Engineers Gate Manager LP increased its holdings in shares of Mohawk Industries, Inc. (NYSE:MHK) by 544.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,121 shares of the company’s stock after purchasing an additional 5,171 shares during the period. Engineers Gate Manager LP’s holdings in Mohawk Industries were worth $1,073,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. WESPAC Advisors SoCal LLC acquired a new stake in Mohawk Industries during the third quarter worth approximately $105,000. Qube Research & Technologies Ltd acquired a new stake in Mohawk Industries during the second quarter worth approximately $110,000. Captrust Financial Advisors grew its stake in Mohawk Industries by 2,250.0% during the second quarter. Captrust Financial Advisors now owns 705 shares of the company’s stock worth $151,000 after purchasing an additional 675 shares during the period. Piedmont Investment Advisors LLC acquired a new stake in Mohawk Industries during the second quarter worth approximately $159,000. Finally, NuWave Investment Management LLC grew its stake in Mohawk Industries by 686.4% during the second quarter. NuWave Investment Management LLC now owns 810 shares of the company’s stock worth $173,000 after purchasing an additional 707 shares during the period. 81.57% of the stock is owned by institutional investors and hedge funds.
In other news, insider Bernard Thiers sold 5,000 shares of the firm’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 owns 40,156 shares in the company, valued at $7,629,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Filip Balcaen bought 250,000 shares of the company’s stock in a transaction dated Monday, October 29th. The stock was bought at an average price of $118.42 per share, for a total transaction of $29,605,000.00. Following the acquisition, the director now directly owns 776 shares of the company’s stock, valued at $91,893.92. The disclosure for this purchase can be found here. Insiders bought 262,698 shares of company stock worth $31,728,885 in the last 90 days. Corporate insiders own 16.80% of the company’s stock.
Shares of NYSE:MHK opened at $125.65 on Friday. Mohawk Industries, Inc. has a 52-week low of $113.45 and a 52-week high of $286.85. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.79 and a current ratio of 1.54. The company has a market capitalization of $9.39 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 1.52 and a beta of 1.62.
Mohawk Industries (NYSE:MHK) last posted its earnings results on Thursday, October 25th. The company reported $3.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.58 by ($0.29). Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.61 billion. Equities research analysts anticipate that Mohawk Industries, Inc. will post 12.46 earnings per share for the current year.
Mohawk Industries declared that its board has authorized a share buyback plan on Thursday, October 25th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Several research analysts have issued reports on MHK shares. Zacks Investment Research lowered Mohawk Industries from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. ValuEngine lowered Mohawk Industries from a “sell” rating to a “strong sell” rating in a report on Thursday, July 26th. SunTrust Banks reiterated a “buy” rating and issued a $270.00 price target on shares of Mohawk Industries in a report on Friday, July 27th. Raymond James lowered Mohawk Industries from a “strong-buy” rating to an “outperform” rating in a report on Friday, July 27th. Finally, Stifel Nicolaus cut their price target on Mohawk Industries from $290.00 to $235.00 and set a “buy” rating on the stock in a report on Friday, July 27th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $175.06.
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About Mohawk Industries
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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