Sompo Japan Nipponkoa Asset Management CO. LTD. Raises Position in Mohawk Industries, Inc. (MHK)

Sompo Japan Nipponkoa Asset Management CO. LTD. increased its stake in shares of Mohawk Industries, Inc. (NYSE:MHK) by 38.8% in the third quarter, Holdings Channel reports. The fund owned 6,760 shares of the company’s stock after purchasing an additional 1,890 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Mohawk Industries were worth $1,185,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MHK. Epoch Investment Partners Inc. bought a new position in shares of Mohawk Industries during the second quarter worth $171,834,000. Long Pond Capital LP purchased a new stake in Mohawk Industries during the second quarter valued at $158,411,000. Equity Investment Corp purchased a new stake in Mohawk Industries during the third quarter valued at $62,627,000. Select Equity Group L.P. raised its stake in Mohawk Industries by 20.6% during the second quarter. Select Equity Group L.P. now owns 1,959,024 shares of the company’s stock valued at $419,760,000 after purchasing an additional 334,869 shares in the last quarter. Finally, Calamos Advisors LLC raised its stake in Mohawk Industries by 324.6% during the second quarter. Calamos Advisors LLC now owns 294,082 shares of the company’s stock valued at $63,013,000 after purchasing an additional 224,823 shares in the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.

Shares of MHK opened at $125.65 on Friday. Mohawk Industries, Inc. has a twelve month low of $113.45 and a twelve month high of $286.85. The firm has a market capitalization of $9.38 billion, a PE ratio of 9.23, a PEG ratio of 1.52 and a beta of 1.62. The company has a current ratio of 1.54, a quick ratio of 0.79 and a debt-to-equity ratio of 0.20.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, October 25th. The company reported $3.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.58 by ($0.29). Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.61 billion. On average, equities research analysts predict that Mohawk Industries, Inc. will post 12.46 earnings per share for the current year.

Mohawk Industries declared that its board has approved a share buyback program on Thursday, October 25th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

MHK has been the topic of a number of recent research reports. Jefferies Financial Group downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Loop Capital set a $122.00 price target on shares of Mohawk Industries and gave the company a “hold” rating in a research note on Friday, October 26th. Raymond James decreased their price target on shares of Mohawk Industries from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, October 10th. Nomura decreased their price target on shares of Mohawk Industries from $260.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Mohawk Industries to $190.00 and set a “neutral” rating on the stock in a research note on Monday, July 30th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $175.06.

In other news, insider Brian Carson bought 2,698 shares of Mohawk Industries stock in a transaction dated Monday, October 29th. The shares were acquired at an average price of $116.34 per share, with a total value of $313,885.32. Following the completion of the purchase, the insider now owns 21,135 shares in the company, valued at approximately $2,458,845.90. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Filip Balcaen bought 10,000 shares of Mohawk Industries stock in a transaction dated Monday, August 13th. The stock was purchased at an average cost of $181.00 per share, for a total transaction of $1,810,000.00. Following the purchase, the director now owns 776 shares of the company’s stock, valued at approximately $140,456. The disclosure for this purchase can be found here. In the last three months, insiders bought 262,698 shares of company stock worth $31,728,885. Insiders own 16.80% of the company’s stock.

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About Mohawk Industries

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

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Institutional Ownership by Quarter for Mohawk Industries (NYSE:MHK)

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