Mohawk Industries (NYSE:MHK) Earns “Strong-Buy” Rating from Raymond James Financial

Mohawk Industries (NYSE:MHK)‘s stock had its “strong-buy” rating reissued by Raymond James Financial in a report released on Tuesday,Benzinga reports. They presently have a $150.00 target price on the stock, up from their prior target price of $140.00. Raymond James Financial’s target price suggests a potential upside of 17.13% from the stock’s current price.

Several other equities research analysts have also recently weighed in on MHK. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Mohawk Industries in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their target price on shares of Mohawk Industries from $139.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Barclays upped their target price on shares of Mohawk Industries from $111.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Monday, July 28th. Wells Fargo & Company boosted their price objective on shares of Mohawk Industries from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. Finally, Vertical Research initiated coverage on shares of Mohawk Industries in a report on Monday. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Mohawk Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.38.

Mohawk Industries Price Performance

MHK stock opened at $128.07 on Tuesday. 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 has a 1 year low of $96.24 and a 1 year high of $153.72. The firm has a 50-day moving average of $129.69 and a 200 day moving average of $115.25. The company has a market cap of $7.96 billion, a P/E ratio of 17.03, a PEG ratio of 3.72 and a beta of 1.29.

Mohawk Industries (NYSE:MHK) last posted its 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. Mohawk Industries had a return on equity of 7.30% and a net margin of 4.44%.The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the business earned $3.00 EPS. The business’s revenue for the quarter was up .0% on a year-over-year basis. On average, sell-side analysts forecast that Mohawk Industries will post 9.8 EPS for the current year.

Insider Activity

In other news, Director Bernard Thiers sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $128.21, for a total transaction of $1,282,100.00. Following the sale, the director owned 105,532 shares in the company, valued at $13,530,257.72. This represents a 8.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Rodney David Patton sold 700 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $128.05, for a total transaction of $89,635.00. Following the completion of the transaction, the vice president owned 17,804 shares of the company’s stock, valued at approximately $2,279,802.20. The trade was a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,791 shares of company stock valued at $4,357,225 over the last ninety days. 17.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mohawk Industries

Institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its position in Mohawk Industries by 13.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,915 shares of the company’s stock worth $787,000 after buying an additional 831 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Mohawk Industries by 78.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,574 shares of the company’s stock worth $408,000 after acquiring an additional 1,566 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Mohawk Industries by 12.8% during the first quarter. JPMorgan Chase & Co. now owns 3,626,004 shares of the company’s stock valued at $414,017,000 after purchasing an additional 410,388 shares during the last quarter. Truist Financial Corp boosted its holdings in Mohawk Industries by 7.9% in the first quarter. Truist Financial Corp now owns 403,936 shares of the company’s stock worth $46,121,000 after purchasing an additional 29,480 shares during the last quarter. Finally, QSM Asset Management Ltd boosted its holdings in Mohawk Industries by 25.0% in the first quarter. QSM Asset Management Ltd now owns 63,566 shares of the company’s stock worth $7,160,000 after purchasing an additional 12,700 shares during the last quarter. 78.98% of the stock is owned by hedge funds and other 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.