Mohawk Industries, Inc. (MHK) VP Sells $95,581.01 in Stock

Mohawk Industries, Inc. (NYSE:MHK) VP Rodney David Patton sold 763 shares of the business’s stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $125.27, for a total value of $95,581.01. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Shares of MHK traded down $5.01 during mid-day trading on Tuesday, reaching $121.30. The company had a trading volume of 1,091,774 shares, compared to its average volume of 1,012,007. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 8.91, a PEG ratio of 1.56 and a beta of 1.61. Mohawk Industries, Inc. has a 52-week low of $113.45 and a 52-week high of $284.71. 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 quarterly 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 business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.61 billion. Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%. As a group, equities analysts anticipate that Mohawk Industries, Inc. will post 12.32 EPS for the current fiscal year.

Mohawk Industries declared that its board has authorized a share repurchase program on Thursday, October 25th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Several analysts have weighed in on the company. Credit Suisse Group set a $125.00 price target on Mohawk Industries and gave the company a “hold” rating in a research note on Tuesday, November 13th. JPMorgan Chase & Co. lowered their target price 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. SunTrust Banks lowered their target price on Mohawk Industries from $270.00 to $135.00 and set a “buy” rating on the stock in a research note on Monday, October 29th. Raymond James lowered their target price on Mohawk Industries from $195.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, October 29th. Finally, Wells Fargo & Co lowered their target price on Mohawk Industries from $195.00 to $130.00 and set a “market perform” rating on the stock 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 given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $171.63.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Great Lakes Advisors LLC raised its holdings in Mohawk Industries by 59.6% in the 3rd quarter. Great Lakes Advisors LLC now owns 226,172 shares of the company’s stock worth $39,659,000 after purchasing an additional 84,459 shares during the period. Vanguard Group Inc. raised its holdings in Mohawk Industries by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 6,421,024 shares of the company’s stock worth $1,125,927,000 after purchasing an additional 29,538 shares during the period. Legal & General Group Plc raised its holdings in Mohawk Industries by 11.4% in the 3rd quarter. Legal & General Group Plc now owns 330,596 shares of the company’s stock worth $57,970,000 after purchasing an additional 33,749 shares during the period. Kentucky Retirement Systems acquired a new position in Mohawk Industries in the 3rd quarter worth about $750,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its holdings in Mohawk Industries by 17.5% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 28,200 shares of the company’s stock worth $4,945,000 after purchasing an additional 4,200 shares during the period. 78.20% of the stock is owned by institutional investors.

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Mohawk Industries Company Profile

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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