Mohawk Industries (NYSE:MHK) Upgraded to “Overweight” by Robert W. Baird

Robert W. Baird upgraded shares of Mohawk Industries (NYSE:MHK) from a neutral rating to an overweight rating in a research report report published on Monday morning, Marketbeat reports. Robert W. Baird currently has $196.00 target price on the stock, up from their prior target price of $160.00.

A number of other brokerages have also issued reports on MHK. Loop Capital lifted their target price on Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, July 29th. The Goldman Sachs Group boosted their price objective on shares of Mohawk Industries from $141.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Wells Fargo & Company raised shares of Mohawk Industries from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $140.00 to $160.00 in a research report on Monday, October 7th. Bank of America upgraded shares of Mohawk Industries from an “underperform” rating to a “buy” rating and lifted their price target for the company from $120.00 to $177.00 in a research note on Friday, July 26th. Finally, Royal Bank of Canada increased their price objective on shares of Mohawk Industries from $108.00 to $140.00 and gave the stock a “sector perform” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $166.25.

Mohawk Industries Stock Up 0.1 %

Mohawk Industries stock opened at $161.25 on Monday. The company has a 50 day moving average of $154.48 and a 200-day moving average of $133.14. The company has a quick ratio of 1.04, a current ratio of 1.92 and a debt-to-equity ratio of 0.22. Mohawk Industries has a twelve month low of $76.02 and a twelve month high of $164.29. The stock has a market capitalization of $10.30 billion, a PE ratio of -24.66, a price-to-earnings-growth ratio of 1.23 and a beta of 1.37.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, July 25th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $2.84 billion. During the same period in the prior year, the business earned $2.76 EPS. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that Mohawk Industries will post 10 EPS for the current fiscal year.

Insider Activity

In related news, insider Suzanne L. Helen sold 2,300 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $151.15, for a total transaction of $347,645.00. Following the transaction, the insider now directly owns 119,369 shares of the company’s stock, valued at approximately $18,042,624.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Suzanne L. Helen sold 2,300 shares of Mohawk Industries 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 sale, the insider now owns 119,369 shares of the company’s stock, valued at approximately $18,042,624.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Suzanne L. Helen sold 700 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total transaction of $102,879.00. Following the completion of the transaction, the insider now owns 121,669 shares in the company, valued at approximately $17,881,692.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,415 shares of company stock valued at $673,387 over the last three months. Insiders own 17.10% of the company’s stock.

Institutional Trading of Mohawk Industries

Several hedge funds have recently added to or reduced their stakes in MHK. Massachusetts Financial Services Co. MA bought a new position in Mohawk Industries during the 2nd quarter worth $85,997,000. Pacer Advisors Inc. grew its stake in shares of Mohawk Industries by 42.9% in the second quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company’s stock valued at $136,349,000 after acquiring an additional 360,628 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Mohawk Industries by 10.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company’s stock worth $344,903,000 after acquiring an additional 292,661 shares during the period. Victory Capital Management Inc. raised its stake in Mohawk Industries by 1,464.0% in the 2nd quarter. Victory Capital Management Inc. now owns 227,357 shares of the company’s stock worth $25,825,000 after purchasing an additional 212,820 shares in the last quarter. Finally, Clearbridge Investments LLC bought a new stake in Mohawk Industries in the 2nd quarter valued at about $21,061,000. 78.98% of the stock is owned by institutional investors and hedge funds.

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.