Bank of America Corp. Upgrades Mohawk Industries Inc. (MHK) to Buy
Mohawk Industries Inc. (NYSE:MHK) was upgraded by equities researchers at Bank of America Corp. to a “buy” rating in a research report issued on Wednesday.
Other research analysts have also issued reports about the company. Goldman Sachs Group Inc. restated a “buy” rating on shares of Mohawk Industries in a research report on Wednesday, July 6th. Credit Suisse Group AG restated a “buy” rating on shares of Mohawk Industries in a research report on Tuesday, June 28th. MKM Partners raised their price target on Mohawk Industries from $244.00 to $246.00 and gave the stock a “buy” rating in a research report on Monday, August 8th. Gabelli began coverage on Mohawk Industries in a research report on Tuesday, August 9th. They set a “buy” rating for the company. Finally, Zacks Investment Research lowered Mohawk Industries from a “buy” rating to a “hold” rating in a report on Monday, July 11th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $224.75.
Mohawk Industries (NYSE:MHK) opened at 191.99 on Wednesday. The company’s 50-day moving average price is $205.77 and its 200 day moving average price is $199.70. Mohawk Industries has a 12 month low of $148.56 and a 12 month high of $216.58. The firm’s market capitalization is $14.24 billion.
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Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, August 4th. The company reported $3.47 EPS for the quarter, topping the consensus estimate of $3.36 by $0.11. Mohawk Industries had a return on equity of 17.22% and a net margin of 9.65%. The business earned $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period last year, the business posted $2.69 earnings per share. The company’s quarterly revenue was up 13.2% on a year-over-year basis. Analysts predict that Mohawk Industries will post $12.46 EPS for the current year.
In related news, insider Suzanne L. Helen sold 4,600 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $216.00, for a total value of $993,600.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Suzanne L. Helen sold 9,300 shares of the business’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $214.00, for a total value of $1,990,200.00. The disclosure for this sale can be found here. Insiders own 17.10% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. raised its stake in shares of Mohawk Industries by 145.3% in the second quarter. Bessemer Group Inc. now owns 724,312 shares of the company’s stock worth $137,445,000 after buying an additional 429,064 shares in the last quarter. FMR LLC raised its stake in shares of Mohawk Industries by 12.9% in the second quarter. FMR LLC now owns 2,837,384 shares of the company’s stock worth $538,421,000 after buying an additional 323,324 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Mohawk Industries by 70.5% in the second quarter. TIAA CREF Investment Management LLC now owns 743,865 shares of the company’s stock worth $141,156,000 after buying an additional 307,514 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Mohawk Industries by 31.2% in the first quarter. Wellington Management Group LLP now owns 1,223,361 shares of the company’s stock worth $233,538,000 after buying an additional 290,953 shares in the last quarter. Finally, Appaloosa LP raised its stake in shares of Mohawk Industries by 37.3% in the second quarter. Appaloosa LP now owns 760,568 shares of the company’s stock worth $144,325,000 after buying an additional 206,673 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.
Mohawk Industries Company Profile
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’s manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (LVT) and vinyl flooring. It operates in three segments: Global Ceramic, which designs, manufactures, sources, distributes and markets a line of ceramic tile, porcelain tile and natural stone products; Flooring North America (Flooring NA), which designs, manufactures, sources, distributes and markets carpet, laminate, carpet pad, rugs, hardwood and vinyl, including LVT, in a range of colors, textures and patterns, and Flooring Rest of the World (Flooring ROW), which designs, manufactures, sources, distributes and markets laminate, hardwood flooring, roofing elements, insulation boards, medium-density fiberboard, chipboards and vinyl flooring products.
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