Mohawk Industries Inc. (MHK) Given Outperform Rating at Macquarie
Mohawk Industries Inc. (NYSE:MHK)‘s stock had its “outperform” rating reiterated by stock analysts at Macquarie in a research note issued to investors on Thursday. They currently have a $228.00 target price on the stock. Macquarie’s price objective suggests a potential upside of 10.45% from the company’s previous close.
Several other research analysts have also recently commented on the stock. RBC Capital Markets reiterated an “outperform” rating and set a $245.00 price target (up previously from $220.00) on shares of Mohawk Industries in a report on Wednesday, August 10th. Gabelli assumed coverage on shares of Mohawk Industries in a report on Tuesday, August 9th. They set a “buy” rating for the company. Zacks Investment Research upgraded shares of Mohawk Industries from a “sell” rating to a “hold” rating and set a $238.00 price target for the company in a report on Tuesday, August 9th. MKM Partners boosted their price target on shares of Mohawk Industries from $244.00 to $246.00 and gave the stock a “buy” rating in a report on Monday, August 8th. Finally, Royal Bank Of Canada boosted their price target on shares of Mohawk Industries from $220.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 8th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $224.50.
Mohawk Industries (NYSE:MHK) traded up 0.12% during mid-day trading on Thursday, hitting $206.67. 293,246 shares of the stock were exchanged. Mohawk Industries has a 52-week low of $148.56 and a 52-week high of $216.58. The firm’s market cap is $15.33 billion. The company has a 50 day moving average price of $210.04 and a 200 day moving average price of $198.10.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, August 4th. The company reported $3.47 EPS for the quarter, topping the consensus estimate of $3.36 by $0.11. Mohawk Industries had a net margin of 9.65% and a return on equity of 17.22%. The company earned $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the previous year, the business posted $2.69 EPS. The firm’s revenue was up 13.2% on a year-over-year basis. On average, analysts anticipate that Mohawk Industries will post $12.46 EPS for the current year.
In other news, insider Brian Carson sold 215 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $213.38, for a total transaction of $45,876.70. Following the completion of the sale, the insider now owns 30,929 shares in the company, valued at approximately $6,599,630.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Rodney David Patton sold 1,555 shares of the business’s stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $212.50, for a total transaction of $330,437.50. Following the sale, the vice president now owns 6,772 shares of the company’s stock, valued at approximately $1,439,050. The disclosure for this sale can be found here. Insiders own 17.10% of the company’s stock.
Several hedge funds have recently modified their holdings of MHK. Tower Research Capital LLC TRC increased its stake in Mohawk Industries by 612.2% in the second quarter. Tower Research Capital LLC TRC now owns 641 shares of the company’s stock valued at $122,000 after buying an additional 551 shares during the period. Checchi Capital Advisers LLC increased its stake in Mohawk Industries by 2.2% in the second quarter. Checchi Capital Advisers LLC now owns 843 shares of the company’s stock valued at $160,000 after buying an additional 18 shares during the period. Signature Estate & Investment Advisors LLC acquired a new stake in Mohawk Industries during the second quarter valued at approximately $166,000. Mizuho Asset Management Co. Ltd. increased its stake in Mohawk Industries by 96.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 874 shares of the company’s stock valued at $166,000 after buying an additional 428 shares during the period. Finally, IFP Advisors Inc increased its stake in Mohawk Industries by 1.9% in the first quarter. IFP Advisors Inc now owns 1,027 shares of the company’s stock valued at $196,000 after buying an additional 19 shares during the period. Institutional investors and hedge funds own 78.64% 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’s manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (LVT) and vinyl flooring. It operates in three segments: Global Ceramic, which designs, manufactures, sources, distributes and markets a line of ceramic tile, porcelain tile and natural stone products; Flooring North America (Flooring NA), which designs, manufactures, sources, distributes and markets carpet, laminate, carpet pad, rugs, hardwood and vinyl, including LVT, in a range of colors, textures and patterns, and Flooring Rest of the World (Flooring ROW), which designs, manufactures, sources, distributes and markets laminate, hardwood flooring, roofing elements, insulation boards, medium-density fiberboard, chipboards and vinyl flooring products.
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