ValuEngine Upgrades Mohawk Industries, Inc. (MHK) to Buy
Mohawk Industries, Inc. (NYSE:MHK) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.
MHK has been the subject of several other reports. MKM Partners reissued a “buy” rating and issued a $286.00 target price (up from $255.00) on shares of Mohawk Industries in a report on Wednesday, August 2nd. BidaskClub downgraded Mohawk Industries from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Credit Suisse Group began coverage on Mohawk Industries in a report on Thursday, June 22nd. They issued an “outperform” rating and a $274.00 target price for the company. Zacks Investment Research downgraded Mohawk Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $267.00 target price on shares of Mohawk Industries in a report on Monday, July 24th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $266.64.
Shares of Mohawk Industries (NYSE:MHK) traded up 2.13% on Friday, hitting $257.92. The stock had a trading volume of 603,443 shares. The stock has a 50 day moving average price of $248.93 and a 200-day moving average price of $238.62. The company’s market cap is $19.17 billion. Mohawk Industries has a 12-month low of $175.52 and a 12-month high of $258.38.
Mohawk Industries (NYSE:MHK) last posted its earnings results on Thursday, July 27th. The company reported $3.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 period in the previous year, the business earned $3.47 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. 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 the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $242.00, for a total value of $93,654.00. Following the sale, the vice president now owns 7,061 shares in the company, valued at approximately $1,708,762. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total value of $5,022,515.00. Following the completion of the sale, the chairman now owns 21,396 shares in the company, valued at approximately $5,454,910.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,224 shares of company stock worth $5,388,248. Insiders own 17.00% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MHK. Janney Montgomery Scott LLC grew its holdings in shares of Mohawk Industries by 3.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 2,523 shares of the company’s stock worth $579,000 after acquiring an additional 93 shares during the period. Strs Ohio grew its holdings in shares of Mohawk Industries by 1.0% in the 1st quarter. Strs Ohio now owns 5,539 shares of the company’s stock worth $1,271,000 after acquiring an additional 54 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Mohawk Industries by 19.5% in the 1st quarter. Russell Investments Group Ltd. now owns 51,619 shares of the company’s stock worth $11,847,000 after acquiring an additional 8,411 shares during the period. IFP Advisors Inc grew its holdings in shares of Mohawk Industries by 5.6% in the 1st quarter. IFP Advisors Inc now owns 527 shares of the company’s stock worth $121,000 after acquiring an additional 28 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Mohawk Industries by 62.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,333 shares of the company’s stock worth $2,142,000 after acquiring an additional 3,605 shares during the period. Institutional investors and hedge funds own 76.97% of the company’s stock.
About Mohawk Industries
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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