Mohawk Industries Inc. (NYSE:MHK) was upgraded by research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $235.00 price target on the stock. Bank of America Corp.’s target price would indicate a potential upside of 20.57% from the company’s previous close.
Several other brokerages also recently issued reports on MHK. Zacks Investment Research downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Monday, July 11th. RBC Capital Markets restated an “outperform” rating and issued a $245.00 price objective (up from $220.00) on shares of Mohawk Industries in a report on Wednesday, August 10th. Credit Suisse Group AG restated a “buy” rating on shares of Mohawk Industries in a report on Tuesday, June 28th. MKM Partners increased their price objective on Mohawk Industries from $244.00 to $246.00 and gave the company a “buy” rating in a report on Monday, August 8th. Finally, Wells Fargo & Co. began coverage on Mohawk Industries in a report on Wednesday, September 28th. They issued a “market perform” rating for the company. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $224.75.
Shares of Mohawk Industries (NYSE:MHK) opened at 194.90 on Wednesday. The firm’s market cap is $14.45 billion. Mohawk Industries has a 1-year low of $148.56 and a 1-year high of $216.58. The firm has a 50 day moving average price of $204.82 and a 200 day moving average price of $199.64.
Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results on Thursday, August 4th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.36 by $0.11. The company earned $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. Mohawk Industries had a net margin of 9.65% and a return on equity of 17.22%. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.69 earnings per share. Analysts anticipate that Mohawk Industries will post $12.46 EPS for the current year.
In other news, VP Rodney David Patton sold 1,555 shares of the stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $212.50, for a total transaction of $330,437.50. Following the transaction, the vice president now owns 6,772 shares of the company’s stock, valued at approximately $1,439,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Suzanne L. Helen sold 9,000 shares of the stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $212.07, for a total transaction of $1,908,630.00. The disclosure for this sale can be found here. Insiders own 17.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA boosted its position in shares of Mohawk Industries by 3.2% in the first quarter. Glenmede Trust Co. NA now owns 2,160 shares of the company’s stock valued at $411,000 after buying an additional 66 shares during the last quarter. Virginia Retirement System acquired a new position in shares of Mohawk Industries during the first quarter valued at $711,000. BlackRock Japan Co. Ltd boosted its position in shares of Mohawk Industries by 0.7% in the first quarter. BlackRock Japan Co. Ltd now owns 81,056 shares of the company’s stock valued at $15,474,000 after buying an additional 542 shares during the last quarter. ING Groep NV acquired a new position in shares of Mohawk Industries during the first quarter valued at $286,000. Finally, Aviva PLC boosted its position in shares of Mohawk Industries by 6.3% in the first quarter. Aviva PLC now owns 31,785 shares of the company’s stock valued at $6,068,000 after buying an additional 1,890 shares during the last quarter. 78.64% of the stock is currently owned by institutional investors.
Mohawk Industries Company Profile