Mohawk Industries’ (MHK) Buy Rating Reiterated at Royal Bank Of Canada
Mohawk Industries, Inc. (NYSE:MHK)‘s stock had its “buy” rating reaffirmed by investment analysts at Royal Bank Of Canada in a report issued on Monday. They presently have a $267.00 price target on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 9.42% from the company’s current price.
A number of other brokerages have also issued reports on MHK. BidaskClub raised shares of Mohawk Industries from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Credit Suisse Group assumed coverage on shares of Mohawk Industries in a report on Thursday, June 22nd. They issued an “outperform” rating and a $274.00 price objective for the company. Zacks Investment Research raised shares of Mohawk Industries from a “hold” rating to a “buy” rating and set a $268.00 price objective for the company in a report on Tuesday, July 4th. Stifel Nicolaus upped their price objective on shares of Mohawk Industries from $250.00 to $260.00 and gave the company a “buy” rating in a report on Monday, May 1st. Finally, MKM Partners reissued a “buy” rating and issued a $255.00 price objective on shares of Mohawk Industries in a report on Tuesday, April 18th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $260.67.
Shares of Mohawk Industries (MHK) traded down 0.45% during mid-day trading on Monday, hitting $244.02. 456,684 shares of the stock traded hands. Mohawk Industries has a 12 month low of $175.52 and a 12 month high of $249.61. The firm has a 50 day moving average of $243.64 and a 200 day moving average of $230.38. The stock’s market cap is $18.14 billion.
Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, April 27th. The company reported $2.72 EPS for the quarter, beating the Zacks’ consensus estimate of $2.71 by $0.01. Mohawk Industries had a net margin of 10.65% and a return on equity of 16.88%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the prior year, the business earned $2.38 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts expect that Mohawk Industries will post $13.37 EPS for the current fiscal year.
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In other Mohawk Industries news, insider Suzanne L. Helen sold 6,200 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $240.62, for a total transaction of $1,491,844.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cock Frans Georges De sold 1,000 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $238.27, for a total transaction of $238,270.00. Following the transaction, the director now directly owns 13,016 shares of the company’s stock, valued at approximately $3,101,322.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,587 shares of company stock valued at $1,823,768. 17.10% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MHK. Wilbanks Smith & Thomas Asset Management LLC raised its position in shares of Mohawk Industries by 0.7% in the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 1,519 shares of the company’s stock valued at $349,000 after buying an additional 11 shares during the period. BTC Capital Management Inc. raised its position in shares of Mohawk Industries by 1.1% in the first quarter. BTC Capital Management Inc. now owns 1,265 shares of the company’s stock valued at $289,000 after buying an additional 14 shares during the period. IFP Advisors Inc raised 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 valued at $121,000 after buying an additional 28 shares during the period. Cleararc Capital Inc. raised its position in shares of Mohawk Industries by 2.3% in the first quarter. Cleararc Capital Inc. now owns 1,550 shares of the company’s stock valued at $356,000 after buying an additional 35 shares during the period. Finally, Pacer Advisors Inc. raised its position in shares of Mohawk Industries by 3.6% in the first quarter. Pacer Advisors Inc. now owns 1,266 shares of the company’s stock valued at $291,000 after buying an additional 44 shares during the period. 77.03% of the stock is owned by institutional investors.
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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