Mohawk Industries (NYSE:MHK) Reaches New 12-Month High on Earnings Beat

Mohawk Industries, Inc. (NYSE:MHK) shares reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $136.75 and last traded at $135.71, with a volume of 547049 shares changing hands. The stock had previously closed at $127.18.

The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.24. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.11%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the previous year, the company earned $2.76 earnings per share. Mohawk Industries’s quarterly revenue was down 5.1% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Barclays reduced their target price on shares of Mohawk Industries from $120.00 to $118.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. 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 report on Friday, May 3rd. Loop Capital reduced their target price on shares of Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a report on Monday, April 29th. Raymond James raised shares of Mohawk Industries from a “market perform” rating to a “strong-buy” rating and set a $140.00 target price for the company in a report on Monday, June 10th. Finally, Truist Financial reduced their target price on shares of Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $127.45.

Insider Transactions at Mohawk Industries

In other Mohawk Industries news, insider Suzanne L. Helen sold 1,800 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $111.74, for a total transaction of $201,132.00. Following the transaction, the insider now directly owns 122,369 shares in the company, valued at $13,673,512.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MHK. Quarry LP grew its position in Mohawk Industries by 70.4% during the fourth quarter. Quarry LP now owns 421 shares of the company’s stock worth $44,000 after buying an additional 174 shares during the period. Allworth Financial LP lifted its holdings in shares of Mohawk Industries by 88.1% in the fourth quarter. Allworth Financial LP now owns 521 shares of the company’s stock valued at $54,000 after purchasing an additional 244 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Mohawk Industries by 29.4% in the fourth quarter. Signaturefd LLC now owns 563 shares of the company’s stock valued at $58,000 after purchasing an additional 128 shares in the last quarter. Quent Capital LLC lifted its holdings in shares of Mohawk Industries by 27.2% in the first quarter. Quent Capital LLC now owns 496 shares of the company’s stock valued at $65,000 after purchasing an additional 106 shares in the last quarter. Finally, TFO Wealth Partners LLC lifted its holdings in shares of Mohawk Industries by 32,500.0% in the fourth quarter. TFO Wealth Partners LLC now owns 652 shares of the company’s stock valued at $67,000 after purchasing an additional 650 shares in the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

Mohawk Industries Stock Up 19.5 %

The company has a market cap of $10.26 billion, a PE ratio of -24.57, a P/E/G ratio of 1.58 and a beta of 1.38. The company has a quick ratio of 1.02, a current ratio of 1.83 and a debt-to-equity ratio of 0.22. The firm’s fifty day simple moving average is $118.04 and its 200-day simple moving average is $115.97.

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.