Mohawk Industries, Inc. (MHK) Stock Rating Lowered by Cleveland Research

Cleveland Research cut shares of Mohawk Industries, Inc. (NYSE:MHK) from a buy rating to a neutral rating in a research report report published on Friday morning.

Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Mohawk Industries from a buy rating to a hold rating in a research note on Sunday, July 30th. Zacks Investment Research downgraded shares of Mohawk Industries from a buy rating to a hold rating in a research note on Wednesday, August 2nd. MKM Partners reissued a buy rating and issued a $286.00 price target (up from $255.00) on shares of Mohawk Industries in a research note on Wednesday, August 2nd. Royal Bank Of Canada reissued a buy rating and issued a $291.00 price target on shares of Mohawk Industries in a research note on Monday, July 31st. Finally, Credit Suisse Group began coverage on shares of Mohawk Industries in a research note on Thursday, June 22nd. They issued an outperform rating and a $274.00 price target on the stock. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Mohawk Industries has an average rating of Buy and an average price target of $266.64.

Shares of Mohawk Industries (MHK) opened at 245.03 on Friday. The company’s market capitalization is $18.22 billion. Mohawk Industries has a 12-month low of $175.52 and a 12-month high of $259.91. The stock has a 50 day moving average of $251.35 and a 200-day moving average of $240.22.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, July 27th. The company reported $3.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.60 by $0.12. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.45 billion. Mohawk Industries had a net margin of 10.54% and a return on equity of 16.45%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $3.47 earnings per share. Equities research analysts forecast that Mohawk Industries will post $13.51 EPS for the current year.

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In other Mohawk Industries news, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of Mohawk Industries stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $254.95, for a total transaction of $5,022,515.00. Following the transaction, the chairman now directly owns 21,396 shares of the company’s stock, valued at $5,454,910.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Rodney David Patton sold 137 shares of Mohawk Industries stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $246.78, for a total transaction of $33,808.86. Following the transaction, the vice president now directly owns 6,924 shares in the company, valued at $1,708,704.72. The disclosure for this sale can be found here. 17.00% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Wilbanks Smith & Thomas Asset Management LLC increased its position in shares of Mohawk Industries by 0.7% during the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 1,519 shares of the company’s stock valued at $349,000 after acquiring an additional 11 shares during the last quarter. Riverhead Capital Management LLC increased its position in shares of Mohawk Industries by 0.7% during the second quarter. Riverhead Capital Management LLC now owns 2,035 shares of the company’s stock valued at $492,000 after acquiring an additional 15 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Mohawk Industries by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,693 shares of the company’s stock valued at $1,134,000 after acquiring an additional 16 shares during the last quarter. ING Groep NV increased its position in shares of Mohawk Industries by 0.4% during the second quarter. ING Groep NV now owns 4,877 shares of the company’s stock valued at $1,179,000 after acquiring an additional 19 shares during the last quarter. Finally, Bellwether Investment Group LLC increased its position in shares of Mohawk Industries by 1.8% during the second quarter. Bellwether Investment Group LLC now owns 1,366 shares of the company’s stock valued at $330,000 after acquiring an additional 24 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

About Mohawk Industries

Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.

Analyst Recommendations for Mohawk Industries (NYSE:MHK)

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