Mohawk Industries (MHK) Lowered to Sector Perform at Royal Bank of Canada

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Mohawk Industries (NYSE:MHK) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Monday, October 15th, Marketbeat Ratings reports. They presently have a $190.00 price target on the stock. Royal Bank of Canada’s target price indicates a potential upside of 51.21% from the company’s previous close.

Several other brokerages have also issued reports on MHK. Bank of America set a $210.00 target price on Mohawk Industries and gave the company a “buy” rating in a research note on Thursday, October 11th. Raymond James lowered their target price on Mohawk Industries from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, October 10th. JPMorgan Chase & Co. lowered Mohawk Industries from a “neutral” rating to an “underweight” rating in a research note on Tuesday, October 9th. Goldman Sachs Group began coverage on Mohawk Industries in a research note on Tuesday, October 2nd. They issued a “neutral” rating and a $210.00 target price on the stock. Finally, Cleveland Research reiterated a “hold” rating on shares of Mohawk Industries in a research note on Wednesday, September 12th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $175.06.

Mohawk Industries stock traded down $1.58 during mid-day trading on Monday, reaching $125.65. 981,134 shares of the company’s stock were exchanged, compared to its average volume of 2,080,274. The firm has a market capitalization of $9.38 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 has a one year low of $113.45 and a one year high of $286.85. 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 issued 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). The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.61 billion. Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%. Analysts predict that Mohawk Industries will post 12.46 EPS for the current fiscal year.

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

In other news, insider Bernard Thiers sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $190.00, for a total value of $950,000.00. Following the completion of the transaction, the insider now directly owns 40,156 shares in the company, valued at approximately $7,629,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Carson acquired 2,698 shares of the business’s stock in a transaction dated Monday, October 29th. The stock was purchased at an average price of $116.34 per share, with a total value of $313,885.32. Following the completion of the acquisition, the insider now directly 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 90 days, insiders have purchased 262,698 shares of company stock valued at $31,728,885. 16.80% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of MHK. WESPAC Advisors SoCal LLC purchased a new position in shares of Mohawk Industries in the 3rd quarter worth about $105,000. Qube Research & Technologies Ltd purchased a new position in shares of Mohawk Industries in the 2nd quarter worth about $110,000. SRS Capital Advisors Inc. purchased a new position in shares of Mohawk Industries in the 3rd quarter worth about $118,000. Amica Retiree Medical Trust boosted its holdings in shares of Mohawk Industries by 134.3% in the 3rd quarter. Amica Retiree Medical Trust now owns 848 shares of the company’s stock worth $149,000 after purchasing an additional 486 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of Mohawk Industries by 2,250.0% in the 2nd quarter. Captrust Financial Advisors now owns 705 shares of the company’s stock worth $151,000 after purchasing an additional 675 shares in the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.

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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Analyst Recommendations for Mohawk Industries (NYSE:MHK)

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