Mohawk Industries, Inc. (MHK) Stock Rating Lowered by Zacks Investment Research
Mohawk Industries, Inc. (NYSE:MHK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Mohawk enjoys a leading position in the home furnishings industry, and its strategic acquisitions are encouraging. The U.S. housing market has shown some meaningful improvement in the recent times, which should boost demand. Mohawk’s shares are almost at par with the Zacks categorized Textile-Home Furnishing industry in the last one year. The company is currently exploring numerous investment options for further expansion, including Greenfield opportunities, and acquisitions to broaden its geographic presence and product portfolio in order to boost its top line. However, slowdown in emerging markets is a matter of concern. Also, currency headwinds are expected to put revenue growth under pressure in the near term.”
MHK has been the subject of several other reports. Bank of America Corporation upgraded Mohawk Industries from a “neutral” rating to a “buy” rating and set a $235.00 price target for the company in a report on Wednesday, October 12th. Wells Fargo & Company started coverage on Mohawk Industries in a report on Wednesday, September 28th. They issued a “market perform” rating for the company. Royal Bank Of Canada increased their price target on Mohawk Industries from $245.00 to $248.00 and gave the company an “outperform” rating in a report on Monday, December 5th. Barclays PLC started coverage on Mohawk Industries in a report on Thursday, January 5th. They issued an “overweight” rating and a $229.00 price target for the company. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $248.00 price target (up from $245.00) on shares of Mohawk Industries in a report on Monday, December 5th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $231.09.
Shares of Mohawk Industries (NYSE:MHK) traded up 0.12% during mid-day trading on Wednesday, reaching $201.99. The company’s stock had a trading volume of 151,221 shares. The firm’s market capitalization is $14.98 billion. Mohawk Industries has a 52 week low of $148.56 and a 52 week high of $216.58. The firm has a 50-day moving average of $200.35 and a 200-day moving average of $200.66.
Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, November 3rd. The company reported $3.50 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.04. The business earned $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. Mohawk Industries had a return on equity of 17.22% and a net margin of 10.12%. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.98 EPS. Equities research analysts forecast that Mohawk Industries will post $12.57 earnings per share for the current fiscal year.
In other Mohawk Industries news, insider Chistopher Wellborn sold 7,231 shares of the company’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $200.00, for a total value of $1,446,200.00. Following the completion of the transaction, the insider now directly owns 174,926 shares of the company’s stock, valued at approximately $34,985,200. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Cock Frans Georges De purchased 3,750 shares of Mohawk Industries stock in a transaction dated Monday, November 28th. The shares were bought at an average cost of $200.00 per share, for a total transaction of $750,000.00. Following the transaction, the director now directly owns 10,016 shares of the company’s stock, valued at approximately $2,003,200. The disclosure for this purchase can be found here. 17.10% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Mohawk Industries by 2.1% in the second quarter. Vanguard Group Inc. now owns 5,547,384 shares of the company’s stock valued at $1,052,671,000 after buying an additional 111,958 shares during the last quarter. FMR LLC boosted its position in shares of Mohawk Industries by 12.9% in the second quarter. FMR LLC now owns 2,837,384 shares of the company’s stock valued at $538,421,000 after buying an additional 323,324 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Mohawk Industries by 1.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,622,948 shares of the company’s stock valued at $325,141,000 after buying an additional 26,147 shares during the last quarter. Egerton Capital UK LLP boosted its position in shares of Mohawk Industries by 1.1% in the second quarter. Egerton Capital UK LLP now owns 1,406,504 shares of the company’s stock valued at $266,898,000 after buying an additional 15,387 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Mohawk Industries by 2.9% in the third quarter. Principal Financial Group Inc. now owns 1,224,346 shares of the company’s stock valued at $245,285,000 after buying an additional 34,837 shares during the last quarter. 76.68% of the stock is currently owned by institutional investors and hedge funds.
About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’s manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (LVT) and vinyl flooring. It operates in three segments: Global Ceramic, which designs, manufactures, sources, distributes and markets a line of ceramic tile, porcelain tile and natural stone products; Flooring North America (Flooring NA), which designs, manufactures, sources, distributes and markets carpet, laminate, carpet pad, rugs, hardwood and vinyl, including LVT, in a range of colors, textures and patterns, and Flooring Rest of the World (Flooring ROW), which designs, manufactures, sources, distributes and markets laminate, hardwood flooring, roofing elements, insulation boards, medium-density fiberboard, chipboards and vinyl flooring products.
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