Bank of America Issues Pessimistic Forecast for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its price target dropped by investment analysts at Bank of America from $152.00 to $150.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 24.52% from the company’s current price.

Several other analysts also recently issued reports on MHK. JPMorgan Chase & Co. raised shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $151.00 to $161.00 in a research note on Friday, January 10th. StockNews.com lowered Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Friday. Wolfe Research raised Mohawk Industries from a “peer perform” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada decreased their target price on Mohawk Industries from $140.00 to $134.00 and set a “sector perform” rating for the company in a research report on Monday, October 28th. Finally, Barclays cut their price target on shares of Mohawk Industries from $141.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Mohawk Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.15.

Mohawk Industries Stock Performance

NYSE MHK opened at $120.46 on Monday. The business’s 50 day moving average price is $124.30 and its 200-day moving average price is $140.65. Mohawk Industries has a fifty-two week low of $101.83 and a fifty-two week high of $164.29. The company has a market cap of $7.60 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.60 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.09 and a current ratio of 2.03.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, February 6th. The company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.10. Mohawk Industries had a net margin of 4.78% and a return on equity of 8.00%. Sell-side analysts predict that Mohawk Industries will post 10.71 earnings per share for the current year.

Insider Activity at Mohawk Industries

In other Mohawk Industries news, insider Suzanne L. Helen sold 2,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $135.48, for a total transaction of $270,960.00. Following the completion of the sale, the insider now directly owns 2,453 shares of the company’s stock, valued at approximately $332,332.44. This represents a 44.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 19,078 shares of company stock valued at $2,474,347 over the last quarter. 17.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Creative Planning increased its position in shares of Mohawk Industries by 7.6% during the second quarter. Creative Planning now owns 2,914 shares of the company’s stock worth $331,000 after purchasing an additional 207 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Mohawk Industries during the 2nd quarter worth $371,000. CWM LLC increased its position in Mohawk Industries by 1,024.3% during the 3rd quarter. CWM LLC now owns 7,443 shares of the company’s stock valued at $1,196,000 after buying an additional 6,781 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in Mohawk Industries in the third quarter valued at about $976,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Mohawk Industries by 2,773.6% in the third quarter. Exchange Traded Concepts LLC now owns 1,523 shares of the company’s stock worth $245,000 after acquiring an additional 1,470 shares in the last quarter. 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.