Zacks Investment Research Upgrades Mohawk Industries (MHK) to “Buy”

Zacks Investment Research upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a buy rating in a research report released on Monday. The firm currently has $310.00 target price on the stock.

According to Zacks, “Although Mohawk’s shares have slightly outperformed the industry so far this year,  earnings estimates  for the current quarter and year have increased over the last 60 days reflecting an upside potential of the stock. Further, the company’s improved pricing will continue to benefit margins. It is to be noted that, Mohawk continues to enjoys a leading position in the home furnishings industry and has completed four strategic acquisitions this year that broadened its product portfolio. The company is looking to explore investment options for expansion and acquisitions to widen its geographic presence and product offerings. However, higher costs and currency headwinds continue to impede growth.”

Several other research analysts have also recently issued reports on the company. Cleveland Research cut Mohawk Industries from a buy rating to a neutral rating in a research note on Friday, September 22nd. Nomura set a $300.00 price target on Mohawk Industries and gave the stock a buy rating in a research note on Friday, October 27th. Royal Bank of Canada reissued an outperform rating and issued a $300.00 price target (up previously from $291.00) on shares of Mohawk Industries in a research note on Monday, October 30th. Northcoast Research initiated coverage on Mohawk Industries in a research note on Thursday, October 5th. They issued a buy rating and a $295.00 price target for the company. Finally, Barclays increased their price target on Mohawk Industries from $285.00 to $301.00 and gave the stock an overweight rating in a research note on Monday, October 30th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Mohawk Industries has a consensus rating of Buy and a consensus price target of $292.83.

Shares of Mohawk Industries (MHK) traded up $0.64 on Monday, reaching $279.79. The company had a trading volume of 617,323 shares, compared to its average volume of 473,618. The company has a market cap of $20,800.00, a P/E ratio of 21.67, a P/E/G ratio of 2.29 and a beta of 1.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.77 and a current ratio of 1.48. Mohawk Industries has a 52-week low of $199.90 and a 52-week high of $286.85.

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, topping 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 company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the prior year, the business posted $3.50 earnings per share. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. equities analysts predict that Mohawk Industries will post 13.52 EPS for the current year.

Several institutional investors have recently made changes to their positions in MHK. Sun Life Financial INC lifted its holdings in shares of Mohawk Industries by 5,675.0% in the second quarter. Sun Life Financial INC now owns 462 shares of the company’s stock valued at $112,000 after buying an additional 454 shares during the period. Virtu Financial LLC acquired a new stake in shares of Mohawk Industries in the third quarter valued at $206,000. Teacher Retirement System of Texas acquired a new stake in shares of Mohawk Industries in the third quarter valued at $212,000. Captrust Financial Advisors acquired a new stake in shares of Mohawk Industries in the second quarter valued at $217,000. Finally, Verition Fund Management LLC acquired a new stake in shares of Mohawk Industries in the second quarter valued at $221,000. Institutional investors and hedge funds own 76.52% of the company’s stock.

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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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