Mohawk Industries (NYSE:MHK) Raised to Neutral at Bank of America

Mohawk Industries (NYSE:MHKGet Rating) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research report issued on Monday, The Fly reports.

Other equities research analysts have also recently issued reports about the stock. Raymond James lowered their price objective on shares of Mohawk Industries from $245.00 to $220.00 and set a “strong-buy” rating for the company in a research report on Monday, February 14th. Credit Suisse Group began coverage on shares of Mohawk Industries in a research note on Tuesday, April 5th. They set a “neutral” rating and a $140.00 price target on the stock. The Goldman Sachs Group dropped their price objective on shares of Mohawk Industries from $190.00 to $165.00 and set a “buy” rating on the stock in a report on Tuesday, April 12th. UBS Group lowered their price target on shares of Mohawk Industries from $180.00 to $162.00 in a report on Monday, February 14th. Finally, Truist Financial lowered their price target on shares of Mohawk Industries from $200.00 to $175.00 and set a “buy” rating on the stock in a report on Wednesday, March 30th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $167.00.

Shares of NYSE:MHK opened at $141.06 on Monday. The stock has a 50 day moving average of $132.23 and a 200 day moving average of $157.59. The company has a market cap of $8.96 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 6.90 and a beta of 1.51. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20. Mohawk Industries has a 12-month low of $117.56 and a 12-month high of $231.80.

Mohawk Industries (NYSE:MHKGet Rating) last released its earnings results on Thursday, April 28th. The company reported $3.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.93 by $0.85. Mohawk Industries had a net margin of 9.02% and a return on equity of 11.87%. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.85 billion. During the same quarter last year, the business earned $3.49 EPS. The business’s revenue was up 13.0% on a year-over-year basis. Equities research analysts predict that Mohawk Industries will post 13.63 earnings per share for the current fiscal year.

In other Mohawk Industries news, VP Rodney David Patton sold 506 shares of the stock in a transaction dated Monday, February 14th. The shares were sold at an average price of $144.76, for a total transaction of $73,248.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Chistopher Wellborn bought 10,000 shares of the stock in a transaction on Thursday, February 24th. The shares were bought at an average cost of $135.76 per share, with a total value of $1,357,600.00. The disclosure for this purchase can be found here. 17.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of MHK. Norges Bank purchased a new position in Mohawk Industries in the fourth quarter worth approximately $101,576,000. JPMorgan Chase & Co. lifted its stake in Mohawk Industries by 18.1% in the fourth quarter. JPMorgan Chase & Co. now owns 2,205,477 shares of the company’s stock worth $401,791,000 after acquiring an additional 338,782 shares during the last quarter. American Century Companies Inc. lifted its stake in Mohawk Industries by 205.0% in the fourth quarter. American Century Companies Inc. now owns 458,922 shares of the company’s stock worth $83,606,000 after acquiring an additional 308,463 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its stake in Mohawk Industries by 2,665.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 267,604 shares of the company’s stock worth $37,720,000 after acquiring an additional 257,926 shares during the last quarter. Finally, State Street Corp raised its holdings in Mohawk Industries by 7.9% during the fourth quarter. State Street Corp now owns 2,902,780 shares of the company’s stock worth $528,828,000 after purchasing an additional 211,971 shares in the last quarter. Institutional investors own 77.28% of the company’s stock.

Mohawk Industries Company Profile (Get Rating)

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces in the United States, Europe, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

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