Bank of Montreal Can Takes Position in Mohawk Industries, Inc. (NYSE:MHK)

Bank of Montreal Can acquired a new stake in Mohawk Industries, Inc. (NYSE:MHK) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,931 shares of the company’s stock, valued at approximately $3,728,000. Bank of Montreal Can owned 0.06% of Mohawk Industries at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Hosking Partners LLP raised its position in shares of Mohawk Industries by 7.2% in the second quarter. Hosking Partners LLP now owns 17,606 shares of the company’s stock valued at $1,816,000 after purchasing an additional 1,184 shares during the period. Alaska Permanent Fund Corp bought a new position in Mohawk Industries during the second quarter worth about $2,527,000. Daiwa Securities Group Inc. increased its position in Mohawk Industries by 11.1% during the second quarter. Daiwa Securities Group Inc. now owns 4,144 shares of the company’s stock worth $427,000 after acquiring an additional 413 shares during the period. New World Advisors LLC increased its position in Mohawk Industries by 30.4% during the second quarter. New World Advisors LLC now owns 3,220 shares of the company’s stock worth $332,000 after acquiring an additional 750 shares during the period. Finally, Duality Advisers LP bought a new position in Mohawk Industries during the second quarter worth about $1,675,000. 77.04% of the stock is owned by institutional investors.

Mohawk Industries Trading Up 2.4 %

MHK opened at $84.99 on Monday. The company’s 50 day moving average is $87.13 and its 200-day moving average is $96.36. Mohawk Industries, Inc. has a 1-year low of $76.02 and a 1-year 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 company has a market cap of $5.41 billion, a P/E ratio of -9.91 and a beta of 1.27.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, October 26th. The company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.65 by $0.07. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.74 billion. Mohawk Industries had a negative net margin of 4.88% and a positive return on equity of 6.91%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the company posted $3.34 EPS. Equities research analysts predict that Mohawk Industries, Inc. will post 9.08 earnings per share for the current fiscal year.

Insider Activity at Mohawk Industries

In related news, CEO Jeffrey S. Lorberbaum sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 39,200 shares in the company, valued at approximately $3,967,824. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 17.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MHK. StockNews.com raised shares of Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Monday, October 30th. TheStreet downgraded shares of Mohawk Industries from a “c-” rating to a “d+” rating in a research note on Thursday, October 26th. Jefferies Financial Group reduced their price objective on shares of Mohawk Industries from $118.00 to $93.00 in a research note on Thursday, October 12th. Barclays reduced their price objective on shares of Mohawk Industries from $98.00 to $80.00 and set an “underweight” rating on the stock in a research note on Thursday, October 12th. Finally, Loop Capital increased their price objective 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. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Mohawk Industries has a consensus rating of “Hold” and an average target price of $103.13.

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