Mohawk Industries (NYSE:MHK) Raised to Overweight at Robert W. Baird

Robert W. Baird upgraded shares of Mohawk Industries (NYSE:MHK) from a neutral rating to an overweight rating in a research note issued to investors on Monday, Marketbeat.com reports. They currently have $196.00 price objective on the stock, up from their prior price objective of $160.00.

A number of other research analysts have also recently issued reports on the company. Loop Capital raised their price objective on Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Jefferies Financial Group raised their price objective on shares of Mohawk Industries from $150.00 to $160.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Royal Bank of Canada raised their price objective on shares of Mohawk Industries from $108.00 to $140.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Bank of America upgraded shares of Mohawk Industries from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $120.00 to $177.00 in a report on Friday, July 26th. Finally, Truist Financial raised their price objective on shares of Mohawk Industries from $135.00 to $184.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $166.25.

Mohawk Industries Stock Performance

Shares of MHK opened at $151.87 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.92. The stock has a 50 day moving average price of $154.86 and a two-hundred day moving average price of $133.61. The firm has a market capitalization of $9.70 billion, a P/E ratio of -23.22, a P/E/G ratio of 1.23 and a beta of 1.37. Mohawk Industries has a 52 week low of $76.02 and a 52 week high of $164.29.

Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, July 25th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $0.25. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.84 billion. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. Mohawk Industries’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.76 earnings per share. Equities analysts forecast that Mohawk Industries will post 10 earnings per share for the current fiscal year.

Insider Activity at Mohawk Industries

In other Mohawk Industries news, VP Rodney David Patton sold 755 shares of Mohawk Industries stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $162.78, for a total value of $122,898.90. Following the completion of the sale, the vice president now owns 12,299 shares of the company’s stock, valued at approximately $2,002,031.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Rodney David Patton sold 755 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $162.78, for a total transaction of $122,898.90. Following the completion of the sale, the vice president now owns 12,299 shares of the company’s stock, valued at $2,002,031.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Suzanne L. Helen sold 660 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $151.46, for a total transaction of $99,963.60. Following the sale, the insider now directly owns 118,709 shares of the company’s stock, valued at approximately $17,979,665.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,415 shares of company stock valued at $673,387 over the last 90 days. Corporate insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Quest Partners LLC lifted its stake in shares of Mohawk Industries by 40.0% during the 2nd quarter. Quest Partners LLC now owns 294 shares of the company’s stock valued at $33,000 after buying an additional 84 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Mohawk Industries in the 2nd quarter worth $50,000. Blue Trust Inc. lifted its stake in Mohawk Industries by 85.6% in the 3rd quarter. Blue Trust Inc. now owns 362 shares of the company’s stock worth $58,000 after purchasing an additional 167 shares in the last quarter. Quent Capital LLC lifted its stake in Mohawk Industries by 27.2% in the 1st quarter. Quent Capital LLC now owns 496 shares of the company’s stock worth $65,000 after purchasing an additional 106 shares in the last quarter. Finally, AM Squared Ltd purchased a new stake in Mohawk Industries in the 2nd quarter worth $68,000. 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.