Mohawk Industries (NYSE:MHK) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a buy rating in a research note released on Monday.

A number of other research analysts have also recently commented on the stock. Barclays reduced their target price on shares of Mohawk Industries from $98.00 to $80.00 and set an underweight rating on the stock in a research report on Thursday, October 12th. Wells Fargo & Company started coverage on shares of Mohawk Industries in a research note on Tuesday, October 17th. They issued an underweight rating and a $85.00 price target for the company. Loop Capital lifted their price target on shares of Mohawk Industries from $115.00 to $130.00 and gave the stock a buy rating in a research note on Monday, July 31st. TheStreet lowered shares of Mohawk Industries from a c- rating to a d+ rating in a research note on Thursday. Finally, Truist Financial dropped their price target on shares of Mohawk Industries from $130.00 to $105.00 and set a buy rating for the company in a research note on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $103.13.

Mohawk Industries Trading Up 3.8 %

NYSE MHK opened at $79.47 on Monday. The company’s fifty day simple moving average is $88.27 and its 200-day simple moving average is $96.82. Mohawk Industries has a 52 week low of $76.02 and a 52 week high of $130.63. The company has a current ratio of 1.73, a quick ratio of 0.94 and a debt-to-equity ratio of 0.23. The stock has a market cap of $5.06 billion, a P/E ratio of -9.26 and a beta of 1.35.

Mohawk Industries (NYSE:MHK) last posted its earnings results on Thursday, October 26th. The company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.07. Mohawk Industries had a negative net margin of 4.88% and a positive return on equity of 6.91%. The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the previous year, the company posted $3.34 earnings per share. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. Equities research analysts predict that Mohawk Industries will post 9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mohawk Industries news, CEO Jeffrey S. Lorberbaum sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $101.22, for a total value of $1,012,200.00. Following the transaction, the chief executive officer now owns 39,200 shares of the company’s stock, valued at $3,967,824. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 17.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mohawk Industries

A number of large investors have recently bought and sold shares of MHK. Gyon Technologies Capital Management LP bought a new stake in shares of Mohawk Industries during the fourth quarter valued at approximately $30,000. Rockefeller Capital Management L.P. raised its holdings in shares of Mohawk Industries by 143.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 307 shares of the company’s stock valued at $31,000 after buying an additional 181 shares during the last quarter. WASHINGTON TRUST Co raised its holdings in shares of Mohawk Industries by 156.8% during the second quarter. WASHINGTON TRUST Co now owns 339 shares of the company’s stock valued at $35,000 after buying an additional 207 shares during the last quarter. Natixis bought a new stake in Mohawk Industries during the second quarter worth approximately $40,000. Finally, UniSuper Management Pty Ltd bought a new stake in Mohawk Industries during the second quarter worth approximately $41,000. Institutional investors own 77.04% of the company’s stock.

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, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).