Brokerages Set Mohawk Industries Inc. (MHK) Price Target at $224.82
Shares of Mohawk Industries Inc. (NYSE:MHK) have been assigned a consensus rating of “Buy” from the sixteen ratings firms that are covering the company. Five analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $224.82.
Several equities research analysts have recently issued reports on the stock. Bank of America Corp. upgraded shares of Mohawk Industries from a “neutral” rating to a “buy” rating and set a $235.00 target price for the company in a report on Wednesday. Wells Fargo & Co. assumed coverage on shares of Mohawk Industries in a report on Wednesday, September 28th. They issued a “market perform” rating for the company. Macquarie restated an “outperform” rating and issued a $228.00 target price on shares of Mohawk Industries in a report on Thursday, September 22nd. RBC Capital Markets restated an “outperform” rating and issued a $245.00 target price (up previously from $220.00) on shares of Mohawk Industries in a report on Wednesday, August 10th. Finally, Gabelli started coverage on shares of Mohawk Industries in a report on Tuesday, August 9th. They set a “buy” rating for the company.
Mohawk Industries (NYSE:MHK) opened at 196.46 on Wednesday. The firm has a 50 day moving average of $204.40 and a 200-day moving average of $199.69. The stock’s market cap is $14.57 billion. Mohawk Industries has a 52-week low of $148.56 and a 52-week high of $216.58.
Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, August 4th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.36 by $0.11. The firm earned $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. Mohawk Industries had a net margin of 9.65% and a return on equity of 17.22%. The business’s revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the business earned $2.69 EPS. Equities analysts anticipate that Mohawk Industries will post $12.46 earnings per share for the current fiscal year.
In other news, Director Cock Frans Georges De sold 3,734 shares of Mohawk Industries stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $210.00, for a total value of $784,140.00. Following the transaction, the director now owns 6,266 shares of the company’s stock, valued at approximately $1,315,860. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Suzanne L. Helen sold 9,000 shares of Mohawk Industries stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $212.07, for a total transaction of $1,908,630.00. The disclosure for this sale can be found here. 17.10% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MHK. MSI Financial Services Inc increased its position in shares of Mohawk Industries by 13.1% in the third quarter. MSI Financial Services Inc now owns 597 shares of the company’s stock worth $120,000 after buying an additional 69 shares during the last quarter. 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 in the last quarter. 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 in the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in Mohawk Industries during the second quarter valued at $166,000. Finally, 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 in the last quarter. 78.64% of the stock is currently owned by hedge funds and other 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’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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