Michaels Companies Inc(NASDAQ:MIK) announced the earnings results for Fiscal Year 2016 and Q1. The results came in during Pre-market on Jun 7, 2016. Company reported revenue of $1.16B. Analysts estimated a revenue of $1.17B. Earnings per share were $0.36. Analysts had estimated an EPS of $0.35.
In a different note, On May 6, 2016, Goldman Sachs said it Downgrades its rating on Michaels Companies Inc. The shares have been rated ‘Neutral’ by the firm. On Mar 18, 2016, Goldman Sachs said it Maintains its rating on Michaels Companies Inc. In the research note, the firm Raises the price-target to $28.00 per share. The shares have been rated ‘Buy’ by the firm.
Michaels Companies Inc (MIK) shares turned negative on Fridays trading session with the shares closing down -0.39 points or -1.42% at a volume of 12,50,418. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $27.29. The peak price level was also seen at $27.29 while the days lowest was $26.65. Finally the shares closed at $27.01. The 52-week high of the shares is $31.365 while the 52-week low is $19.46. According to the latest information available, the market cap of the company is $5,610 M.
Several Insider Transactions has been reported to the SEC. On Jun 6, 2016, Dennis A. Mullahy (EVP-Supply Chain & IT) sold 7,421 shares at $30.00 per share price.Also, On Jun 6, 2016, Carl Rubin (Chairman & CEO) sold 100,000 shares at $30.00 per share price.On May 4, 2016, Theodore J. Bachmeier (EVP – Store Operations) sold 40,000 shares at $29.00 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.