Mohawk Industries (NYSE:MHK) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Mohawk Industries (NYSE:MHK) from a buy rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

A number of other analysts have also issued reports on the stock. Barclays boosted their price target on shares of Mohawk Industries from $109.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $121.00 price objective on shares of Mohawk Industries in a research note on Tuesday, August 4th. Royal Bank Of Canada cut shares of Mohawk Industries from a “sector perform” rating to an “underperform” rating and dropped their price objective for the company from $130.00 to $112.00 in a report on Wednesday, October 7th. Melius Research initiated coverage on shares of Mohawk Industries in a research note on Tuesday, October 6th. They set a “buy” rating and a $188.00 target price on the stock. Finally, Robert W. Baird increased their target price on shares of Mohawk Industries from $112.00 to $132.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $138.92.

Mohawk Industries Price Performance

Mohawk Industries stock opened at $148.36 on Friday. The company’s 50 day simple moving average is $125.96 and its 200-day simple moving average is $116.71. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 1.82 and a beta of 1.16. Mohawk Industries has a 1 year low of $92.99 and a 1 year high of $151.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.13 and a current ratio of 1.92.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings data on Thursday, October 29th. The company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.58 by $0.14. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.82 billion. Mohawk Industries had a net margin of 4.15% and a return on equity of 7.50%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.67 EPS. As a group, equities research analysts expect that Mohawk Industries will post 9.80 earnings per share for the current year.

Insider Transactions at Mohawk Industries

In related news, Director Bernard Thiers sold 13,393 shares of Mohawk Industries stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $134.98, for a total value of $1,807,787.14. Following the completion of the transaction, the director owned 93,633 shares in the company, valued at $12,638,582.34. The trade was a 12.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeffrey S. Lorberbaum sold 45,750 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $127.18, for a total transaction of $5,818,485.00. Following the transaction, the chief executive officer owned 78,425 shares of the company’s stock, valued at $9,974,091.50. This trade represents a 36.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 106,693 shares of company stock valued at $13,709,238. 17.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mohawk Industries

A number of hedge funds and other institutional investors have recently modified their holdings of MHK. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Mohawk Industries during the second quarter worth about $25,000. Elevation Wealth Partners LLC increased its position in shares of Mohawk Industries by 122.2% during the second quarter. Elevation Wealth Partners LLC now owns 220 shares of the company’s stock worth $27,000 after purchasing an additional 121 shares in the last quarter. Basecamp Wealth Advisors LLC lifted its holdings in shares of Mohawk Industries by 2,281.8% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 262 shares of the company’s stock valued at $26,000 after purchasing an additional 251 shares during the last quarter. Provenance Wealth Advisors LLC purchased a new stake in shares of Mohawk Industries in the 3rd quarter valued at about $36,000. Finally, Pension & Wealth Management Advisors Inc. purchased a new stake in shares of Mohawk Industries in the 3rd quarter valued at about $36,000. 78.98% of the stock is currently owned by institutional investors and hedge funds.

About Mohawk Industries

Mohawk Industries, Inc is a global manufacturer and distributor of flooring products. The company serves residential and commercial customers through products sold to retailers, distributors, builders, contractors and other industry professionals.

Its product portfolio includes carpet, rugs, ceramic and porcelain tile, hardwood flooring, laminate, luxury vinyl tile and other resilient flooring products. Mohawk markets products under a range of well-known brands, including Mohawk, Karastan, Pergo, Quick-Step, Marazzi, Daltile, American Olean and Durkan.

The company traces its origins to a carpet mill established in 1878 and is headquartered in Calhoun, Georgia.