Mohawk Industries, Inc. (MHK) Cut to Neutral at Cleveland Research
Cleveland Research lowered shares of Mohawk Industries, Inc. (NYSE:MHK) from a buy rating to a neutral rating in a research report released on Friday, The Fly reports.
Several other equities analysts also recently commented on MHK. BidaskClub upgraded shares of Mohawk Industries from a buy rating to a strong-buy rating in a research note on Wednesday, June 14th. Credit Suisse Group started coverage on shares of Mohawk Industries in a research note on Thursday, June 22nd. They issued an outperform rating and a $274.00 price target on the stock. Zacks Investment Research upgraded shares of Mohawk Industries from a hold rating to a buy rating and set a $268.00 price target on the stock in a research note on Tuesday, July 4th. Royal Bank Of Canada restated a buy rating and issued a $267.00 price target on shares of Mohawk Industries in a research note on Monday, July 24th. Finally, MKM Partners restated a buy rating and issued a $286.00 price target (up from $255.00) on shares of Mohawk Industries in a research note on Wednesday, August 2nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $266.64.
Mohawk Industries (NYSE MHK) opened at 245.67 on Friday. The company’s market capitalization is $18.26 billion. Mohawk Industries has a 12-month low of $175.52 and a 12-month high of $259.91. The stock’s 50 day moving average is $251.35 and its 200-day moving average is $240.22.
Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, July 27th. The company reported $3.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.60 by $0.12. Mohawk Industries had a net margin of 10.54% and a return on equity of 16.45%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same period in the prior year, the company posted $3.47 earnings per share. Mohawk Industries’s revenue was up 6.2% compared to the same quarter last year. On average, equities analysts predict that Mohawk Industries will post $13.51 earnings per share for the current fiscal year.
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In other news, VP Rodney David Patton sold 137 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $246.78, for a total value of $33,808.86. Following the completion of the transaction, the vice president now owns 6,924 shares of the company’s stock, valued at $1,708,704.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total transaction of $5,022,515.00. Following the completion of the transaction, the chairman now directly owns 21,396 shares of the company’s stock, valued at approximately $5,454,910.20. The disclosure for this sale can be found here. Corporate insiders own 17.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC lifted its holdings in shares of Mohawk Industries by 18.0% in the second quarter. Lord Abbett & CO. LLC now owns 35,339 shares of the company’s stock worth $8,541,000 after acquiring an additional 5,379 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Mohawk Industries by 24.7% in the second quarter. Toronto Dominion Bank now owns 21,399 shares of the company’s stock worth $5,170,000 after acquiring an additional 4,232 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Mohawk Industries by 52.6% in the second quarter. Dynamic Technology Lab Private Ltd now owns 2,136 shares of the company’s stock worth $516,000 after acquiring an additional 736 shares during the last quarter. WINTON GROUP Ltd lifted its holdings in shares of Mohawk Industries by 77.6% in the second quarter. WINTON GROUP Ltd now owns 5,894 shares of the company’s stock worth $1,425,000 after acquiring an additional 2,576 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Mohawk Industries by 3.6% in the second quarter. Public Employees Retirement System of Ohio now owns 118,708 shares of the company’s stock worth $28,691,000 after acquiring an additional 4,078 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.
Mohawk Industries Company Profile
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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