Barclays Cuts Mohawk Industries (NYSE:MHK) Price Target to $120.00

Mohawk Industries (NYSE:MHK) had its target price cut by Barclays from $122.00 to $120.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Mohawk Industries from a hold rating to a buy rating and boosted their target price for the company from $98.00 to $152.00 in a report on Monday, February 12th. The Goldman Sachs Group boosted their price objective on Mohawk Industries from $105.00 to $120.00 and gave the company a buy rating in a research note on Thursday, January 11th. Royal Bank of Canada increased their price objective on Mohawk Industries from $106.00 to $108.00 and gave the stock a sector perform rating in a report on Monday. Wells Fargo & Company reduced their target price on Mohawk Industries from $105.00 to $100.00 and set an underweight rating for the company in a report on Monday, January 22nd. Finally, TheStreet upgraded Mohawk Industries from a d+ rating to a c- rating in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Mohawk Industries currently has an average rating of Hold and a consensus price target of $121.00.

Mohawk Industries Stock Performance

MHK stock opened at $118.43 on Monday. The stock has a fifty day moving average of $118.92 and a 200-day moving average of $103.64. Mohawk Industries has a fifty-two week low of $76.02 and a fifty-two week high of $131.19. The company has a current ratio of 1.83, a quick ratio of 1.02 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, April 25th. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.70 by $0.16. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same period in the prior year, the firm earned $1.75 earnings per share. The company’s revenue was down 4.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Mohawk Industries will post 9.56 EPS for the current fiscal year.

Insider Buying and Selling at Mohawk Industries

In other news, VP Rodney David Patton sold 1,551 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the completion of the transaction, the vice president now owns 15,321 shares of the company’s stock, valued at $1,831,012.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 17.10% of the company’s stock.

Institutional Trading of Mohawk Industries

Hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in shares of Mohawk Industries by 1,152.0% during the 4th quarter. Pacer Advisors Inc. now owns 796,736 shares of the company’s stock valued at $82,462,000 after buying an additional 733,097 shares in the last quarter. Norges Bank purchased a new position in shares of Mohawk Industries during the fourth quarter worth approximately $68,050,000. Dimensional Fund Advisors LP lifted its holdings in shares of Mohawk Industries by 14.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,459,303 shares of the company’s stock worth $254,543,000 after acquiring an additional 317,278 shares during the last quarter. Paradice Investment Management LLC boosted its stake in shares of Mohawk Industries by 52.4% in the 3rd quarter. Paradice Investment Management LLC now owns 518,513 shares of the company’s stock valued at $44,494,000 after purchasing an additional 178,310 shares in the last quarter. Finally, ARGA Investment Management LP lifted its stake in Mohawk Industries by 50.8% in the fourth quarter. ARGA Investment Management LP now owns 500,159 shares of the company’s stock worth $51,766,000 after purchasing an additional 168,401 shares during the last quarter. 78.98% of the stock is owned by institutional investors.

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.