Mohawk Industries (MHK) Upgraded to Buy by Zacks Investment Research

Mohawk Industries (NYSE:MHK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, January 8th. The brokerage currently has a $310.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.94% from the company’s current price.

According to Zacks, “Although Mohawk’s shares have slightly outperformed the industry so far this year,  earnings estimates  for the current quarter and year have increased over the last 60 days reflecting an upside potential of the stock. Further, the company’s improved pricing will continue to benefit margins. It is to be noted that, Mohawk continues to enjoys a leading position in the home furnishings industry and has completed four strategic acquisitions this year that broadened its product portfolio. The company is looking to explore investment options for expansion and acquisitions to widen its geographic presence and product offerings. However, higher costs and currency headwinds continue to impede growth.”

MHK has been the subject of a number of other research reports. Barclays boosted their price target on Mohawk Industries from $285.00 to $301.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. ValuEngine raised Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Northcoast Research started coverage on Mohawk Industries in a research report on Thursday, October 5th. They set a “buy” rating and a $295.00 price target for the company. Nomura set a $300.00 price target on Mohawk Industries and gave the company a “buy” rating in a research report on Friday, October 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $300.00 price target (up previously from $291.00) on shares of Mohawk Industries in a research report on Monday, October 30th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $292.83.

Shares of Mohawk Industries (NYSE:MHK) traded up $0.42 during trading hours on Monday, hitting $274.49. The stock had a trading volume of 506,700 shares, compared to its average volume of 524,147. The stock has a market capitalization of $20,410.00, a P/E ratio of 21.26, a P/E/G ratio of 2.25 and a beta of 1.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.77 and a current ratio of 1.48. Mohawk Industries has a twelve month low of $200.74 and a twelve month high of $286.85.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, October 26th. The company reported $3.75 EPS for the quarter, beating the Zacks’ consensus estimate of $3.74 by $0.01. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.46 billion. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.50 earnings per share. research analysts forecast that Mohawk Industries will post 13.52 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Riverhead Capital Management LLC boosted its position in shares of Mohawk Industries by 0.7% in the second quarter. Riverhead Capital Management LLC now owns 2,035 shares of the company’s stock worth $492,000 after buying an additional 15 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Mohawk Industries by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,693 shares of the company’s stock worth $1,134,000 after buying an additional 16 shares during the period. Thrivent Financial For Lutherans boosted its position in shares of Mohawk Industries by 3.0% in the second quarter. Thrivent Financial For Lutherans now owns 2,390 shares of the company’s stock worth $578,000 after buying an additional 70 shares during the period. Chemical Bank boosted its position in shares of Mohawk Industries by 3.5% in the second quarter. Chemical Bank now owns 2,918 shares of the company’s stock worth $705,000 after buying an additional 100 shares during the period. Finally, CIBC World Markets Inc. boosted its position in shares of Mohawk Industries by 2.2% in the second quarter. CIBC World Markets Inc. now owns 5,396 shares of the company’s stock worth $1,304,000 after buying an additional 114 shares during the period. 76.55% of the stock is owned by institutional investors.

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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.

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