Mohawk Industries, Inc. (NYSE:MHK) Short Interest Down 5.9% in October

Mohawk Industries, Inc. (NYSE:MHK) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 1,930,000 shares, a decline of 5.9% from the October 15th total of 2,050,000 shares. Based on an average daily volume of 707,400 shares, the short-interest ratio is presently 2.7 days. Approximately 3.7% of the shares of the stock are short sold.

Mohawk Industries Price Performance

MHK opened at $84.30 on Friday. The business has a fifty day moving average of $84.00 and a 200 day moving average of $95.26. Mohawk Industries has a 52-week low of $76.02 and a 52-week high of $130.63. The company has a quick ratio of 0.94, a current ratio of 1.73 and a debt-to-equity ratio of 0.23. The stock has a market cap of $5.37 billion, a P/E ratio of -9.83 and a beta of 1.27.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, October 26th. The company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.07. Mohawk Industries had a positive return on equity of 6.91% and a negative net margin of 4.88%. The company had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter in the previous year, the business earned $3.34 EPS. Mohawk Industries’s revenue was down 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Mohawk Industries will post 9.09 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jeffrey S. Lorberbaum sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $86.34, for a total value of $2,158,500.00. Following the transaction, the chief executive officer now directly owns 14,200 shares of the company’s stock, valued at approximately $1,226,028. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 17.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Mohawk Industries

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Mohawk Industries by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 6,033,272 shares of the company’s stock worth $550,173,000 after buying an additional 112,111 shares during the period. BlackRock Inc. lifted its stake in shares of Mohawk Industries by 0.8% during the 1st quarter. BlackRock Inc. now owns 4,362,231 shares of the company’s stock worth $541,788,000 after purchasing an additional 35,043 shares during the last quarter. Boston Partners lifted its stake in shares of Mohawk Industries by 11.7% during the 2nd quarter. Boston Partners now owns 2,916,496 shares of the company’s stock worth $301,090,000 after purchasing an additional 306,022 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Mohawk Industries by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,435,283 shares of the company’s stock worth $208,972,000 after purchasing an additional 103,813 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Mohawk Industries by 4.1% during the 2nd quarter. State Street Corp now owns 2,094,203 shares of the company’s stock worth $216,038,000 after purchasing an additional 83,172 shares during the last quarter. 77.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MHK has been the topic of a number of research reports. Barclays reduced their price objective on Mohawk Industries from $98.00 to $80.00 and set an “underweight” rating on the stock in a research note on Thursday, October 12th. Jefferies Financial Group cut their target price on Mohawk Industries from $118.00 to $93.00 in a research report on Thursday, October 12th. TheStreet downgraded Mohawk Industries from a “c-” rating to a “d+” rating in a research report on Thursday, October 26th. Truist Financial cut their target price on Mohawk Industries from $130.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, October 17th. Finally, Wells Fargo & Company assumed coverage on Mohawk Industries in a research report on Tuesday, October 17th. They set an “underweight” rating and a $85.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $103.13.

About Mohawk Industries

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).