Mohawk Industries, Inc. (NYSE:MHK) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Monday, July 24th.
Several other brokerages also recently weighed in on MHK. Instinet restated a “buy” rating and set a $280.00 price target on shares of Mohawk Industries in a report on Friday, April 14th. Royal Bank Of Canada restated a “buy” rating and set a $267.00 price target on shares of Mohawk Industries in a report on Monday, May 1st. Zacks Investment Research upgraded Mohawk Industries from a “hold” rating to a “buy” rating and set a $268.00 price target for the company in a report on Tuesday, July 4th. MKM Partners reaffirmed a “buy” rating and set a $255.00 price objective on shares of Mohawk Industries in a research report on Tuesday, April 18th. Finally, Stifel Nicolaus increased their price objective on Mohawk Industries from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Monday, May 1st. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $266.64.
Shares of Mohawk Industries (NYSE:MHK) opened at 248.97 on Monday. The firm’s market cap is $18.51 billion. Mohawk Industries has a 52-week low of $175.52 and a 52-week high of $252.89. The company has a 50-day moving average of $246.74 and a 200 day moving average of $235.35.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, July 27th. The company reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.12. Mohawk Industries had a return on equity of 16.45% and a net margin of 10.54%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter in the prior year, the company earned $3.47 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities analysts expect that Mohawk Industries will post $13.52 earnings per share for the current year.
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In related news, VP Rodney David Patton sold 387 shares of Mohawk Industries stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $242.00, for a total transaction of $93,654.00. Following the sale, the vice president now owns 7,061 shares of the company’s stock, valued at approximately $1,708,762. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Suzanne L. Helen sold 6,200 shares of Mohawk Industries stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $240.62, for a total value of $1,491,844.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,724 shares of company stock worth $1,857,577. Insiders own 17.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Washington Trust Bank increased its stake in Mohawk Industries by 81.1% in the first quarter. Washington Trust Bank now owns 480 shares of the company’s stock worth $110,000 after buying an additional 215 shares during the last quarter. Sun Life Financial INC boosted its position in shares of Mohawk Industries by 5,675.0% in the second quarter. Sun Life Financial INC now owns 462 shares of the company’s stock worth $112,000 after buying an additional 454 shares during the period. IFP Advisors Inc boosted its position in shares of Mohawk Industries by 5.6% in the first quarter. IFP Advisors Inc now owns 527 shares of the company’s stock worth $121,000 after buying an additional 28 shares during the period. First Personal Financial Services boosted its position in shares of Mohawk Industries by 6.6% in the second quarter. First Personal Financial Services now owns 568 shares of the company’s stock worth $137,000 after buying an additional 35 shares during the period. Finally, First Manhattan Co. bought a new position in shares of Mohawk Industries during the second quarter worth approximately $160,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.
Mohawk Industries Company Profile
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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