Zacks Investment Research upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $312.00 target price on the stock.

According to Zacks, “Mohawk's shares have gained 34.3% in the past year, almost on par with its industry gain. Also, earnings estimates  for 2018 have increased over the last 30 days reflecting an upside potential of the stock. Further, the company’s improved pricing will continue to benefit margins. It is to be noted that, Mohawk continues to enjoys a leading position in the home furnishings industry and has completed four strategic acquisitions this year that broadened its product portfolio. The company is looking to explore investment options for expansion and acquisitions to widen its geographic presence and product offerings. However, higher costs and currency headwinds continue to impede growth.”

Several other analysts also recently commented on MHK. Nomura restated a buy rating and issued a $288.00 target price (up from $280.00) on shares of Mohawk Industries in a research note on Thursday, September 28th. JPMorgan Chase & Co. raised their target price on Mohawk Industries from $250.00 to $285.00 and gave the company a neutral rating in a research note on Monday, October 30th. Instinet restated a buy rating and issued a $288.00 target price (up from $280.00) on shares of Mohawk Industries in a research note on Saturday, September 30th. ValuEngine upgraded Mohawk Industries from a hold rating to a buy rating in a research note on Sunday, December 31st. Finally, Stifel Nicolaus restated a buy rating and issued a $270.00 target price on shares of Mohawk Industries in a research note on Sunday, October 29th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $293.00.

Mohawk Industries (MHK) traded up $1.01 during mid-day trading on Friday, hitting $279.14. The stock had a trading volume of 508,134 shares, compared to its average volume of 414,515. Mohawk Industries has a 1 year low of $204.51 and a 1 year high of $286.85. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.77 and a current ratio of 1.48. The company has a market cap of $20,670.63, a price-to-earnings ratio of 21.64, a PEG ratio of 2.27 and a beta of 1.37.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, October 26th. The company reported $3.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.74 by $0.01. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.46 billion. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the company posted $3.50 EPS. equities analysts forecast that Mohawk Industries will post 13.52 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC boosted its stake in Mohawk Industries by 0.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,035 shares of the company’s stock valued at $492,000 after purchasing an additional 15 shares during the last quarter. Thrivent Financial For Lutherans boosted its stake in Mohawk Industries by 3.0% during the 2nd quarter. Thrivent Financial For Lutherans now owns 2,390 shares of the company’s stock valued at $578,000 after purchasing an additional 70 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in Mohawk Industries by 2.5% during the 2nd quarter. Mutual of America Capital Management LLC now owns 7,669 shares of the company’s stock valued at $1,854,000 after purchasing an additional 185 shares during the last quarter. Oakbrook Investments LLC boosted its stake in Mohawk Industries by 4.2% during the 4th quarter. Oakbrook Investments LLC now owns 4,540 shares of the company’s stock valued at $1,253,000 after purchasing an additional 185 shares during the last quarter. Finally, Zions Bancorporation boosted its stake in Mohawk Industries by 6.5% during the 3rd quarter. Zions Bancorporation now owns 3,210 shares of the company’s stock valued at $795,000 after purchasing an additional 196 shares during the last quarter. Institutional investors and hedge funds own 76.55% of the company’s stock.

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About Mohawk Industries

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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