StockNews.com Downgrades Mohawk Industries (NYSE:MHK) to Hold

StockNews.com downgraded shares of Mohawk Industries (NYSE:MHKFree Report) from a buy rating to a hold rating in a report issued on Friday morning.

A number of other brokerages also recently weighed in on MHK. Wells Fargo & Company cut their price target on shares of Mohawk Industries from $105.00 to $100.00 and set an underweight rating on the stock in a research report on Monday, January 22nd. Jefferies Financial Group lowered their target price on Mohawk Industries from $118.00 to $93.00 in a research note on Thursday, October 12th. TheStreet cut Mohawk Industries from a c- rating to a d+ rating in a research note on Thursday, October 26th. Barclays raised Mohawk Industries from an underweight rating to an equal weight rating and increased their target price for the stock from $80.00 to $100.00 in a research note on Wednesday, December 13th. Finally, Truist Financial lowered their target price on Mohawk Industries from $130.00 to $105.00 and set a buy rating for the company in a research note on Tuesday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $113.90.

Read Our Latest Research Report on MHK

Mohawk Industries Stock Up 6.6 %

Shares of NYSE MHK opened at $117.24 on Friday. The business has a fifty day moving average of $102.46 and a two-hundred day moving average of $94.35. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 1.78. Mohawk Industries has a 52-week low of $76.02 and a 52-week high of $119.97. The stock has a market cap of $7.47 billion, a PE ratio of -16.94 and a beta of 1.31.

Mohawk Industries (NYSE:MHKGet Free Report) last released its quarterly earnings results on Friday, February 9th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.10. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.56 billion. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.32 earnings per share. As a group, equities research analysts expect that Mohawk Industries will post 9.74 earnings per share for the current fiscal year.

Insider Transactions at Mohawk Industries

In other news, insider Suzanne L. Helen sold 5,500 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $94.09, for a total transaction of $517,495.00. Following the sale, the insider now directly owns 8,953 shares in the company, valued at $842,387.77. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gyon Technologies Capital Management LP acquired a new position in Mohawk Industries in the fourth quarter valued at approximately $30,000. Rockefeller Capital Management L.P. lifted its stake in Mohawk Industries by 143.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 307 shares of the company’s stock valued at $31,000 after buying an additional 181 shares during the period. WASHINGTON TRUST Co lifted its stake in Mohawk Industries by 156.8% in the second quarter. WASHINGTON TRUST Co now owns 339 shares of the company’s stock valued at $35,000 after buying an additional 207 shares during the period. Natixis acquired a new position in Mohawk Industries in the second quarter valued at approximately $40,000. Finally, UniSuper Management Pty Ltd acquired a new position in Mohawk Industries in the second quarter valued at approximately $41,000. 77.04% of the stock is owned by institutional investors and hedge funds.

Mohawk Industries Company Profile

(Get Free Report)

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

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