Axa Sells 5,500 Shares of Mohawk Industries, Inc. (MHK)
Axa lowered its holdings in shares of Mohawk Industries, Inc. (NYSE:MHK) by 38.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 8,762 shares of the company’s stock after selling 5,500 shares during the quarter. Axa’s holdings in Mohawk Industries were worth $1,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Cornerstone Advisors Inc. increased its position in shares of Mohawk Industries by 45.5% during the second quarter. Cornerstone Advisors Inc. now owns 1,289 shares of the company’s stock worth $276,000 after purchasing an additional 403 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in shares of Mohawk Industries during the second quarter worth $159,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Mohawk Industries by 3.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 208,993 shares of the company’s stock worth $44,781,000 after purchasing an additional 6,652 shares in the last quarter. First Trust Advisors LP increased its position in shares of Mohawk Industries by 36.0% during the second quarter. First Trust Advisors LP now owns 77,556 shares of the company’s stock worth $16,618,000 after purchasing an additional 20,517 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Mohawk Industries by 12.3% during the second quarter. Victory Capital Management Inc. now owns 18,322 shares of the company’s stock worth $3,926,000 after purchasing an additional 2,012 shares in the last quarter. Hedge funds and other institutional investors own 78.20% of the company’s stock.
In other Mohawk Industries news, insider Suzanne L. Helen sold 10,642 shares of the company’s stock in a transaction on Monday, November 26th. The shares were sold at an average price of $128.83, for a total value of $1,371,008.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brian Carson purchased 2,698 shares of the stock in a transaction on Monday, October 29th. The stock was acquired at an average cost of $116.34 per share, for a total transaction of $313,885.32. Following the completion of the acquisition, the insider now owns 21,135 shares of the company’s stock, valued at approximately $2,458,845.90. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 262,698 shares of company stock worth $31,193,685 and sold 29,805 shares worth $4,918,906. 16.80% of the stock is currently owned by corporate insiders.
Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, October 25th. The company reported $3.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.58 by ($0.29). Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. The firm had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.61 billion. On average, analysts expect that Mohawk Industries, Inc. will post 12.32 earnings per share for the current fiscal year.
Mohawk Industries announced that its board has approved a stock repurchase plan on Thursday, October 25th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
MHK has been the topic of a number of recent analyst reports. Robert W. Baird set a $192.00 price target on Mohawk Industries and gave the stock a “buy” rating in a research report on Tuesday, October 16th. Nomura cut their target price on Mohawk Industries from $260.00 to $185.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Credit Suisse Group set a $180.00 target price on Mohawk Industries and gave the company a “buy” rating in a research report on Wednesday, October 17th. Bank of America set a $210.00 target price on Mohawk Industries and gave the company a “buy” rating in a research report on Thursday, October 11th. Finally, Raymond James cut their target price on Mohawk Industries from $215.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday, October 10th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $171.63.
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Mohawk Industries Company Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
See Also: Ex-Dividend
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