Mohawk Industries (NYSE:MHK) Price Target Raised to $160.00

Mohawk Industries (NYSE:MHK) had its price target lifted by equities researchers at Robert W. Baird from $132.00 to $160.00 in a report released on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Robert W. Baird’s target price suggests a potential downside of 1.30% from the company’s current price.

Several other equities research analysts have also recently issued reports on MHK. Raymond James upgraded Mohawk Industries from a “market perform” rating to a “strong-buy” rating and set a $140.00 price objective on the stock in a report on Monday, June 10th. Bank of America upgraded 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. Loop Capital decreased their price objective on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Royal Bank of Canada lifted their target price on Mohawk Industries from $106.00 to $108.00 and gave the company a “sector perform” rating in a report on Monday, April 29th. Finally, Truist Financial reduced their target price on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Mohawk Industries has a consensus rating of “Moderate Buy” and an average target price of $153.42.

Mohawk Industries Price Performance

Shares of NYSE:MHK opened at $162.10 on Monday. The business’s fifty day moving average price is $119.76 and its two-hundred day moving average price is $116.95. The stock has a market cap of $10.35 billion, a PE ratio of -24.79, a price-to-earnings-growth ratio of 1.88 and a beta of 1.38. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.92. Mohawk Industries has a one year low of $76.02 and a one year high of $163.84.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, July 25th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $0.25. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter last year, the firm earned $2.76 earnings per share. The business’s revenue was down 5.1% on a year-over-year basis. On average, analysts forecast that Mohawk Industries will post 9.49 EPS for the current fiscal year.

Insider Buying and Selling at Mohawk Industries

In other Mohawk Industries news, VP Rodney David Patton sold 755 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the transaction, the vice president now directly owns 12,299 shares of the company’s stock, valued at $2,002,031.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mohawk Industries news, VP Rodney David Patton sold 755 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the transaction, the vice president now directly owns 12,299 shares of the company’s stock, valued at $2,002,031.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Suzanne L. Helen sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $111.74, for a total value of $201,132.00. Following the completion of the transaction, the insider now directly owns 122,369 shares in the company, valued at $13,673,512.06. The disclosure for this sale can be found here. 17.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Mohawk Industries

A number of hedge funds and other institutional investors have recently modified their holdings of MHK. Norges Bank purchased a new stake in shares of Mohawk Industries during the fourth quarter worth about $68,050,000. Dimensional Fund Advisors LP increased its position in shares of Mohawk Industries by 14.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,459,303 shares of the company’s stock worth $254,543,000 after acquiring an additional 317,278 shares during the last quarter. ARGA Investment Management LP increased its position in shares of Mohawk Industries by 50.8% during the fourth quarter. ARGA Investment Management LP now owns 500,159 shares of the company’s stock worth $51,766,000 after acquiring an additional 168,401 shares during the last quarter. Brandes Investment Partners LP increased its position in shares of Mohawk Industries by 22.4% during the fourth quarter. Brandes Investment Partners LP now owns 816,138 shares of the company’s stock worth $84,470,000 after acquiring an additional 149,370 shares during the last quarter. Finally, Townsend & Associates Inc increased its position in shares of Mohawk Industries by 104.7% during the fourth quarter. Townsend & Associates Inc now owns 256,266 shares of the company’s stock worth $25,004,000 after acquiring an additional 131,076 shares during the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

Mohawk Industries Company Profile

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.