Michaels Companies, Inc. (MIK): Lewis Klessel , director 10% owner of Michaels Companies, Inc. sold 5,179,885 shares on Jul 18, 2016. The Insider selling transaction was reported by the company on Jul 20, 2016 to the Securities and Exchange Commission. The shares were sold at $27.71 per share for a total value of $143534608 , the company said in a SEC Form 4 Filing.
Other Insider transactions have been reported by the company according to SEC Form 4, on Jul 19, 2016, Philo Pappas (EVP-Category Management) sold 2,205 shares at $27.32 per share price.On Jun 8, 2016, Carl Rubin (Chairman & CEO) sold 150,000 shares at $30.29 per share price.Also, On Jun 6, 2016, Dennis A. Mullahy (EVP-Supply Chain & IT) sold 7,421 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.
Michaels Companies Inc: On Monday, Jul 18, 2016 heightened volatility was witnessed in Michaels Companies Inc which led to swings in the share price. The shares opened for trading at $26.86 and hit $27.63 on the upside , eventually ending the session at $27.56, with a gain of 2.80% or 0.75 points. The heightened volatility saw the trading volume jump to 15,43,951 shares. The 52-week high of the share price is $31.365 and the company has a market cap of $5,724 M . The 52-week low of the share price is at $19.46.
Company has been under the radar of several Street Analysts.Michaels Companies Inc is Downgraded by JP Morgan to Neutral while Lowering the Price Target of the company shares to $ 30 from a previous price target of $33 . Earlier the firm had a rating of Overweight on the company shares. The Rating was issued on Jul 19, 2016.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.
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.