Mohawk Industries, Inc. (MHK) Price Target Raised to $285.00

Mohawk Industries, Inc. (NYSE:MHK) had its price target upped by J P Morgan Chase & Co from $250.00 to $285.00 in a report published on Monday. The firm currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the company. ValuEngine raised Mohawk Industries from a hold rating to a buy rating in a research report on Friday, September 8th. Zacks Investment Research downgraded Mohawk Industries from a hold rating to a sell rating in a research report on Tuesday, October 10th. Northcoast Research initiated coverage on Mohawk Industries in a research report on Thursday, October 5th. They issued a buy rating and a $295.00 target price on the stock. BidaskClub downgraded Mohawk Industries from a strong-buy rating to a buy rating in a research report on Monday, July 24th. Finally, Nomura reaffirmed a buy rating and issued a $288.00 target price (up previously from $280.00) on shares of Mohawk Industries in a research report on Thursday, September 28th. One 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. Mohawk Industries has an average rating of Buy and a consensus price target of $279.15.

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 Thomson Reuters’ consensus estimate of $3.74 by $0.01. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter last year, the business posted $3.50 EPS. The company’s revenue for the quarter was up 6.7% on a year-over-year basis.

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In related news, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of Mohawk Industries stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total transaction of $5,022,515.00. Following the completion of the transaction, the chairman now owns 21,396 shares in the company, valued at $5,454,910.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Rodney David Patton sold 137 shares of Mohawk Industries stock in a transaction dated 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 owns 6,924 shares of the company’s stock, valued at approximately $1,708,704.72. The disclosure for this sale can be found here. Company insiders own 17.00% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Sun Life Financial INC boosted its holdings in shares of Mohawk Industries by 5,675.0% during the second quarter. Sun Life Financial INC now owns 462 shares of the company’s stock worth $112,000 after acquiring an additional 454 shares during the period. First Personal Financial Services boosted its holdings in shares of Mohawk Industries by 6.6% during the second quarter. First Personal Financial Services now owns 568 shares of the company’s stock worth $137,000 after acquiring an additional 35 shares during the period. IFP Advisors Inc boosted its holdings in shares of Mohawk Industries by 18.6% during the second quarter. IFP Advisors Inc now owns 625 shares of the company’s stock worth $151,000 after acquiring an additional 98 shares during the period. First Manhattan Co. bought a new stake in shares of Mohawk Industries during the second quarter worth approximately $160,000. Finally, Bridgewater Wealth & Financial Management LLC bought a new stake in shares of Mohawk Industries during the second quarter worth approximately $203,000. Institutional investors and hedge funds own 76.91% of the company’s stock.

About Mohawk Industries

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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