Vanguard Group Inc. Cuts Stake in Mohawk Industries, Inc. (NYSE:MHK)

Vanguard Group Inc. reduced its holdings in shares of Mohawk Industries, Inc. (NYSE:MHK) by 4.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,922,393 shares of the company’s stock after selling 307,393 shares during the period. Vanguard Group Inc. owned about 9.47% of Mohawk Industries worth $676,219,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. LPL Financial LLC increased its position in shares of Mohawk Industries by 11.3% in 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 during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Mohawk Industries by 7.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 73,000 shares of the company’s stock valued at $8,697,000 after purchasing an additional 5,142 shares during the last quarter. Legal & General Group Plc increased its position in shares of Mohawk Industries by 0.6% in the 4th quarter. Legal & General Group Plc now owns 111,135 shares of the company’s stock valued at $13,240,000 after purchasing an additional 696 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Mohawk Industries in the 4th quarter valued at approximately $4,891,000. Finally, Treasurer of the State of North Carolina increased its position in shares of Mohawk Industries by 0.7% in the 4th quarter. Treasurer of the State of North Carolina now owns 23,065 shares of the company’s stock valued at $2,748,000 after purchasing an additional 150 shares during the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on MHK. Wall Street Zen downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research report on Monday, May 5th. Barclays increased their price objective on shares of Mohawk Industries from $111.00 to $125.00 and gave the company an “equal weight” rating in a research report on Monday, July 28th. JPMorgan Chase & Co. increased their price objective on shares of Mohawk Industries from $139.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Royal Bank Of Canada restated a “sector perform” rating and issued a $123.00 target price (up previously from $119.00) on shares of Mohawk Industries in a report on Monday, July 28th. Finally, Robert W. Baird upped their target price on shares of Mohawk Industries from $130.00 to $142.00 and gave the company an “outperform” rating in a report on Monday, July 28th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $140.14.

Mohawk Industries Stock Up 5.6%

Shares of NYSE:MHK opened at $132.83 on Thursday. The stock has a market cap of $8.25 billion, a P/E ratio of 17.66, a P/E/G ratio of 2.74 and a beta of 1.28. The firm has a fifty day moving average price of $110.82 and a 200 day moving average price of $110.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.13 and a quick ratio of 1.18. Mohawk Industries, Inc. has a 1-year low of $96.24 and a 1-year high of $164.29.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings results on Thursday, July 24th. The company reported $2.77 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.15. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. Mohawk Industries’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.00 EPS. Sell-side analysts predict that Mohawk Industries, Inc. will post 9.8 EPS for the current 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 shares were sold at an average price of $120.60, for a total transaction of $301,500.00. Following the completion of the sale, the insider owned 91,084 shares in the company, valued at $10,984,730.40. This represents a 2.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the company’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $120.81, for a total transaction of $1,932,960.00. Following the transaction, the chief executive officer owned 33,600 shares of the company’s stock, valued at approximately $4,059,216. The trade was a 32.26% decrease in their position. The disclosure for this sale can be found here. 17.40% of the stock is owned by corporate insiders.

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.