Daiwa Securities Group Inc. Sells 2,896 Shares of Mohawk Industries, Inc. (NYSE:MHK)

Daiwa Securities Group Inc. reduced its position in Mohawk Industries, Inc. (NYSE:MHK) by 67.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,416 shares of the company’s stock after selling 2,896 shares during the period. Daiwa Securities Group Inc.’s holdings in Mohawk Industries were worth $147,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Mohawk Industries by 47.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,439 shares of the company’s stock worth $1,184,000 after purchasing an additional 3,684 shares during the period. Cornercap Investment Counsel Inc. bought a new position in shares of Mohawk Industries in the fourth quarter worth approximately $616,000. Louisiana State Employees Retirement System bought a new position in shares of Mohawk Industries in the fourth quarter worth approximately $331,000. Byrne Asset Management LLC bought a new position in shares of Mohawk Industries in the fourth quarter worth approximately $101,000. Finally, Cardinal Capital Management boosted its position in shares of Mohawk Industries by 49.6% in the fourth quarter. Cardinal Capital Management now owns 8,872 shares of the company’s stock worth $918,000 after purchasing an additional 2,943 shares during the period. 78.98% of the stock is currently owned by institutional investors.

Insider Activity

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

Analyst Ratings Changes

A number of brokerages recently weighed in on MHK. The Goldman Sachs Group upped their target price on shares of Mohawk Industries from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Mohawk Industries from a “hold” rating to a “buy” rating and upped their target price for the stock from $98.00 to $152.00 in a research report on Monday, February 12th. StockNews.com upgraded shares of Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 17th. Barclays upped their target price on shares of Mohawk Industries from $100.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Finally, Royal Bank of Canada upped their target price on shares of Mohawk Industries from $101.00 to $106.00 and gave the stock a “sector perform” rating in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued 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 price target of $118.75.

Mohawk Industries Price Performance

MHK stock opened at $115.45 on Friday. Mohawk Industries, Inc. has a 52 week low of $76.02 and a 52 week high of $131.19. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.22. The company has a fifty day simple moving average of $118.86 and a two-hundred day simple moving average of $103.09. The firm has a market capitalization of $7.35 billion, a P/E ratio of -17.65 and a beta of 1.34.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, April 25th. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.70 by $0.16. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.71%. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same quarter last year, the business earned $1.75 earnings per share. Mohawk Industries’s quarterly revenue was down 4.5% compared to the same quarter last year. Analysts anticipate that Mohawk Industries, Inc. will post 9.56 earnings per share for the current fiscal year.

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.