Suvretta Capital Management buys $23,969,980 stake in Michaels Companies Inc (MIK)

Michaels Companies Inc (MIK) : Suvretta Capital Management scooped up 443,700 additional shares in Michaels Companies Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 943,700 shares of Michaels Companies Inc which is valued at $23,969,980.Michaels Companies Inc makes up approximately 1.01% of Suvretta Capital Management’s portfolio.

Other Hedge Funds, Including , D. E. Shaw boosted its stake in MIK in the latest quarter, The investment management firm added 11,760 additional shares and now holds a total of 730,228 shares of Michaels Companies Inc which is valued at $18,547,791. Michaels Companies Inc makes up approx 0.04% of D. E. Shaw’s portfolio. Engineers Gate Manager Lp sold out all of its stake in MIK during the most recent quarter. The investment firm sold 120,488 shares of MIK which is valued $3,060,395.Neuberger Berman Group boosted its stake in MIK in the latest quarter, The investment management firm added 2,574 additional shares and now holds a total of 11,377 shares of Michaels Companies Inc which is valued at $289,203.Calvert Investment Management boosted its stake in MIK in the latest quarter, The investment management firm added 21,683 additional shares and now holds a total of 141,457 shares of Michaels Companies Inc which is valued at $3,595,837. Michaels Companies Inc makes up approx 0.18% of Calvert Investment Management’s portfolio. Lmr Partners Llp sold out all of its stake in MIK during the most recent quarter. The investment firm sold 103,204 shares of MIK which is valued $2,720,457.

Michaels Companies Inc opened for trading at $23.94 and hit $24.2 on the upside on Thursday, eventually ending the session at $24.19, with a gain of 0.96% or 0.23 points. The heightened volatility saw the trading volume jump to 12,78,961 shares. Company has a market cap of $4,979 M.

On the company’s financial health, Michaels Companies Inc reported $0.17 EPS for the quarter, based on the information available during the earnings call on Aug 25, 2016. Analyst had a consensus estimate of $0.17. The company had revenue of $1060.40 million for the quarter, compared to analysts expectations of $1052.49 million. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS.

Many Wall Street Analysts have commented on Michaels Companies Inc. Michaels Companies Inc was Upgraded by Credit Suisse to ” Outperform” on Sep 6, 2016. Shares were Downgraded by JP Morgan on Jul 19, 2016 to ” Neutral” and Lowered the Price Target to $ 30 from a previous price target of $33 .

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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