Mohawk Industries (NYSE:MHK) Upgraded at Raymond James

Mohawk Industries (NYSE:MHKGet Free Report) was upgraded by research analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a research note issued on Monday, Briefing.com reports. The firm currently has a $140.00 price objective on the stock. Raymond James’ price objective points to a potential upside of 23.42% from the stock’s previous close.

MHK has been the topic of a number of other research reports. StockNews.com raised shares of Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 17th. Royal Bank of Canada upped their target price on shares of Mohawk Industries from $106.00 to $108.00 and gave the company a “sector perform” rating in a research report on Monday, April 29th. Loop Capital decreased their target price on shares of Mohawk Industries from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. JPMorgan Chase & Co. upped their target price on shares of Mohawk Industries from $122.00 to $124.00 and gave the company a “neutral” rating in a research report on Friday, May 3rd. Finally, TheStreet raised shares of Mohawk Industries from a “d+” rating to a “c-” rating in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $123.20.

Read Our Latest Analysis on MHK

Mohawk Industries Trading Down 2.2 %

Shares of MHK stock opened at $113.43 on Monday. The company’s 50-day moving average price is $117.49 and its 200-day moving average price is $111.07. The company has a current ratio of 1.83, a quick ratio of 1.02 and a debt-to-equity ratio of 0.22. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of -17.34, a PEG ratio of 1.12 and a beta of 1.40. Mohawk Industries has a twelve month low of $76.02 and a twelve month high of $131.19.

Mohawk Industries (NYSE:MHKGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.16. The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.64 billion. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. The company’s revenue was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.75 EPS. As a group, equities analysts predict that Mohawk Industries will post 9.68 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Rodney David Patton sold 1,551 shares of the company’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 sale, the vice president now directly owns 15,321 shares in the company, valued at $1,831,012.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Mohawk Industries by 0.3% in the first quarter. Vanguard Group Inc. now owns 6,257,677 shares of the company’s stock valued at $819,067,000 after purchasing an additional 17,541 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Mohawk Industries by 14.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,459,303 shares of the company’s stock valued at $254,543,000 after acquiring an additional 317,278 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Mohawk Industries by 4.5% in the third 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 during the period. Ariel Investments LLC boosted its holdings in shares of Mohawk Industries by 3.9% in the third 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 during the period. Finally, Invesco Ltd. boosted its holdings in shares of Mohawk Industries by 9.7% in the third 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 during the period. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

About Mohawk Industries

(Get Free Report)

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.

See Also

Analyst Recommendations for Mohawk Industries (NYSE:MHK)

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