Mohawk Industries, Inc. $MHK Stock: Maryland State Retirement & Pension System Boosts Position

Maryland State Retirement & Pension System boosted its holdings in shares of Mohawk Industries, Inc. (NYSE:MHK) by 49.1% in the third quarter, HoldingsChannel.com reports. The fund owned 14,781 shares of the company’s stock after buying an additional 4,868 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Mohawk Industries were worth $1,843,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC grew its position in shares of Mohawk Industries by 18.3% in the second quarter. Tidal Investments LLC now owns 61,723 shares of the company’s stock valued at $7,489,000 after purchasing an additional 9,558 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Mohawk Industries during the 2nd quarter worth approximately $1,608,000. Bank of America Corp DE acquired a new position in shares of Mohawk Industries during the 2nd quarter worth approximately $36,666,000. Ieq Capital LLC acquired a new position in shares of Mohawk Industries during the 2nd quarter worth approximately $21,474,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Mohawk Industries during the 2nd quarter worth approximately $7,370,000. Institutional investors and hedge funds own 78.98% of the company’s stock.

Mohawk Industries Trading Up 0.4%

Shares of MHK traded up $0.58 on Friday, hitting $147.22. 751,099 shares of the stock traded hands, compared to its average volume of 1,553,778. The company has a quick ratio of 1.09, a current ratio of 1.91 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $8.56 billion, a P/E ratio of 17.28, a P/E/G ratio of 1.38 and a beta of 1.18. The stock’s 50 day moving average is $129.54 and its two-hundred day moving average is $118.00. Mohawk Industries, Inc. has a 1 year low of $92.99 and a 1 year high of $158.81.

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

Insiders Place Their Bets

In other news, CEO Jeffrey Lorberbaum sold 45,750 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $127.18, for a total transaction of $5,818,485.00. Following the sale, the chief executive officer owned 78,425 shares in the company, valued at $9,974,091.50. This trade represents a 36.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mauro Vandini sold 5,000 shares of the firm’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $155.73, for a total value of $778,650.00. Following the sale, the insider owned 32,573 shares in the company, valued at $5,072,593.29. This trade represents a 13.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 126,946 shares of company stock worth $16,876,104. 17.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wall Street Zen lowered Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Royal Bank Of Canada downgraded Mohawk Industries from a “sector perform” rating to an “underperform” rating and dropped their price target for the stock from $130.00 to $112.00 in a research report on Wednesday, October 7th. Melius Research initiated coverage on Mohawk Industries in a report on Tuesday, October 6th. They issued a “buy” rating and a $188.00 price target for the company. Evercore raised Mohawk Industries from an “in-line” rating to an “outperform” rating and set a $171.00 price target for the company in a report on Monday, November 2nd. Finally, Robert W. Baird upped their price objective on Mohawk Industries from $132.00 to $142.00 and gave the company a “neutral” rating in a research report on Monday, November 2nd. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $138.92.

About Mohawk Industries

Mohawk Industries, Inc. is a global flooring manufacturer headquartered in Calhoun, Georgia. Its roots trace to a carpet-weaving business established in Amsterdam, New York, in 1878. The company makes flooring for residential and commercial customers, including carpet, rugs, ceramic and porcelain tile, natural stone, hardwood, laminate and luxury vinyl products. Its portfolio includes brands such as Mohawk, Daltile, American Olean, Karastan and Pergo. Mohawk serves markets across North America and internationally, with manufacturing and distribution operations in several regions.