Michaels Companies’ Quiet Period Set To End on August 6th (NYSE:MIK)
Michaels Companies’ (NYSE:MIK) quiet period is set to end on Wednesday, August 6th. Michaels Companies had issued 27,777,778 shares in its public offering on June 27th, American Banking News reports. The total size of the offering was $472,222,226 based on an initial share price of $17.00. During Michaels Companies’ quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
Michaels Companies (NYSE:MIK) traded up 1.72% on Friday, hitting $15.34. The stock had a trading volume of 964,981 shares. Michaels Companies has a 52-week low of $14.77 and a 52-week high of $17.28. The stock’s 50-day moving average is $16.50 and its 200-day moving average is $16.50. The company has a market cap of $3.116 billion and a price-to-earnings ratio of 12.75.
The Michaels Companies, Inc is an arts and crafts specialty retailer in North America. The Company also operates a vertically integrated custom framing business.
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