American International Group Inc. Boosts Position in Mohawk Industries, Inc. (MHK)

American International Group Inc. boosted its stake in shares of Mohawk Industries, Inc. (NYSE:MHK) by 5.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,262 shares of the company’s stock after buying an additional 1,338 shares during the quarter. American International Group Inc.’s holdings in Mohawk Industries were worth $4,780,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MHK. Cornerstone Advisors Inc. grew its position in Mohawk Industries by 45.5% during the second quarter. Cornerstone Advisors Inc. now owns 1,289 shares of the company’s stock valued at $276,000 after buying an additional 403 shares during the period. Piedmont Investment Advisors LLC bought a new position in Mohawk Industries during the second quarter valued at about $159,000. First Trust Advisors LP grew its position in Mohawk Industries by 36.0% during the second quarter. First Trust Advisors LP now owns 77,556 shares of the company’s stock valued at $16,618,000 after buying an additional 20,517 shares during the period. Victory Capital Management Inc. grew its position in Mohawk Industries by 12.3% during the second quarter. Victory Capital Management Inc. now owns 18,322 shares of the company’s stock valued at $3,926,000 after buying an additional 2,012 shares during the period. Finally, Jennison Associates LLC grew its position in Mohawk Industries by 2.7% during the second quarter. Jennison Associates LLC now owns 236,714 shares of the company’s stock valued at $50,721,000 after buying an additional 6,151 shares during the period. Institutional investors own 78.20% of the company’s stock.

Several equities research analysts have commented on MHK shares. Credit Suisse Group reaffirmed a “neutral” rating on shares of Mohawk Industries in a report on Monday, October 29th. Jefferies Financial Group downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Cleveland Research reaffirmed a “hold” rating on shares of Mohawk Industries in a report on Wednesday, September 12th. Bank of America set a $210.00 price objective on shares of Mohawk Industries and gave the company a “buy” rating in a report on Thursday, October 11th. Finally, Barclays dropped their price objective on shares of Mohawk Industries from $215.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. Mohawk Industries presently has a consensus rating of “Hold” and a consensus price target of $171.63.

Shares of Mohawk Industries stock opened at $120.44 on Friday. Mohawk Industries, Inc. has a 12-month low of $113.45 and a 12-month high of $282.32. The stock has a market capitalization of $9.00 billion, a PE ratio of 8.85, a PEG ratio of 1.48 and a beta of 1.61. The company has a current ratio of 1.54, a quick ratio of 0.79 and a debt-to-equity ratio of 0.20.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results 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). Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%. The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.61 billion. On average, analysts anticipate that Mohawk Industries, Inc. will post 12.32 earnings per share for the current year.

Mohawk Industries announced that its Board of Directors has authorized a share repurchase plan on Thursday, October 25th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In related news, VP Rodney David Patton sold 763 shares of the firm’s stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $125.27, for a total value of $95,581.01. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Bernard Thiers sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $190.00, for a total transaction of $950,000.00. Following the completion of the sale, the insider now directly owns 40,156 shares in the company, valued at $7,629,640. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 340,898 shares of company stock worth $40,917,073 and sold 29,805 shares worth $4,918,906. Company insiders own 16.80% of the company’s stock.

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

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