Shares of The Michaels Companies (MIK) Drops by -6.55%

The Michaels Companies (MIK) has risen sharply, recording gains of 0.07% in the past 4 weeks. However, the stock has corrected -6.55% in the past 1 week, providing a good buying opportunity on dips. The Michaels Companies (MIK) : During the past 4 weeks, traders have been relatively bearish on The Michaels Companies (MIK), hence the stock is down -4.12% when compared to the S&P 500 during the same period. However, in the past 1 week, the selling of the stock is down by -7.93% relative to the S&P 500. The stock has recorded a 20-day Moving Average of 2.87% and the 50-Day Moving Average is 4.56%.

The Michaels Companies (NASDAQ:MIK): The stock opened at $27.38 on Friday but the bulls could not build on the opening and the stock topped out at $27.38 for the day. The stock traded down to $26.74 during the day, due to lack of any buying support eventually closed down at $26.81 with a loss of -1.40% for the day. The stock had closed at $27.19 on the previous day. The total traded volume was 1,251,512 shares.


The company Insiders own 1.5% of The Michaels Companies shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -21.3% . Institutional Investors own 98.87% of The Michaels Companies shares. During last six month period, the net percent change held by insiders has seen a change of -21.3%. In a related news, Rubin Carl, director officer (Chairman & CEO) of Michaels Companies, Inc., unloaded 150,000 shares at an average price of $30.29 on June 6, 2016. The total amount of the transaction was worth $4,543,500, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.

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 35,000 stock-keeping units (SKUs) in arts, crafts, scrapbooking, floral, framing, home decor, seasonal offerings and childrens 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 Companys subsidiaries include Aaron Brothers, Inc., Artistree of Canada, ULC, and Michaels Stores Procurement Company.

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