Mohawk Industries (NYSE:MHK) Hits New 12-Month High at $164.05

Mohawk Industries, Inc. (NYSE:MHK) shares hit a new 52-week high on Wednesday . The company traded as high as $164.05 and last traded at $163.79, with a volume of 473803 shares traded. The stock had previously closed at $162.10.

Analyst Ratings Changes

A number of analysts have commented on the stock. Robert W. Baird increased their price target on shares of Mohawk Industries from $132.00 to $160.00 and gave the company a “neutral” rating in a research note on Monday. The Goldman Sachs Group lifted their price target on Mohawk Industries from $141.00 to $185.00 and gave the stock a “buy” rating in a report on Monday. Bank of America upgraded Mohawk Industries from an “underperform” rating to a “buy” rating and upped their price objective for the company from $120.00 to $177.00 in a research note on Friday, July 26th. Truist Financial boosted their target price on Mohawk Industries from $135.00 to $184.00 and gave the stock a “buy” rating in a report on Monday. Finally, Wells Fargo & Company increased their price objective on shares of Mohawk Industries from $110.00 to $140.00 and gave the company an “underweight” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $153.42.

Mohawk Industries Stock Performance

The company’s 50-day simple moving average is $119.76 and its 200 day simple moving average is $116.95. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22. The stock has a market cap of $10.17 billion, a P/E ratio of -24.63, a PEG ratio of 1.35 and a beta of 1.38.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, July 25th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.75 by $0.25. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the prior year, the firm earned $2.76 earnings per share. The company’s revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts expect that Mohawk Industries, Inc. will post 9.68 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Suzanne L. Helen sold 1,800 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $111.74, for a total value of $201,132.00. Following the transaction, the insider now owns 122,369 shares of the company’s stock, valued at $13,673,512.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Suzanne L. Helen sold 1,800 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $111.74, for a total value of $201,132.00. Following the completion of the sale, the insider now owns 122,369 shares of the company’s stock, valued at approximately $13,673,512.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Rodney David Patton sold 755 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the transaction, the vice president now owns 12,299 shares in the company, valued at $2,002,031.22. The disclosure for this sale can be found here. Corporate insiders own 17.10% of the company’s stock.

Institutional Trading of Mohawk Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Mohawk Industries by 0.3% during the first quarter. Vanguard Group Inc. now owns 6,257,677 shares of the company’s stock valued at $819,067,000 after buying an additional 17,541 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 last quarter. Brandes Investment Partners LP lifted its position in Mohawk Industries by 22.4% in the fourth quarter. Brandes Investment Partners LP now owns 816,138 shares of the company’s stock worth $84,470,000 after buying an additional 149,370 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. boosted its stake in shares of Mohawk Industries by 11.2% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 667,516 shares of the company’s stock worth $75,823,000 after purchasing an additional 67,452 shares during the period. Finally, Norges Bank purchased a new position in shares of Mohawk Industries during the fourth quarter valued at approximately $68,050,000. 78.98% of the stock is owned by hedge funds and other institutional investors.

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.