JP Morgan Downgrades Michaels Companies Inc to Neutral

Brokerage firm JP Morgan Downgrades its rating on Michaels Companies Inc(NASDAQ:MIK). The shares have been rated Neutral. Previously, the analysts had a Overweight rating on the shares. The rating by JP Morgan was issued on Jul 28, 2016.

In a different note, On Jul 19, 2016, JP Morgan said it Downgrades its rating on Michaels Companies Inc. In the research note, the firm Lowers the price-target to $33.00 per share. The shares have been rated ‘Neutral’ by the firm. On May 6, 2016, Goldman Sachs said it Downgrades its rating on Michaels Companies Inc. The shares have been rated ‘Neutral’ by the firm.

Michaels Companies Inc (MIK) made into the market gainers list on Thursdays trading session with the shares advancing 0.08% or 0.02 points. Due to strong positive momentum, the stock ended at $25.52, which is also near the day’s high of $25.89. The stock began the session at $25.55 and the volume stood at 6,59,556 shares. The 52-week high of the shares is $31.365 and the 52 week low is $19.46. The company has a current market capitalization of $5,301 M and it has 20,77,04,990 shares in outstanding.

Michaels Companies Inc(MIK) last announced its earnings results on Jun 7, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $1.16B. Analysts had an estimated revenue of $1.17B. Earnings per share were $0.36. Analysts had estimated an EPS of $0.35.

Several Insider Transactions has been reported to the SEC. On Jul 20, 2016, Joshua Bekenstein (director 10% owner) sold 5,179,885 shares at $27.71 per share price.Also, On Jul 20, 2016, Matthew S Levin (director 10% owner) sold 5,179,885 shares at $27.71 per share price.On Jul 20, 2016, Lewis Klessel (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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