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

StockNews.com downgraded shares of Mohawk Industries (NYSE:MHK) from a buy rating to a hold rating in a report released on Monday morning.

MHK has been the subject of several other reports. Royal Bank of Canada decreased their target price on shares of Mohawk Industries from $130.00 to $119.00 and set a “sector perform” rating for the company in a research report on Monday. Loop Capital decreased their price objective on Mohawk Industries from $180.00 to $155.00 and set a “buy” rating for the company in a report on Monday, February 10th. Wells Fargo & Company dropped their target price on Mohawk Industries from $130.00 to $105.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. Raymond James reiterated a “strong-buy” rating and set a $165.00 price target (down previously from $185.00) on shares of Mohawk Industries in a report on Monday, February 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Mohawk Industries in a research note on Tuesday, April 1st. They set a “hold” rating and a $121.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.00.

Mohawk Industries Stock Performance

Shares of Mohawk Industries stock opened at $100.94 on Monday. The business has a 50-day simple moving average of $109.18 and a 200 day simple moving average of $121.92. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.06 and a quick ratio of 1.12. Mohawk Industries has a one year low of $96.24 and a one year high of $164.29.

Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, May 1st. The company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.56 billion. Mohawk Industries had a return on equity of 8.04% and a net margin of 4.78%. Mohawk Industries’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.86 earnings per share. On average, research analysts anticipate that Mohawk Industries will post 9.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Mohawk Industries

In other news, insider Suzanne L. Helen sold 10,500 shares of Mohawk Industries stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $113.44, for a total value of $1,191,120.00. Following the completion of the transaction, the insider now owns 93,584 shares in the company, valued at $10,616,168.96. This trade represents a 10.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MHK. Wilmington Savings Fund Society FSB purchased a new stake in shares of Mohawk Industries during the third quarter worth $55,000. Resona Asset Management Co. Ltd. bought a new stake in shares of Mohawk Industries during the 4th quarter valued at $41,000. Versant Capital Management Inc lifted its holdings in Mohawk Industries by 71.0% during the 4th quarter. Versant Capital Management Inc now owns 537 shares of the company’s stock worth $64,000 after purchasing an additional 223 shares in the last quarter. R Squared Ltd bought a new position in Mohawk Industries in the 4th quarter worth about $66,000. Finally, Huntington National Bank increased its position in shares of Mohawk Industries by 27.4% during the fourth quarter. Huntington National Bank now owns 554 shares of the company’s stock valued at $66,000 after buying an additional 119 shares during the period. 78.98% of the stock is owned by institutional investors.

Mohawk Industries Company Profile

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, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.