Bank of New York Mellon Corp Purchases 1,723 Shares of Mohawk Industries, Inc. (MHK)

Bank of New York Mellon Corp raised its position in shares of Mohawk Industries, Inc. (NYSE:MHK) by 0.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 429,671 shares of the company’s stock after purchasing an additional 1,723 shares during the quarter. Bank of New York Mellon Corp owned 0.58% of Mohawk Industries worth $92,064,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MHK. Epoch Investment Partners Inc. bought a new stake in shares of Mohawk Industries during the 2nd quarter valued at about $171,834,000. Long Pond Capital LP bought a new stake in shares of Mohawk Industries during the 2nd quarter valued at about $158,411,000. Select Equity Group L.P. grew its stake in shares of Mohawk Industries by 20.6% during the 2nd quarter. Select Equity Group L.P. now owns 1,959,024 shares of the company’s stock valued at $419,760,000 after purchasing an additional 334,869 shares during the period. Calamos Advisors LLC grew its stake in shares of Mohawk Industries by 324.6% during the 2nd quarter. Calamos Advisors LLC now owns 294,082 shares of the company’s stock valued at $63,013,000 after purchasing an additional 224,823 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Mohawk Industries by 23.1% during the 2nd quarter. Wells Fargo & Company MN now owns 1,096,430 shares of the company’s stock valued at $234,932,000 after acquiring an additional 206,062 shares during the period. Institutional investors and hedge funds own 81.57% of the company’s stock.

NYSE MHK opened at $125.65 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.79 and a current ratio of 1.54. Mohawk Industries, Inc. has a 12 month low of $113.45 and a 12 month high of $286.85. The company has a market capitalization of $9.39 billion, a P/E ratio of 9.23, a price-to-earnings-growth ratio of 1.52 and a beta of 1.62.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, October 25th. The company reported $3.29 EPS for the quarter, missing the Zacks’ consensus estimate of $3.58 by ($0.29). Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.61 billion. As a group, equities analysts forecast that Mohawk Industries, Inc. will post 12.46 earnings per share for the current year.

Mohawk Industries declared that its board has approved a share buyback program on Thursday, October 25th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

In related news, insider Bernard Thiers sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $190.00, for a total value of $950,000.00. Following the transaction, the insider now directly owns 40,156 shares of the company’s stock, valued at approximately $7,629,640. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Brian Carson purchased 2,698 shares of the stock in a transaction that occurred on Monday, October 29th. The stock was acquired at an average cost of $116.34 per share, for a total transaction of $313,885.32. Following the completion of the acquisition, the insider now owns 21,135 shares in the company, valued at approximately $2,458,845.90. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 262,698 shares of company stock worth $31,728,885. 16.80% of the stock is owned by insiders.

A number of brokerages recently issued reports on MHK. JPMorgan Chase & Co. cut their price objective on Mohawk Industries from $160.00 to $105.00 and set an “underweight” rating for the company in a research note on Monday, October 29th. SunTrust Banks cut their price objective on Mohawk Industries from $270.00 to $135.00 and set a “buy” rating for the company in a research note on Monday, October 29th. Raymond James cut their price objective on Mohawk Industries from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, October 29th. Wells Fargo & Co cut their price objective on Mohawk Industries from $195.00 to $130.00 and set a “market perform” rating for the company in a research note on Monday, October 29th. Finally, Barclays cut their price objective on Mohawk Industries from $215.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, October 29th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $175.06.

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Mohawk Industries Company Profile

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

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Institutional Ownership by Quarter for Mohawk Industries (NYSE:MHK)

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