Mohawk Industries, Inc. $MHK Stake Lessened by Pzena Investment Management LLC

Pzena Investment Management LLC decreased its position in shares of Mohawk Industries, Inc. (NYSE:MHK) by 3.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,105,087 shares of the company’s stock after selling 37,754 shares during the period. Pzena Investment Management LLC’s holdings in Mohawk Industries were worth $137,826,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Mohawk Industries during the 2nd quarter valued at $777,293,000. Dimensional Fund Advisors LP raised its position in Mohawk Industries by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,219,318 shares of the company’s stock worth $316,962,000 after acquiring an additional 80,761 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Mohawk Industries in the 2nd quarter valued at about $80,880,000. Bank of America Corp DE boosted its position in shares of Mohawk Industries by 68.0% during the 1st quarter. Bank of America Corp DE now owns 444,345 shares of the company’s stock valued at $43,750,000 after purchasing an additional 179,925 shares in the last quarter. Finally, ARGA Investment Management LP grew its stake in shares of Mohawk Industries by 36.1% in the 1st quarter. ARGA Investment Management LP now owns 353,433 shares of the company’s stock worth $34,799,000 after purchasing an additional 93,669 shares during the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Mohawk Industries

In other news, CEO Jeffrey S. Lorberbaum sold 45,750 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $127.18, for a total value of $5,818,485.00. Following the completion of the sale, the chief executive officer directly owned 78,425 shares of the company’s stock, valued at $9,974,091.50. This 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 can be accessed through this link. Also, Director Bernard Thiers sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director owned 78,633 shares of the company’s stock, valued at approximately $11,327,083.65. This represents a 16.02% 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 in the last 90 days. 17.90% of the stock is currently owned by corporate insiders.

Mohawk Industries Stock Performance

Shares of Mohawk Industries stock opened at $153.38 on Thursday. The stock has a market cap of $8.92 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.95 and a beta of 1.18. The business has a fifty day simple moving average of $126.57 and a 200-day simple moving average of $116.99. The company has a quick ratio of 1.09, a current ratio of 1.91 and a debt-to-equity ratio of 0.14. Mohawk Industries, Inc. has a 12 month low of $92.99 and a 12 month high of $154.46.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, October 29th. The company reported $2.72 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 7.47% and a net margin of 4.63%. Mohawk Industries’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.67 earnings per share. On average, sell-side analysts anticipate that Mohawk Industries, Inc. will post 9.76 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on MHK. Evercore raised shares of Mohawk Industries from an “in-line” rating to an “outperform” rating and set a $171.00 target price for the company in a research note on Monday. Royal Bank Of Canada lowered shares of Mohawk Industries from a “sector perform” rating to an “underperform” rating and reduced their price objective for the company from $130.00 to $112.00 in a research note on Wednesday, October 7th. Robert W. Baird raised their target price on shares of Mohawk Industries from $132.00 to $142.00 and gave the stock a “neutral” rating in a report on Monday. Wells Fargo & Company lifted their target price on shares of Mohawk Industries from $115.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen lowered shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $138.92.

More Mohawk Industries News

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

• Positive Sentiment: Evercore ISI upgraded MHK to Outperform from In Line, pointing to an expected $1.1 billion share-buyback outlook that could support shareholder returns. Evercore upgrade and buyback outlook
• Neutral Sentiment: Baird raised its price target to $142 from $132 but kept a Neutral rating. Barclays lifted its target to $125 from $115 and maintained Equal Weight. The higher targets are positive revisions, though both firms remain cautious. Baird price target update Barclays price target update
• Negative Sentiment: Two directors sold a combined 25,000 shares for approximately $3.64 million. Bernard Thiers reduced his stake by about 16%, and Jeffrey Lorberbaum’s sale lowered his position by roughly 13%. Insider sales can concern investors, although the filings do not state the reasons for the transactions. Director share sales Lorberbaum SEC filing

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.