Mohawk Industries (NYSE:MHK) Lifted to “Buy” at Bank of America

Mohawk Industries (NYSE:MHK) was upgraded by Bank of America from an “underperform” rating to a “buy” rating in a research note issued on Friday, Briefing.com reports. The firm currently has a $177.00 target price on the stock, up from their previous target price of $120.00. Bank of America‘s price objective points to a potential upside of 31.14% from the company’s previous close.

Several other research firms also recently commented on MHK. Loop Capital reduced their price objective on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Raymond James raised Mohawk Industries from a “market perform” rating to a “strong-buy” rating and set a $140.00 price objective for the company in a research note on Monday, June 10th. JPMorgan Chase & Co. raised their target price on Mohawk Industries from $122.00 to $124.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Truist Financial cut their target price on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada raised their target price on Mohawk Industries from $106.00 to $108.00 and gave the stock a “sector perform” rating in a research note on Monday, April 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Mohawk Industries currently has a consensus rating of “Moderate Buy” and an average target price of $127.45.

Mohawk Industries Stock Performance

MHK opened at $134.97 on Friday. Mohawk Industries has a 52-week low of $76.02 and a 52-week high of $136.75. The company has a quick ratio of 1.02, a current ratio of 1.83 and a debt-to-equity ratio of 0.22. The company has a market cap of $8.62 billion, a P/E ratio of -20.64, a price-to-earnings-growth ratio of 1.28 and a beta of 1.38. The firm’s 50-day moving average price is $116.95 and its 200-day moving average price is $115.45.

Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, April 25th. The company reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.16. Mohawk Industries had a positive return on equity of 7.72% and a negative net margin of 3.77%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same quarter in the prior year, the firm earned $1.75 earnings per share. Mohawk Industries’s revenue for the quarter was down 4.5% on a year-over-year basis. As a group, equities analysts anticipate that Mohawk Industries will post 9.51 EPS for the current fiscal year.

Insider Activity at Mohawk Industries

In other news, insider Suzanne L. Helen sold 1,800 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $111.74, for a total transaction of $201,132.00. Following the completion of the transaction, the insider now directly owns 122,369 shares of the company’s stock, valued at $13,673,512.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. 17.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mohawk Industries

Several large investors have recently modified their holdings of MHK. Bank of New York Mellon Corp grew its holdings in Mohawk Industries by 2.4% during the second quarter. Bank of New York Mellon Corp now owns 311,268 shares of the company’s stock worth $35,357,000 after acquiring an additional 7,194 shares during the period. Van Lanschot Kempen Investment Management N.V. grew its holdings in Mohawk Industries by 11.2% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 667,516 shares of the company’s stock valued at $75,823,000 after purchasing an additional 67,452 shares during the last quarter. Fifth Third Bancorp grew its holdings in Mohawk Industries by 7.0% in the second quarter. Fifth Third Bancorp now owns 2,343 shares of the company’s stock valued at $266,000 after purchasing an additional 154 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Mohawk Industries in the second quarter valued at $2,544,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Mohawk Industries by 4.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,573 shares of the company’s stock valued at $1,315,000 after purchasing an additional 493 shares during the last quarter. Hedge funds and other institutional investors own 78.98% of the company’s stock.

About Mohawk Industries

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.