Mohawk Industries, Inc. (NYSE:MHK) Receives “Buy” Rating from Royal Bank Of Canada

Mohawk Industries, Inc. (NYSE:MHK)‘s stock had its “buy” rating reiterated by equities research analysts at Royal Bank Of Canada in a research report issued on Monday. They presently have a $267.00 price objective on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 9.42% from the company’s current price.

Several other research analysts also recently issued reports on MHK. Nomura initiated coverage on Mohawk Industries in a research note on Wednesday, April 12th. They set a “buy” rating and a $280.00 price target for the company. Instinet reaffirmed a “buy” rating and set a $280.00 price target on shares of Mohawk Industries in a research note on Friday, April 14th. MKM Partners reaffirmed a “buy” rating and set a $255.00 price target on shares of Mohawk Industries in a research note on Tuesday, April 18th. Stifel Nicolaus lifted their price target on Mohawk Industries from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Finally, BidaskClub raised Mohawk Industries from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 14th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $260.67.

Mohawk Industries (NYSE MHK) traded down 0.45% during midday trading on Monday, hitting $244.02. 456,684 shares of the stock were exchanged. The firm has a 50-day moving average price of $243.64 and a 200-day moving average price of $230.38. Mohawk Industries has a one year low of $175.52 and a one year high of $249.61. The stock’s market cap is $18.14 billion.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, April 27th. The company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.01. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.27 billion. Mohawk Industries had a return on equity of 16.88% and a net margin of 10.65%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.38 EPS. On average, equities research analysts anticipate that Mohawk Industries will post $13.37 EPS for the current fiscal year.

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In other Mohawk Industries news, insider Suzanne L. Helen sold 6,200 shares of Mohawk Industries stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $240.62, for a total value of $1,491,844.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cock Frans Georges De sold 1,000 shares of Mohawk Industries stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $238.27, for a total value of $238,270.00. Following the completion of the sale, the director now owns 13,016 shares of the company’s stock, valued at approximately $3,101,322.32. The disclosure for this sale can be found here. Insiders sold a total of 7,587 shares of company stock valued at $1,823,768 in the last 90 days. 17.10% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of MHK. Washington Trust Bank boosted its stake in Mohawk Industries by 81.1% in the first quarter. Washington Trust Bank now owns 480 shares of the company’s stock valued at $110,000 after buying an additional 215 shares during the period. IFP Advisors Inc boosted its stake in Mohawk Industries by 5.6% in the first quarter. IFP Advisors Inc now owns 527 shares of the company’s stock valued at $121,000 after buying an additional 28 shares during the period. Meeder Asset Management Inc. acquired a new stake in Mohawk Industries during the first quarter valued at approximately $179,000. Bahl & Gaynor Inc. acquired a new stake in Mohawk Industries during the first quarter valued at approximately $202,000. Finally, King Luther Capital Management Corp acquired a new stake in Mohawk Industries during the first quarter valued at approximately $225,000. Institutional investors own 77.03% of the company’s stock.

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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