Scopia Capital Management LP acquired a new position in Mohawk Industries, Inc. (NYSE:MHK) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 318,382 shares of the company’s stock, valued at approximately $61,228,000. Mohawk Industries accounts for 7.6% of Scopia Capital Management LP’s holdings, making the stock its 5th largest position. Scopia Capital Management LP owned approximately 0.46% of Mohawk Industries as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fulton Bank N.A. increased its holdings in shares of Mohawk Industries by 1.8% in the first quarter. Fulton Bank N.A. now owns 2,942 shares of the company’s stock worth $566,000 after buying an additional 53 shares during the period. Personal CFO Solutions LLC increased its holdings in shares of Mohawk Industries by 1.5% in the first quarter. Personal CFO Solutions LLC now owns 3,677 shares of the company’s stock worth $707,000 after buying an additional 56 shares during the period. Cigna Investments Inc. New increased its holdings in shares of Mohawk Industries by 3.0% in the first quarter. Cigna Investments Inc. New now owns 2,182 shares of the company’s stock worth $420,000 after buying an additional 64 shares during the period. Norinchukin Bank The grew its stake in shares of Mohawk Industries by 1.6% in the first quarter. Norinchukin Bank The now owns 4,969 shares of the company’s stock worth $956,000 after purchasing an additional 76 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Mohawk Industries by 0.6% in the first quarter. Arizona State Retirement System now owns 17,449 shares of the company’s stock worth $3,356,000 after purchasing an additional 96 shares during the last quarter. Hedge funds and other institutional investors own 74.55% of the company’s stock.
Several analysts recently issued reports on the company. Raymond James raised their target price on Mohawk Industries from $235.00 to $240.00 and gave the stock a “strong-buy” rating in a research note on Monday, May 3rd. Royal Bank of Canada raised their target price on Mohawk Industries from $134.00 to $154.00 and gave the stock an “underperform” rating in a research note on Monday, May 3rd. Barclays raised their target price on Mohawk Industries from $191.00 to $222.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 27th. Wells Fargo & Company assumed coverage on Mohawk Industries in a research note on Thursday, July 15th. They issued an “equal weight” rating and a $213.00 target price on the stock. Finally, Truist lifted their price objective on Mohawk Industries from $220.00 to $236.00 in a research report on Monday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Mohawk Industries currently has an average rating of “Hold” and an average price target of $167.13.
Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, April 29th. The company reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.69. Mohawk Industries had a net margin of 6.46% and a return on equity of 9.14%. The company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.60 billion. On average, research analysts expect that Mohawk Industries, Inc. will post 13.73 earnings per share for the current year.
In related news, insider Bernard Thiers sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 5th. The shares were sold at an average price of $222.00, for a total value of $1,110,000.00. Following the completion of the transaction, the insider now directly owns 65,508 shares in the company, valued at approximately $14,542,776. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.90% of the stock is owned by insiders.
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 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).
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