Mohawk Industries (NYSE:MHK) Price Target Raised to $142.00

Mohawk Industries (NYSE:MHK) had its target price hoisted by Robert W. Baird from $132.00 to $142.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also issued reports about the company. Melius Research began coverage on Mohawk Industries in a research report on Tuesday, October 6th. They set a “buy” rating and a $188.00 target price for the company. Truist Financial boosted their price target on shares of Mohawk Industries from $135.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Bank of America restated a “neutral” rating on shares of Mohawk Industries in a research report on Monday. Royal Bank Of Canada downgraded shares of Mohawk Industries from a “sector perform” rating to an “underperform” rating and decreased their price objective for the stock from $130.00 to $112.00 in a report on Wednesday, October 7th. Finally, Wells Fargo & Company raised their price objective on shares of Mohawk Industries from $115.00 to $125.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $138.92.

Mohawk Industries Stock Performance

Shares of MHK stock opened at $153.38 on Monday. The business’s 50 day simple moving average is $126.57 and its 200 day simple moving average is $116.99. Mohawk Industries has a one year low of $92.99 and a one year high of $154.46. The stock has a market capitalization of $8.92 billion, a PE ratio of 14.13, a PEG ratio of 1.95 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.91 and a quick ratio of 1.09.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings results on Thursday, October 29th. The company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.14. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. Mohawk Industries had a return on equity of 7.47% and a net margin of 4.63%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same period last year, the business posted $2.67 EPS. As a group, research analysts forecast that Mohawk Industries will post 9.76 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Bernard Thiers sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $144.05, for a total value of $2,160,750.00. Following the sale, the director directly owned 78,633 shares of the company’s stock, valued at $11,327,083.65. This trade represents a 16.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Suzanne L. Helen sold 1,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $139.48, for a total transaction of $139,480.00. Following the sale, the insider owned 6,132 shares in the company, valued at approximately $855,291.36. This trade represents a 14.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 118,300 shares of company stock worth $15,545,601 in the last ninety days. 17.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mohawk Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lido Advisors LLC lifted its position in Mohawk Industries by 94.4% in the third quarter. Lido Advisors LLC now owns 4,127 shares of the company’s stock worth $515,000 after buying an additional 2,004 shares during the last quarter. New York Life Investment Management LLC boosted its stake in Mohawk Industries by 14.5% during the third quarter. New York Life Investment Management LLC now owns 7,353 shares of the company’s stock worth $917,000 after buying an additional 932 shares during the period. AlphaCore Capital LLC bought a new position in Mohawk Industries during the third quarter valued at $291,000. Fulcrum Asset Management LLP raised its stake in shares of Mohawk Industries by 1,204.0% in the third quarter. Fulcrum Asset Management LLP now owns 17,304 shares of the company’s stock valued at $2,160,000 after acquiring an additional 15,977 shares during the period. Finally, Ethic Inc. raised its stake in shares of Mohawk Industries by 35.6% in the third quarter. Ethic Inc. now owns 4,700 shares of the company’s stock valued at $586,000 after acquiring an additional 1,233 shares during the period. Institutional investors own 78.98% of the company’s stock.

More Mohawk Industries News

Here are the key news stories impacting Mohawk Industries this week:

• Positive Sentiment: Evercore ISI upgraded MHK to Outperform from In Line, pointing to an expected $1.1 billion share-buyback outlook that could support shareholder returns. Evercore upgrade and buyback outlook
• Neutral Sentiment: Baird raised its price target to $142 from $132 but kept a Neutral rating. Barclays lifted its target to $125 from $115 and maintained Equal Weight. The higher targets are positive revisions, though both firms remain cautious. Baird price target update Barclays price target update
• Negative Sentiment: Two directors sold a combined 25,000 shares for approximately $3.64 million. Bernard Thiers reduced his stake by about 16%, and Jeffrey Lorberbaum’s sale lowered his position by roughly 13%. Insider sales can concern investors, although the filings do not state the reasons for the transactions. Director share sales Lorberbaum SEC filing

Mohawk Industries Company Profile

Mohawk Industries, Inc is a global manufacturer and distributor of flooring products. The company serves residential and commercial customers through products sold to retailers, distributors, builders, contractors and other industry professionals.

Its product portfolio includes carpet, rugs, ceramic and porcelain tile, hardwood flooring, laminate, luxury vinyl tile and other resilient flooring products. Mohawk markets products under a range of well-known brands, including Mohawk, Karastan, Pergo, Quick-Step, Marazzi, Daltile, American Olean and Durkan.

The company traces its origins to a carpet mill established in 1878 and is headquartered in Calhoun, Georgia.