Mohawk Industries (NYSE:MHK) Sets New 52-Week High – Here’s What Happened

Shares of Mohawk Industries, Inc. (NYSE:MHK) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $155.88 and last traded at $153.2610, with a volume of 42,781 shares traded. The stock had previously closed at $153.36.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Truist Financial raised their target price on shares of Mohawk Industries from $135.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Weiss Ratings raised Mohawk Industries from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday. Evercore raised Mohawk Industries from an “in-line” rating to an “outperform” rating and set a $171.00 price objective for the company in a research report on Monday. Melius Research began coverage on shares of Mohawk Industries in a research note on Tuesday, October 6th. They issued a “buy” rating and a $188.00 price target for the company. Finally, Robert W. Baird lifted their price target on Mohawk Industries from $132.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $138.92.

Mohawk Industries Stock Down 0.9%

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.91 and a quick ratio of 1.09. The company has a fifty day moving average price of $126.57 and a 200 day moving average price of $116.99. The company has a market cap of $8.83 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 1.95 and a beta of 1.18.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, October 29th. The company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $0.14. Mohawk Industries had a net margin of 4.63% and a return on equity of 7.47%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the firm posted $2.67 earnings per share. Mohawk Industries’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, analysts anticipate that Mohawk Industries, Inc. will post 9.76 EPS for the current year.

Insider Activity at Mohawk Industries

In other Mohawk Industries news, Director Bernard Thiers sold 15,000 shares of Mohawk Industries stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $144.05, for a total transaction of $2,160,750.00. Following the completion of the sale, the director owned 78,633 shares of the company’s stock, valued at $11,327,083.65. The trade was a 16.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jeffrey Lorberbaum sold 45,750 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $127.18, for a total value of $5,818,485.00. Following the completion of the transaction, the chief executive officer owned 78,425 shares of the company’s stock, valued at $9,974,091.50. The trade was a 36.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 118,300 shares of company stock valued at $15,545,601 over the last 90 days. 17.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Mohawk Industries

A number of institutional investors have recently made changes to their positions in the business. Pinnacle Wealth Planning Services Inc. raised its position in Mohawk Industries by 14.4% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 732 shares of the company’s stock worth $91,000 after purchasing an additional 92 shares during the period. Sequoia Financial Advisors LLC lifted its stake in Mohawk Industries by 1.8% in the first quarter. Sequoia Financial Advisors LLC now owns 5,685 shares of the company’s stock worth $560,000 after purchasing an additional 101 shares during the last quarter. Elevation Wealth Partners LLC lifted its stake in Mohawk Industries by 122.2% in the second quarter. Elevation Wealth Partners LLC now owns 220 shares of the company’s stock worth $27,000 after purchasing an additional 121 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Mohawk Industries during the second quarter valued at about $25,000. Finally, VestGen Advisors LLC boosted its position in Mohawk Industries by 13.5% during the third quarter. VestGen Advisors LLC now owns 1,878 shares of the company’s stock valued at $234,000 after buying an additional 223 shares during the period. Hedge funds and other institutional investors own 78.98% of the company’s stock.

Mohawk Industries Company Profile

Mohawk Industries, Inc is a global manufacturer and distributor of flooring products. The company serves residential and commercial customers through products sold to retailers, distributors, builders, contractors and other industry professionals.

Its product portfolio includes carpet, rugs, ceramic and porcelain tile, hardwood flooring, laminate, luxury vinyl tile and other resilient flooring products. Mohawk markets products under a range of well-known brands, including Mohawk, Karastan, Pergo, Quick-Step, Marazzi, Daltile, American Olean and Durkan.

The company traces its origins to a carpet mill established in 1878 and is headquartered in Calhoun, Georgia.