Ameriprise Financial Inc. Has $108.27 Million Stake in Mohawk Industries, Inc. (MHK)
Ameriprise Financial Inc. decreased its position in Mohawk Industries, Inc. (NYSE:MHK) by 22.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 448,105 shares of the company’s stock after selling 131,717 shares during the period. Ameriprise Financial Inc. owned about 0.60% of Mohawk Industries worth $108,269,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of MHK. First Personal Financial Services boosted its holdings in shares of Mohawk Industries by 6.6% in the second quarter. First Personal Financial Services now owns 568 shares of the company’s stock valued at $137,000 after acquiring an additional 35 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Mohawk Industries by 18.6% in the second quarter. IFP Advisors Inc now owns 625 shares of the company’s stock valued at $151,000 after acquiring an additional 98 shares in the last quarter. First Manhattan Co. purchased a new stake in shares of Mohawk Industries in the second quarter valued at about $160,000. Meeder Asset Management Inc. purchased a new stake in shares of Mohawk Industries in the first quarter valued at about $179,000. Finally, Bahl & Gaynor Inc. purchased a new stake in shares of Mohawk Industries in the first quarter valued at about $202,000. 76.97% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently weighed in on MHK. ValuEngine raised shares of Mohawk Industries from a “hold” rating to a “buy” rating in a report on Friday, September 8th. Zacks Investment Research downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. MKM Partners reissued a “buy” rating and set a $286.00 price objective (up previously from $255.00) on shares of Mohawk Industries in a report on Wednesday, August 2nd. Royal Bank Of Canada reissued a “buy” rating and set a $291.00 price objective on shares of Mohawk Industries in a report on Monday, July 31st. Finally, BidaskClub downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $266.64.
In related news, VP Rodney David Patton sold 137 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $246.78, for a total value of $33,808.86. Following the completion of the transaction, the vice president now owns 6,924 shares in the company, valued at approximately $1,708,704.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the 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 completion of the transaction, the chairman now owns 21,396 shares of the company’s stock, valued at approximately $5,454,910.20. The disclosure for this sale can be found here. Corporate insiders own 17.00% of the company’s stock.
Shares of Mohawk Industries, Inc. (NYSE MHK) opened at 254.67 on Friday. The stock’s market cap is $18.93 billion. Mohawk Industries, Inc. has a 12-month low of $175.52 and a 12-month high of $259.91. The company’s 50-day moving average is $251.03 and its 200-day moving average is $239.71.
Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, July 27th. The company reported $3.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.60 by $0.12. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.45 billion. Mohawk Industries had a net margin of 10.54% and a return on equity of 16.45%. Mohawk Industries’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.47 EPS. On average, analysts expect that Mohawk Industries, Inc. will post $13.52 earnings per share for the current fiscal year.
Mohawk Industries Profile
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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