Mohawk Industries (NYSE:MHK) Shares Gap Up After Strong Earnings

Mohawk Industries, Inc. (NYSE:MHK) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $110.27, but opened at $117.98. Mohawk Industries shares last traded at $116.12, with a volume of 91,161 shares traded.

The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.16. Mohawk Industries had a negative net margin of 3.95% and a positive return on equity of 7.52%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period in the prior year, the firm earned $1.75 earnings per share. The business’s quarterly revenue was down 4.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MHK shares. The Goldman Sachs Group boosted their target price on shares of Mohawk Industries from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Truist Financial upped their price objective on Mohawk Industries from $98.00 to $127.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. StockNews.com raised Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 17th. Deutsche Bank Aktiengesellschaft upgraded Mohawk Industries from a “hold” rating to a “buy” rating and boosted their target price for the stock from $98.00 to $152.00 in a research note on Monday, February 12th. Finally, Wells Fargo & Company dropped their price target on shares of Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $118.75.

Insiders Place Their Bets

In other news, VP Rodney David Patton sold 1,551 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $119.51, for a total transaction of $185,360.01. Following the transaction, the vice president now directly owns 15,321 shares in the company, valued at $1,831,012.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 17.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mohawk Industries

Several hedge funds have recently made changes to their positions in MHK. Quarry LP lifted its position in Mohawk Industries by 70.4% during the 4th quarter. Quarry LP now owns 421 shares of the company’s stock worth $44,000 after acquiring an additional 174 shares during the period. Huntington National Bank lifted its holdings in shares of Mohawk Industries by 36.0% during the third quarter. Huntington National Bank now owns 540 shares of the company’s stock worth $46,000 after purchasing an additional 143 shares during the period. Allworth Financial LP lifted its holdings in shares of Mohawk Industries by 88.1% during the fourth quarter. Allworth Financial LP now owns 521 shares of the company’s stock worth $54,000 after purchasing an additional 244 shares during the period. Signaturefd LLC grew its position in Mohawk Industries by 29.4% in the 4th quarter. Signaturefd LLC now owns 563 shares of the company’s stock valued at $58,000 after buying an additional 128 shares during the last quarter. Finally, TFO Wealth Partners LLC increased its stake in Mohawk Industries by 32,500.0% in the 4th quarter. TFO Wealth Partners LLC now owns 652 shares of the company’s stock valued at $67,000 after buying an additional 650 shares during the period. Institutional investors and hedge funds own 78.98% of the company’s stock.

Mohawk Industries Stock Performance

The company has a market cap of $7.35 billion, a PE ratio of -16.68 and a beta of 1.34. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 1.78. The stock’s 50-day simple moving average is $118.86 and its 200 day simple moving average is $102.85.

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.