Mohawk Industries (NYSE:MHK) Price Target Raised to $124.00 at JPMorgan Chase & Co.

Mohawk Industries (NYSE:MHK) had its target price hoisted by JPMorgan Chase & Co. from $122.00 to $124.00 in a research note issued to investors on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other research analysts have also recently issued reports about the company. Loop Capital cut their price objective on Mohawk Industries from $140.00 to $135.00 and set a buy rating for the company in a report on Monday, April 29th. Barclays cut their price objective on Mohawk Industries from $122.00 to $120.00 and set an equal weight rating for the company in a report on Monday, April 29th. Wells Fargo & Company cut their price objective on Mohawk Industries from $105.00 to $100.00 and set an underweight rating for the company in a report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft raised Mohawk Industries from a hold rating to a buy rating and lifted their price objective for the company from $98.00 to $152.00 in a report on Monday, February 12th. Finally, Royal Bank of Canada lifted their price target on Mohawk Industries from $106.00 to $108.00 and gave the company a sector perform rating in a report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $121.33.

Mohawk Industries Price Performance

MHK opened at $118.04 on Friday. The business has a 50 day moving average of $119.12 and a 200-day moving average of $104.86. Mohawk Industries has a 1-year low of $76.02 and a 1-year high of $131.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.83 and a quick ratio of 1.02.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, April 25th. The company reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.16. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.64 billion. Mohawk Industries had a positive return on equity of 7.72% and a negative net margin of 3.77%. The company’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.75 earnings per share. On average, equities analysts expect that Mohawk Industries will post 9.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mohawk Industries news, VP Rodney David Patton sold 1,551 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the completion of the sale, the vice president now directly owns 15,321 shares of the company’s stock, valued at approximately $1,831,012.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Mohawk Industries by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 6,240,136 shares of the company’s stock valued at $645,854,000 after purchasing an additional 39,143 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Mohawk Industries by 14.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,459,303 shares of the company’s stock valued at $254,543,000 after purchasing an additional 317,278 shares during the period. JPMorgan Chase & Co. lifted its stake in Mohawk Industries by 4.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,435,283 shares of the company’s stock valued at $208,972,000 after acquiring an additional 103,813 shares in the last quarter. Ariel Investments LLC lifted its stake in Mohawk Industries by 3.9% in the 3rd quarter. Ariel Investments LLC now owns 2,059,100 shares of the company’s stock valued at $176,691,000 after acquiring an additional 77,974 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Mohawk Industries by 9.7% in the 3rd quarter. Invesco Ltd. now owns 1,759,210 shares of the company’s stock valued at $150,958,000 after acquiring an additional 156,230 shares in the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

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.