Trexquant Investment LP purchased a new stake in Mohawk Industries, Inc. (NYSE:MHK) during the 3rd quarter, Holdings Channel reports. The fund purchased 5,606 shares of the company’s stock, valued at approximately $983,000.
A number of other hedge funds also recently made changes to their positions in MHK. Cornerstone Advisors Inc. boosted its stake in Mohawk Industries by 45.5% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,289 shares of the company’s stock valued at $276,000 after buying an additional 403 shares in the last quarter. BB&T Corp acquired a new stake in Mohawk Industries in the 2nd quarter valued at $600,000. Piedmont Investment Advisors LLC acquired a new stake in Mohawk Industries in the 2nd quarter valued at $159,000. TD Asset Management Inc. boosted its stake in Mohawk Industries by 221.3% in the 2nd quarter. TD Asset Management Inc. now owns 261,774 shares of the company’s stock valued at $56,090,000 after buying an additional 180,301 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Mohawk Industries by 3.3% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 208,993 shares of the company’s stock valued at $44,781,000 after buying an additional 6,652 shares in the last quarter. 78.99% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently commented on the company. JPMorgan Chase & Co. decreased their price target on Mohawk Industries from $160.00 to $105.00 and set an “underweight” rating on the stock in a research note on Monday, October 29th. Royal Bank of Canada lowered Mohawk Industries from an “outperform” rating to a “sector perform” rating and set a $190.00 price objective on the stock. in a research note on Monday, October 15th. Loop Capital reduced their price objective on Mohawk Industries to $165.00 and set a “hold” rating on the stock in a research note on Tuesday, October 16th. They noted that the move was a valuation call. Robert W. Baird set a $192.00 price objective on Mohawk Industries and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Finally, Stifel Nicolaus lowered Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Monday, October 29th. Four equities research 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. The stock has a consensus rating of “Hold” and a consensus price target of $171.63.
MHK stock opened at $128.06 on Friday. The firm has a market cap of $9.45 billion, a PE ratio of 9.41, a PEG ratio of 1.55 and a beta of 1.62. Mohawk Industries, Inc. has a twelve month low of $113.45 and a twelve month high of $286.85. The company has a quick ratio of 0.79, a current ratio of 1.54 and a debt-to-equity ratio of 0.20.
Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, October 25th. The company reported $3.29 earnings per share for the quarter, missing analysts’ consensus estimates of $3.58 by ($0.29). The firm had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.61 billion. Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%. On average, equities research analysts predict that Mohawk Industries, Inc. will post 12.32 earnings per share for the current fiscal year.
Mohawk Industries announced that its board has authorized a share repurchase program on Thursday, October 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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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