Mohawk Industries (NYSE:MHK) Raised to “Strong-Buy” at Baird R W

Baird R W upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a strong-buy rating in a research note published on Monday, Zacks.com reports.

A number of other brokerages have also recently issued reports on MHK. Barclays increased their price objective on shares of Mohawk Industries from $118.00 to $161.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Wells Fargo & Company upgraded shares of Mohawk Industries from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $140.00 to $160.00 in a research note on Monday, October 7th. Robert W. Baird upgraded shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $160.00 to $196.00 in a research note on Monday. Truist Financial increased their price objective on shares of Mohawk Industries from $135.00 to $184.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Loop Capital increased their price objective on shares of Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $166.25.

Mohawk Industries Price Performance

Shares of Mohawk Industries stock opened at $151.87 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.92 and a quick ratio of 1.04. Mohawk Industries has a fifty-two week low of $76.02 and a fifty-two week high of $164.29. The firm has a fifty day moving average price of $154.86 and a two-hundred day moving average price of $133.61. The company has a market cap of $9.70 billion, a PE ratio of -23.22, a price-to-earnings-growth ratio of 1.23 and a beta of 1.37.

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

Insider Buying and Selling

In related news, VP Rodney David Patton sold 755 shares of the stock in a transaction dated 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 in the company, valued at $2,002,031.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Mohawk Industries news, insider Suzanne L. Helen sold 2,300 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $151.15, for a total value of $347,645.00. Following the completion of the sale, the insider now owns 119,369 shares in the company, valued at approximately $18,042,624.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Rodney David Patton sold 755 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold 4,415 shares of company stock worth $673,387 in the last quarter. 17.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mohawk Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA bought a new position in shares of Mohawk Industries in the 2nd quarter valued at about $85,997,000. Pacer Advisors Inc. boosted its stake in shares of Mohawk Industries by 42.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company’s stock valued at $136,349,000 after purchasing an additional 360,628 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Mohawk Industries by 10.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company’s stock valued at $344,903,000 after purchasing an additional 292,661 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Mohawk Industries by 1,464.0% in the 2nd quarter. Victory Capital Management Inc. now owns 227,357 shares of the company’s stock valued at $25,825,000 after purchasing an additional 212,820 shares during the last quarter. Finally, Clearbridge Investments LLC bought a new position in shares of Mohawk Industries in the 2nd quarter valued at about $21,061,000. Institutional investors and hedge funds 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.