Virginia Retirement Systems ET AL reduced its stake in Mohawk Industries, Inc. (NYSE:MHK) by 50.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,000 shares of the company’s stock after selling 32,900 shares during the period. Virginia Retirement Systems ET AL’s holdings in Mohawk Industries were worth $5,611,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Qube Research & Technologies Ltd bought a new stake in Mohawk Industries in the second quarter valued at $110,000. WESPAC Advisors SoCal LLC bought a new stake in Mohawk Industries in the third quarter valued at $105,000. Captrust Financial Advisors increased its stake in Mohawk Industries by 2,250.0% in the second quarter. Captrust Financial Advisors now owns 705 shares of the company’s stock valued at $151,000 after purchasing an additional 675 shares in the last quarter. Piedmont Investment Advisors LLC bought a new stake in Mohawk Industries in the second quarter valued at $159,000. Finally, NuWave Investment Management LLC increased its stake in Mohawk Industries by 686.4% in the second quarter. NuWave Investment Management LLC now owns 810 shares of the company’s stock valued at $173,000 after purchasing an additional 707 shares in the last quarter. 81.57% of the stock is owned by hedge funds and other institutional investors.
In related news, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of the business’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $186.74, for a total transaction of $2,502,316.00. Following the transaction, the chairman now directly owns 45,187 shares in the company, valued at $8,438,220.38. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Filip Balcaen purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The shares were purchased at an average price of $181.00 per share, for a total transaction of $1,810,000.00. Following the completion of the acquisition, the director now owns 776 shares of the company’s stock, valued at approximately $140,456. The disclosure for this purchase can be found here. Insiders have bought 262,698 shares of company stock valued at $31,728,885 over the last quarter. Corporate insiders own 16.80% of the company’s stock.
Several equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Mohawk Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Jefferies Financial Group decreased their price target on shares of Mohawk Industries from $294.00 to $268.00 and set a “buy” rating for the company in a research note on Tuesday, July 31st. Cleveland Research reaffirmed a “hold” rating on shares of Mohawk Industries in a research note on Wednesday, September 12th. Credit Suisse Group decreased their price target on shares of Mohawk Industries from $275.00 to $220.00 and set an “outperform” rating for the company in a research note on Friday, July 27th. Finally, Gabelli reiterated a “buy” rating on shares of Mohawk Industries in a report on Friday, July 27th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. Mohawk Industries has an average rating of “Hold” and an average price target of $175.06.
Shares of NYSE MHK opened at $125.65 on Friday. The stock has a market cap of $9.38 billion, a PE ratio of 9.23, a price-to-earnings-growth ratio of 1.52 and a beta of 1.62. Mohawk Industries, Inc. has a 1 year low of $113.45 and a 1 year high of $286.85. The company has a quick ratio of 0.79, a current ratio of 1.54 and a debt-to-equity ratio of 0.20.
Mohawk Industries (NYSE:MHK) last issued its quarterly earnings data on Thursday, October 25th. The company reported $3.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.58 by ($0.29). The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.61 billion. Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. As a group, research analysts anticipate that Mohawk Industries, Inc. will post 12.46 EPS for the current fiscal year.
Mohawk Industries declared that its board has authorized a stock repurchase program on Thursday, October 25th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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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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