Michaels Companies Sees Unusually High Options Volume (NASDAQ:MIK)

Michaels Companies Inc (NASDAQ:MIK) was the target of unusually large options trading activity on Thursday. Investors purchased 5,472 call options on the company. This represents an increase of 2,974% compared to the typical daily volume of 178 call options.

Michaels Companies stock traded down $0.35 during midday trading on Friday, reaching $5.25. The company’s stock had a trading volume of 2,087,262 shares, compared to its average volume of 2,421,607. Michaels Companies has a fifty-two week low of $4.96 and a fifty-two week high of $20.81. The firm has a market capitalization of $860.45 million, a PE ratio of 2.23, a P/E/G ratio of 0.41 and a beta of 1.06. The stock’s 50 day simple moving average is $6.96 and its 200 day simple moving average is $10.23.

Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings results on Thursday, June 6th. The specialty retailer reported $0.31 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.31. Michaels Companies had a negative return on equity of 22.82% and a net margin of 6.34%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the business posted $0.39 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, equities analysts predict that Michaels Companies will post 2.34 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. increased its position in Michaels Companies by 512.3% during the 1st quarter. Meeder Asset Management Inc. now owns 2,492 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 2,085 shares in the last quarter. AlphaOne Investment Services LLC increased its position in Michaels Companies by 126.1% during the 1st quarter. AlphaOne Investment Services LLC now owns 3,211 shares of the specialty retailer’s stock worth $37,000 after purchasing an additional 1,791 shares in the last quarter. Royce & Associates LP increased its position in Michaels Companies by 56.3% during the 1st quarter. Royce & Associates LP now owns 3,911 shares of the specialty retailer’s stock worth $45,000 after purchasing an additional 1,408 shares in the last quarter. WP Advisors LLC purchased a new stake in Michaels Companies during the 1st quarter worth about $65,000. Finally, Marshall Wace North America L.P. purchased a new stake in Michaels Companies during the 1st quarter worth about $102,000.

A number of brokerages have recently issued reports on MIK. Credit Suisse Group lowered shares of Michaels Companies from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $18.00 to $11.00 in a research report on Friday, June 7th. Deutsche Bank decreased their price target on Michaels Companies from $16.00 to $9.00 and set a “hold” rating for the company in a report on Friday, June 7th. Morgan Stanley set a $9.00 price target on Michaels Companies and gave the stock a “hold” rating in a report on Monday, June 17th. Goldman Sachs Group initiated coverage on Michaels Companies in a report on Thursday, July 11th. They set a “neutral” rating and a $8.00 price target for the company. Finally, Bank of America reaffirmed an “underperform” rating and set a $4.00 price target (down from $5.00) on shares of Michaels Companies in a report on Tuesday. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $10.64.

Michaels Companies Company Profile

The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.

See Also: Are we seeing the beginning of a new bubble?

Receive News & Ratings for Michaels Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michaels Companies and related companies with MarketBeat.com's FREE daily email newsletter.