Mohawk Industries (NYSE:MHK) Director Jeffrey Lorberbaum Sells 10,000 Shares of Stock

Mohawk Industries, Inc. (NYSE:MHK) Director Jeffrey Lorberbaum sold 10,000 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $148.34, for a total value of $1,483,400.00. Following the completion of the transaction, the director owned 69,625 shares in the company, valued at approximately $10,328,172.50. This trade represents a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Mohawk Industries Stock Performance

Shares of MHK traded up $8.02 on Wednesday, reaching $153.38. The company’s stock had a trading volume of 1,826,393 shares, compared to its average volume of 980,892. 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 stock has a market capitalization of $8.92 billion, a P/E ratio of 18.00, a PEG ratio of 2.13 and a beta of 1.18. The stock’s 50 day simple moving average is $126.18 and its two-hundred day simple moving average is $116.84. Mohawk Industries, Inc. has a 12-month low of $92.99 and a 12-month high of $154.46.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, October 29th. The company reported $2.72 EPS 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 during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the prior year, the company earned $2.67 earnings per share. The firm’s revenue was up 1.0% on a year-over-year basis. Research analysts forecast that Mohawk Industries, Inc. will post 9.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings raised Mohawk Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday. Truist Financial raised their price objective on Mohawk Industries from $135.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Wall Street Zen cut Mohawk Industries from a “buy” rating to a “hold” rating in a research report on Saturday. Robert W. Baird boosted their price objective on Mohawk Industries from $132.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Royal Bank Of Canada lowered shares of Mohawk Industries from a “sector perform” rating to an “underperform” rating and reduced their target price for the stock from $130.00 to $112.00 in a report on Wednesday, October 7th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $138.92.

Key Stories Impacting Mohawk Industries

Here are the key news stories impacting Mohawk Industries this week:

• Positive Sentiment: Evercore ISI upgraded MHK to Outperform from In Line, citing the prospect of a roughly $1.1 billion share buyback. Repurchases could support demand for shares and return capital to investors. Evercore upgrade and buyback outlook
• Neutral Sentiment: Barclays raised its price target to $125 from $115 while maintaining Equal Weight. Baird lifted its target to $142 from $132 but kept a Neutral rating. The higher targets are modestly favorable, though both sit below the share price reported in the supplied market data. Barclays price-target update Baird outlook
• Negative Sentiment: Two directors sold shares on November 2. Bernard Thiers sold 15,000 shares for about $2.16 million, reducing his stake by roughly 16%; Jeffrey Lorberbaum sold 10,000 shares for about $1.48 million, cutting his ownership by about 13%. Insider sales may weigh on sentiment, although the filings do not state the reasons for the transactions. Thiers share sale Lorberbaum SEC filing

Institutional Trading of Mohawk Industries

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in Mohawk Industries in the 2nd quarter worth $777,293,000. Dimensional Fund Advisors LP raised its holdings in Mohawk Industries by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 3,219,318 shares of the company’s stock valued at $316,962,000 after acquiring an additional 80,761 shares during the period. Pzena Investment Management LLC bought a new stake in Mohawk Industries during the second quarter valued at about $138,661,000. Canada Pension Plan Investment Board purchased a new position in shares of Mohawk Industries in the second quarter valued at about $80,880,000. Finally, Bank of America Corp DE lifted its position in shares of Mohawk Industries by 68.0% in the first quarter. Bank of America Corp DE now owns 444,345 shares of the company’s stock valued at $43,750,000 after acquiring an additional 179,925 shares in the last quarter. 78.98% of the stock is currently owned by institutional investors.

About Mohawk Industries

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.