Mohawk Industries (NYSE:MHK) Director Jeffrey Lorberbaum Sells 10,000 Shares of Stock

Mohawk Industries, Inc. (NYSE:MHK) Director Jeffrey Lorberbaum sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $148.34, for a total transaction of $1,483,400.00. Following the transaction, the director owned 69,625 shares of the company’s stock, valued at approximately $10,328,172.50. This represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Mohawk Industries Stock Up 5.5%

NYSE MHK opened at $153.38 on Thursday. The business has a fifty day moving average price of $126.57 and a two-hundred day moving average price of $116.99. The stock has a market capitalization of $8.92 billion, a PE ratio of 18.00, a PEG ratio of 1.95 and a beta of 1.18. Mohawk Industries, Inc. has a fifty-two week low of $92.99 and a fifty-two week high of $154.46. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.91 and a quick ratio of 1.09.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings results on Thursday, October 29th. The company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.14. Mohawk Industries had a return on equity of 7.47% and a net margin of 4.63%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the company posted $2.67 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities analysts expect that Mohawk Industries, Inc. will post 9.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on MHK. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $121.00 target price on shares of Mohawk Industries in a research report on Tuesday, August 4th. Evercore raised shares of Mohawk Industries from an “in-line” rating to an “outperform” rating and set a $171.00 target price for the company in a report on Monday. Barclays increased their target price on shares of Mohawk Industries from $115.00 to $125.00 and gave the stock an “equal weight” rating in a report on Monday. Melius Research began coverage on shares of Mohawk Industries in a research note on Tuesday, October 6th. They issued a “buy” rating and a $188.00 price target on the stock. Finally, Weiss Ratings raised shares of Mohawk Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $138.92.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MHK. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Mohawk Industries during the 2nd quarter worth approximately $25,000. Basecamp Wealth Advisors LLC increased its position in Mohawk Industries by 2,281.8% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 262 shares of the company’s stock valued at $26,000 after acquiring an additional 251 shares during the period. Elevation Wealth Partners LLC increased its position in Mohawk Industries by 122.2% in the 2nd quarter. Elevation Wealth Partners LLC now owns 220 shares of the company’s stock valued at $27,000 after acquiring an additional 121 shares during the period. Pension & Wealth Management Advisors Inc. bought a new position in shares of Mohawk Industries during the third quarter valued at $36,000. Finally, Provenance Wealth Advisors LLC bought a new position in shares of Mohawk Industries during the third quarter valued at $36,000. 78.98% of the stock is currently owned by institutional investors.

Mohawk Industries News Roundup

Here are the key news stories impacting Mohawk Industries this week:

• Positive Sentiment: Evercore ISI upgraded MHK to Outperform from In Line, pointing to an expected $1.1 billion share-buyback outlook that could support shareholder returns. Evercore upgrade and buyback outlook
• Neutral Sentiment: Baird raised its price target to $142 from $132 but kept a Neutral rating. Barclays lifted its target to $125 from $115 and maintained Equal Weight. The higher targets are positive revisions, though both firms remain cautious. Baird price target update Barclays price target update
• Negative Sentiment: Two directors sold a combined 25,000 shares for approximately $3.64 million. Bernard Thiers reduced his stake by about 16%, and Jeffrey Lorberbaum’s sale lowered his position by roughly 13%. Insider sales can concern investors, although the filings do not state the reasons for the transactions. Director share sales Lorberbaum SEC filing

Mohawk Industries Company Profile

Mohawk Industries, Inc is a global manufacturer and distributor of flooring products. The company serves residential and commercial customers through products sold to retailers, distributors, builders, contractors and other industry professionals.

Its product portfolio includes carpet, rugs, ceramic and porcelain tile, hardwood flooring, laminate, luxury vinyl tile and other resilient flooring products. Mohawk markets products under a range of well-known brands, including Mohawk, Karastan, Pergo, Quick-Step, Marazzi, Daltile, American Olean and Durkan.

The company traces its origins to a carpet mill established in 1878 and is headquartered in Calhoun, Georgia.