PiperJaffray Downgrades Michaels Companies Inc to Neutral

Brokerage firm PiperJaffray Downgrades its rating on Michaels Companies Inc(MIK). The shares have been rated Neutral. Previously, the analysts had a Overweight rating on the shares. The rating by the stock financial advisor at PiperJaffray was issued on Mar 27, 2017 in a research report to their Investors and Clients.

In a different note, On Mar 8, 2017, Bank of America said it Upgrades its rating on Michaels Companies Inc. The shares have been rated ‘Buy’ by the firm. On Jan 17, 2017, JP Morgan said it Upgrades its rating on Michaels Companies Inc. The shares have been rated ‘Overweight’ by the firm.

Michaels Companies Inc (MIK) made into the market gainers list on Fridays trading session with the shares advancing 0.78% or 0.17 points. Due to strong positive momentum, the stock ended at $21.96, which is also near the day’s high of $22.14. The stock began the session at $21.86 and the volume stood at 11,77,992 shares. The 52-week high of the shares is $31.365 and the 52 week low is $19. The company has a current market capitalization of $4,148 M and it has 18,88,94,380 shares in outstanding.

Michaels Companies Inc(MIK) last announced its earnings results on Mar 7, 2017 for Fiscal Year 2016 and Q4.Company reported revenue of $1.751B. Analysts had an estimated revenue of $1.760B. Earnings per share were $0.96. Analysts had estimated an EPS of $0.95.

Several Insider Transactions has been reported to the SEC. On Mar 10, 2017, Charles M Sonsteby (Vice Chairman) sold 38,754 shares at $22.12 per share price.Also, On Mar 9, 2017, Philo Pappas (EVP-Category Management) sold 32,020 shares at $22.00 per share price.On Jul 20, 2016, Joshua Bekenstein (director 10% owner) sold 5,179,885 shares at $27.71 per share price, according to the Form-4 filing with the securities and exchange commission.

The Michaels Companies Inc. is an arts and crafts specialty retailer in North America. The Company owns and operates a chain of retail stores in 49 states and Canada featuring arts crafts framing floral home decor and seasonal merchandise for the hobbyist and do-it-yourself home decorator. The Company also operates a vertically integrated custom framing business. The Company provides materials project ideas and education for creative activities. The Company has approximately 35000 stock-keeping units (SKUs) in arts crafts scrapbooking floral framing home decor seasonal offerings and children’s hobbies. It has developed an online platform which promotes social networking and includes tips project ideas marketing content and information on upcoming store events. The Company’s subsidiaries include Aaron Brothers Inc. Artistree of Canada ULC and Michaels Stores Procurement Company.

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