SunTrust Banks, Inc. reaffirmed their buy rating on shares of Mohawk Industries, Inc. (NYSE:MHK) in a research report report published on Friday morning. SunTrust Banks, Inc. currently has a $275.00 target price on the stock.
A number of other research firms also recently issued reports on MHK. ValuEngine upgraded Mohawk Industries from a hold rating to a buy rating in a research note on Friday, September 8th. Royal Bank Of Canada restated a buy rating and set a $291.00 price target on shares of Mohawk Industries in a research note on Monday, July 31st. BidaskClub upgraded Mohawk Industries from a buy rating to a strong-buy rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded Mohawk Industries from a hold rating to a buy rating and set a $268.00 price target for the company in a research note on Tuesday, July 4th. Finally, Cleveland Research downgraded Mohawk Industries from a buy rating to a neutral rating in a research note on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $276.92.
Shares of Mohawk Industries (NYSE MHK) traded down 0.31% during trading on Friday, reaching $263.51. 355,322 shares of the company’s stock were exchanged. The firm’s market cap is $19.59 billion. Mohawk Industries has a 12 month low of $175.52 and a 12 month high of $268.46. The stock has a 50-day moving average price of $255.88 and a 200 day moving average price of $245.41.
Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, October 26th. The company reported $3.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.74 by $0.01. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.46 billion. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the company posted $3.50 EPS. On average, analysts forecast that Mohawk Industries will post $13.49 EPS for the current year.
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In related news, VP Rodney David Patton sold 137 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $246.78, for a total value of $33,808.86. Following the transaction, the vice president now directly owns 6,924 shares of the company’s stock, valued at approximately $1,708,704.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total value of $5,022,515.00. Following the completion of the transaction, the chairman now directly owns 21,396 shares in the company, valued at $5,454,910.20. The disclosure for this sale can be found here. Insiders own 17.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Clarkston Capital Partners LLC purchased a new position in Mohawk Industries in the 3rd quarter worth approximately $248,000. Crossmark Global Holdings Inc. purchased a new position in Mohawk Industries in the 3rd quarter worth approximately $1,341,000. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in Mohawk Industries by 70.1% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 8,464 shares of the company’s stock worth $2,094,000 after purchasing an additional 3,488 shares in the last quarter. Aperio Group LLC lifted its holdings in Mohawk Industries by 2.1% in the 3rd quarter. Aperio Group LLC now owns 32,223 shares of the company’s stock worth $7,976,000 after purchasing an additional 677 shares in the last quarter. Finally, Rathbone Brothers plc lifted its holdings in Mohawk Industries by 5.3% in the 3rd quarter. Rathbone Brothers plc now owns 11,671 shares of the company’s stock worth $2,889,000 after purchasing an additional 583 shares in the last quarter. 76.91% of the stock is currently owned by institutional investors.
Mohawk Industries Company Profile
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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