Mohawk Industries, Inc. (NYSE:MHK) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc lessened its stake in Mohawk Industries, Inc. (NYSE:MHK) by 1.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 7,129 shares of the company’s stock after selling 92 shares during the period. CIBC Asset Management Inc’s holdings in Mohawk Industries were worth $810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Natixis Advisors LLC grew its stake in Mohawk Industries by 7.1% during the 2nd quarter. Natixis Advisors LLC now owns 72,997 shares of the company’s stock worth $8,292,000 after buying an additional 4,814 shares during the last quarter. AM Squared Ltd purchased a new position in shares of Mohawk Industries during the second quarter worth approximately $68,000. nVerses Capital LLC acquired a new position in shares of Mohawk Industries in the 2nd quarter valued at $363,000. Lafayette Investments Inc. raised its position in Mohawk Industries by 0.9% in the 2nd quarter. Lafayette Investments Inc. now owns 25,423 shares of the company’s stock valued at $2,888,000 after purchasing an additional 230 shares during the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in Mohawk Industries during the 2nd quarter worth $175,000. Hedge funds and other institutional investors own 78.98% of the company’s stock.

Mohawk Industries Price Performance

Mohawk Industries stock opened at $147.92 on Friday. The company has a market cap of $9.45 billion, a P/E ratio of -22.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.37. Mohawk Industries, Inc. has a one year low of $76.02 and a one year high of $164.05. The business has a fifty day moving average of $139.88 and a two-hundred day moving average of $125.40. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.92.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, July 25th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.75 by $0.25. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter last year, the business earned $2.76 earnings per share. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, analysts predict that Mohawk Industries, Inc. will post 10 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Suzanne L. Helen sold 1,800 shares of Mohawk Industries stock in a transaction on Friday, June 14th. The stock was sold at an average price of $111.74, for a total transaction of $201,132.00. Following the completion of the transaction, the insider now directly owns 122,369 shares of the company’s stock, valued at $13,673,512.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Mohawk Industries news, insider Suzanne L. Helen sold 2,300 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $151.15, for a total transaction of $347,645.00. Following the completion of the transaction, the insider now directly owns 119,369 shares in the company, valued at approximately $18,042,624.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suzanne L. Helen sold 1,800 shares of Mohawk Industries stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $111.74, for a total transaction of $201,132.00. Following the transaction, the insider now owns 122,369 shares of the company’s stock, valued at approximately $13,673,512.06. The disclosure for this sale can be found here. Insiders have sold a total of 5,555 shares of company stock worth $774,555 in the last quarter. Company insiders own 17.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MHK shares. The Goldman Sachs Group lifted their price objective on shares of Mohawk Industries from $141.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada upped their price objective on Mohawk Industries from $108.00 to $140.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. Bank of America upgraded Mohawk Industries from an “underperform” rating to a “buy” rating and lifted their target price for the company from $120.00 to $177.00 in a research note on Friday, July 26th. Loop Capital boosted their target price on Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Truist Financial increased their price target on Mohawk Industries from $135.00 to $184.00 and gave the stock a “buy” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.00.

Mohawk Industries Company Profile

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.