Truist Financial Corp Trims Stock Position in Mohawk Industries, Inc. (NYSE:MHK)

Truist Financial Corp cut its holdings in Mohawk Industries, Inc. (NYSE:MHK) by 1.9% during the second quarter, HoldingsChannel reports. The fund owned 421,285 shares of the company’s stock after selling 8,072 shares during the period. Truist Financial Corp’s holdings in Mohawk Industries were worth $47,854,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MHK. Wells Fargo & Company MN lifted its position in Mohawk Industries by 4.0% in the fourth quarter. Wells Fargo & Company MN now owns 96,365 shares of the company’s stock valued at $9,974,000 after buying an additional 3,670 shares during the last quarter. Allianz Asset Management GmbH purchased a new position in shares of Mohawk Industries during the 4th quarter worth approximately $6,574,000. Treasurer of the State of North Carolina increased its holdings in Mohawk Industries by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 23,455 shares of the company’s stock valued at $2,428,000 after purchasing an additional 230 shares during the last quarter. TFO Wealth Partners LLC raised its position in Mohawk Industries by 32,500.0% in the fourth quarter. TFO Wealth Partners LLC now owns 652 shares of the company’s stock valued at $67,000 after purchasing an additional 650 shares during the period. Finally, Rafferty Asset Management LLC lifted its stake in Mohawk Industries by 21.2% during the fourth quarter. Rafferty Asset Management LLC now owns 25,697 shares of the company’s stock worth $2,660,000 after purchasing an additional 4,488 shares in the last quarter. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Mohawk Industries from $124.00 to $155.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Truist Financial boosted their price target on shares of Mohawk Industries from $135.00 to $184.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company raised their price objective on shares of Mohawk Industries from $110.00 to $140.00 and gave the company an “underweight” rating in a research note on Monday, July 29th. Loop Capital upped their target price on shares of Mohawk Industries from $145.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Bank of America raised shares of Mohawk Industries from an “underperform” rating to a “buy” rating and raised their price target for the company from $120.00 to $177.00 in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $156.00.

Mohawk Industries Price Performance

Shares of MHK opened at $159.49 on Thursday. The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of -24.39, a PEG ratio of 1.23 and a beta of 1.37. The firm’s fifty day simple moving average is $151.97 and its 200-day simple moving average is $129.91. Mohawk Industries, Inc. has a twelve month low of $76.02 and a twelve month high of $164.05. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22.

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

Insider Buying and Selling

In other Mohawk Industries news, insider Suzanne L. Helen sold 660 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $151.46, for a total transaction of $99,963.60. Following the sale, the insider now owns 118,709 shares of the company’s stock, valued at $17,979,665.14. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Mohawk Industries news, insider Suzanne L. Helen sold 700 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $146.97, for a total transaction of $102,879.00. Following the transaction, the insider now owns 121,669 shares of the company’s stock, valued at $17,881,692.93. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Suzanne L. Helen sold 660 shares of Mohawk Industries stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $151.46, for a total value of $99,963.60. Following the sale, the insider now owns 118,709 shares in the company, valued at approximately $17,979,665.14. The disclosure for this sale can be found here. Insiders sold a total of 4,415 shares of company stock worth $673,387 over the last 90 days. 17.10% of the stock is owned by insiders.

About Mohawk Industries

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.