Michaels Companies, Inc. (MIK) Files Form 4 Insider Selling : Carl Rubin Sells 150,000 Shares

Michaels Companies, Inc. (MIK): Carl Rubin , Chairman & CEO of Michaels Companies, Inc. sold 150,000 shares on Jun 6, 2016. The Insider selling transaction was reported by the company on Jun 8, 2016 to the Securities and Exchange Commission. The shares were sold at $30.29 per share for a total value of $4,543,500.00 , the company said in a SEC Form 4 Filing.

Other Insider transactions have been reported by the company according to SEC Form 4, on Jun 6, 2016, Dennis A. Mullahy (EVP-Supply Chain & IT) sold 7,421 shares at $30.00 per share price.On Jun 6, 2016, Carl Rubin (Chairman & CEO) sold 100,000 shares at $30.00 per share price.Also, On May 4, 2016, Michael J Veitenheimer (EVP – General Counsel & Sec) sold 85,931 shares at $28.61 per share price.On May 4, 2016, Theodore J. Bachmeier (EVP – Store Operations) sold 40,000 shares at $29.00 per share price.

Shares of Michaels Companies Inc (MIK) ended Tuesday, Jun 7, 2016 session in red amid volatile trading. The shares closed down -2.45 points or -8.13% at $27.69 with 70,21,202 shares getting traded. Post opening the session at $27.69, the shares hit an intraday low of $26.1 and an intraday high of $27.965 and the price vacillated in this range throughout the day. The company has a market cap of $5,787 M and the number of outstanding shares has been calculated to be 20,89,77,720 shares. The 52-week high of Michaels Companies Inc is $31.365 and the 52-week low is $19.46.

Michaels Companies Inc Money Flow Index Chart

Company has been under the radar of several Street Analysts.Michaels Companies Inc is Downgraded by Goldman to Neutral. Earlier the firm had a rating of Buy on the company shares. The Rating was issued on May 6, 2016.Michaels Companies Inc is Reiterated by Telsey Advisory Group to Market Perform and the brokerage firm has raised the Price Target to $ 28 from a previous price target of $26 .The Rating was issued on Mar 18, 2016.

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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