Tocqueville Asset Management L.P. grew its position in Mohawk Industries, Inc. (NYSE:MHK) by 1,806.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 40,895 shares of the company’s stock after buying an additional 38,750 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.06% of Mohawk Industries worth $7,171,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. Federated Investors Inc. PA raised its holdings in Mohawk Industries by 8.8% in the second quarter. Federated Investors Inc. PA now owns 3,439 shares of the company’s stock worth $737,000 after buying an additional 277 shares during the last quarter. Providence Capital Advisors LLC raised its holdings in Mohawk Industries by 4.7% in the second quarter. Providence Capital Advisors LLC now owns 6,502 shares of the company’s stock worth $1,393,000 after buying an additional 289 shares during the last quarter. Riverhead Capital Management LLC raised its holdings in Mohawk Industries by 14.7% in the second quarter. Riverhead Capital Management LLC now owns 2,363 shares of the company’s stock worth $506,000 after buying an additional 303 shares during the last quarter. Tyers Asset Management LLC raised its holdings in Mohawk Industries by 21.4% in the second quarter. Tyers Asset Management LLC now owns 2,000 shares of the company’s stock worth $429,000 after buying an additional 352 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Mohawk Industries by 0.3% in the second quarter. Rhumbline Advisers now owns 118,473 shares of the company’s stock worth $25,385,000 after buying an additional 353 shares during the last quarter. 78.20% of the stock is owned by institutional investors and hedge funds.
MHK opened at $120.44 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 0.79. Mohawk Industries, Inc. has a twelve month low of $113.45 and a twelve month high of $282.32. The company has a market cap of $9.13 billion, a PE ratio of 9.30, a P/E/G ratio of 1.50 and a beta of 1.61.
Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, October 25th. The company reported $3.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.58 by ($0.29). The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.61 billion. Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. As a group, research analysts predict that Mohawk Industries, Inc. will post 12.32 EPS for the current fiscal year.
Mohawk Industries announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 25th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Several brokerages have issued reports on MHK. Royal Bank of Canada set a $129.00 target price on shares of Mohawk Industries and gave the stock a “hold” rating in a report on Monday, October 29th. Loop Capital set a $122.00 price objective on shares of Mohawk Industries and gave the company a “hold” rating in a report on Friday, October 26th. Credit Suisse Group reissued a “neutral” rating on shares of Mohawk Industries in a report on Monday, October 29th. TheStreet cut shares of Mohawk Industries from a “b-” rating to a “c+” rating in a report on Friday, August 10th. Finally, Nomura decreased their price objective on shares of Mohawk Industries from $260.00 to $185.00 and set a “buy” rating for the company in a report on Friday, October 26th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $171.63.
In related news, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $186.74, for a total transaction of $2,502,316.00. Following the completion of the sale, the chairman now directly owns 45,187 shares in the company, valued at $8,438,220.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard Thiers sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $190.00, for a total transaction of $950,000.00. Following the sale, the insider now owns 40,156 shares of the company’s stock, valued at $7,629,640. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 340,898 shares of company stock valued at $40,917,073 and have sold 29,805 shares valued at $4,918,906. Insiders own 16.80% of the company’s stock.
Mohawk Industries Company Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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