Mohawk Industries (NYSE:MHK) Price Target Raised to $140.00

Mohawk Industries (NYSE:MHK) had its target price upped by JPMorgan Chase & Co. from $139.00 to $140.00 in a research report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms have also issued reports on MHK. Evercore ISI reduced their price target on shares of Mohawk Industries from $124.00 to $123.00 and set an “in-line” rating on the stock in a research report on Monday. Wall Street Zen downgraded Mohawk Industries from a “buy” rating to a “hold” rating in a report on Monday, May 5th. Barclays lifted their price target on Mohawk Industries from $111.00 to $125.00 and gave the company an “equal weight” rating in a research note on Monday. Robert W. Baird boosted their price target on Mohawk Industries from $130.00 to $142.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $123.00 price objective (up from $119.00) on shares of Mohawk Industries in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.14.

Mohawk Industries Stock Performance

MHK opened at $114.34 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.18 and a current ratio of 2.13. Mohawk Industries has a 52-week low of $96.24 and a 52-week high of $164.29. The firm has a market cap of $7.10 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 3.77 and a beta of 1.18. The business’s fifty day moving average is $107.08 and its 200-day moving average is $111.41.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.15. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the business posted $3.00 earnings per share. Mohawk Industries’s revenue was up .0% compared to the same quarter last year. Sell-side analysts expect that Mohawk Industries will post 9.8 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Suzanne L. Helen sold 2,500 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $120.60, for a total value of $301,500.00. Following the completion of the sale, the insider directly owned 91,084 shares in the company, valued at $10,984,730.40. This represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $120.81, for a total value of $1,932,960.00. Following the transaction, the chief executive officer directly owned 33,600 shares of the company’s stock, valued at approximately $4,059,216. This represents a 32.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mohawk Industries

A number of hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC bought a new stake in Mohawk Industries during the fourth quarter valued at $482,000. LPL Financial LLC boosted its position in shares of Mohawk Industries by 11.3% during the 4th quarter. LPL Financial LLC now owns 12,569 shares of the company’s stock valued at $1,497,000 after purchasing an additional 1,273 shares in the last quarter. Norges Bank acquired a new stake in Mohawk Industries during the fourth quarter worth approximately $61,171,000. Orion Portfolio Solutions LLC increased its holdings in Mohawk Industries by 22.5% in the fourth quarter. Orion Portfolio Solutions LLC now owns 1,707 shares of the company’s stock worth $203,000 after purchasing an additional 314 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Mohawk Industries by 72.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 335,176 shares of the company’s stock valued at $39,930,000 after buying an additional 140,647 shares during the period. 78.98% of the stock is currently owned by institutional investors.

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.