels Companies Inc. (NASDAQ: MIK) opened at $11.24, up $0.11 from a prior closing price of $11.13. However, the script later closed the day at $11.25, up 1.08%. The company’s stock has a 5-day price change of 7.76% and 161.02% over the past three months. MIK shares are trading 39.06% year to date (YTD), with the 12-month market performance up to 98.41% higher. It has a 12-month low price of $1.00 and touched a high of $11.43 over the same period. Currently, 3.98 million shares have been traded, compared to an average intraday trading volume of 4.87 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 25.10%, 45.91%, and 102.11% respectively.
Institutional ownership of The Michaels Companies Inc. (NASDAQ: MIK) 146.87M shares outstanding. Mutual fund holders own 33.70%, while other institutional holders and individual stakeholders account for 50.42% and 25.58% respectively.
It has a market capitalization of $1.61B and a beta (3y monthly) value of 3.00. The stock’s trailing 12-month PE ratio is 9.78, while the earnings-per-share (ttm) stands at $1.15. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.04% over the week and 6.82% over the month.
Analysts forecast that The Michaels Companies Inc. (MIK) will achieve an EPS of $Mallinckrodt plc for the current quarter, $1.58 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $The Michaels Companies, Inc. while analysts give the company a high EPS estimate of $Vanguard Mega Cap Growth ETF. Comparatively, EPS for the current quarter was $McKesson Corporation a year ago. Earnings per share for the fiscal year are expected to decrease by -4.80%, and 54.96% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate The Michaels Companies Inc. (MIK) as a “Hold” at a consensus score of 3.10. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 4 of the 10 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the MIK, a number of firms have released research notes about the stock. Telsey Advisory Group stated their Market Perform rating for the stock in a research note on August 21, 2020, with the firm’s price target at $6-$10. JP Morgan coverage for the The Michaels Companies Inc. (MIK) stock in a research note released on June 08, 2020 offered a Overweight rating with a price target of $13. Guggenheim was of a view on March 18, 2020 that the stock is Neutral, while Goldman gave the stock Sell rating on January 16, 2020, issuing a price target of $7- $6.50. Morgan Stanley on their part issued Underweight rating on December 20, 2019.