Mohawk Industries (NYSE:MHK) Price Target Cut to $146.00

Mohawk Industries (NYSE:MHK) had its price objective cut by investment analysts at Barclays from $161.00 to $146.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential upside of 8.63% from the company’s current price.

A number of other research firms have also weighed in on MHK. Royal Bank of Canada lifted their price objective on shares of Mohawk Industries from $108.00 to $140.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Jefferies Financial Group lifted their target price on shares of Mohawk Industries from $150.00 to $160.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. The Goldman Sachs Group boosted their price target on shares of Mohawk Industries from $141.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company upgraded shares of Mohawk Industries from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $140.00 to $160.00 in a research report on Monday, October 7th. Finally, Truist Financial dropped their target price on Mohawk Industries from $184.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday. Five analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $162.58.

Mohawk Industries Stock Performance

Mohawk Industries stock traded up $3.52 during midday trading on Monday, hitting $134.40. 317,353 shares of the company’s stock were exchanged, compared to its average volume of 707,977. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.92. The stock has a market cap of $8.58 billion, a price-to-earnings ratio of -20.45, a price-to-earnings-growth ratio of 1.11 and a beta of 1.37. Mohawk Industries has a 12-month low of $76.35 and a 12-month high of $164.29. The firm’s 50 day simple moving average is $154.55 and its 200 day simple moving average is $133.82.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, July 25th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.75 by $0.25. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the prior year, the business earned $2.76 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. Equities research analysts predict that Mohawk Industries will post 9.98 EPS for the current year.

Insiders Place Their Bets

In other news, insider Suzanne L. Helen sold 700 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total value of $102,879.00. Following the sale, the insider now directly owns 121,669 shares in the company, valued at $17,881,692.93. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Mohawk Industries news, insider Suzanne L. Helen sold 660 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $151.46, for a total transaction of $99,963.60. Following the sale, the insider now directly owns 118,709 shares of the company’s stock, valued at $17,979,665.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Suzanne L. Helen sold 700 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total transaction of $102,879.00. Following the completion of the transaction, the insider now directly owns 121,669 shares of the company’s stock, valued at approximately $17,881,692.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,660 shares of company stock worth $550,488. Insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Quest Partners LLC lifted its position in Mohawk Industries by 40.0% during the second quarter. Quest Partners LLC now owns 294 shares of the company’s stock worth $33,000 after buying an additional 84 shares during the period. Headlands Technologies LLC purchased a new position in shares of Mohawk Industries during the 2nd quarter worth about $50,000. Blue Trust Inc. boosted its position in shares of Mohawk Industries by 85.6% in the third quarter. Blue Trust Inc. now owns 362 shares of the company’s stock worth $58,000 after acquiring an additional 167 shares during the last quarter. Quent Capital LLC grew its holdings in Mohawk Industries by 27.2% in the first quarter. Quent Capital LLC now owns 496 shares of the company’s stock valued at $65,000 after purchasing an additional 106 shares during the period. Finally, AM Squared Ltd acquired a new position in Mohawk Industries during the second quarter worth approximately $68,000. Hedge funds and other institutional investors own 78.98% of the company’s stock.

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, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.