Adage Capital Partners GP L.L.C. Grows Holdings in Mohawk Industries, Inc. (NYSE:MHK)

Adage Capital Partners GP L.L.C. raised its stake in Mohawk Industries, Inc. (NYSE:MHK) by 152.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 48,970 shares of the company’s stock after acquiring an additional 29,600 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Mohawk Industries were worth $5,834,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Huntington National Bank increased its position in shares of Mohawk Industries by 27.4% in the 4th quarter. Huntington National Bank now owns 554 shares of the company’s stock worth $66,000 after purchasing an additional 119 shares during the last quarter. Contravisory Investment Management Inc. increased its position in shares of Mohawk Industries by 2.2% in the 4th quarter. Contravisory Investment Management Inc. now owns 5,711 shares of the company’s stock worth $680,000 after purchasing an additional 121 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Mohawk Industries by 1.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,874 shares of the company’s stock worth $819,000 after purchasing an additional 130 shares during the last quarter. 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 worth $2,748,000 after purchasing an additional 150 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Mohawk Industries by 2.5% in the 4th quarter. CIBC Asset Management Inc now owns 7,816 shares of the company’s stock worth $931,000 after purchasing an additional 190 shares during the last quarter. Institutional investors own 78.98% of the company’s stock.

Insider Activity

In other news, insider Suzanne L. Helen sold 10,500 shares of Mohawk Industries stock in a transaction on Friday, March 14th. The stock was sold at an average price of $113.44, for a total transaction of $1,191,120.00. Following the transaction, the insider now owns 93,584 shares in the company, valued at approximately $10,616,168.96. The trade was a 10.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 17.40% of the stock is currently owned by corporate insiders.

Mohawk Industries Stock Performance

Shares of NYSE MHK opened at $106.81 on Tuesday. The company has a quick ratio of 1.12, a current ratio of 2.06 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 1.44 and a beta of 1.23. The stock’s fifty day simple moving average is $111.03 and its 200 day simple moving average is $124.13. Mohawk Industries, Inc. has a 52-week low of $96.24 and a 52-week high of $164.29.

Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, February 6th. The company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.10. Mohawk Industries had a return on equity of 8.04% and a net margin of 4.78%. As a group, sell-side analysts forecast that Mohawk Industries, Inc. will post 9.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MHK. Raymond James reaffirmed a “strong-buy” rating and set a $165.00 price objective (down previously from $185.00) on shares of Mohawk Industries in a research report on Monday, February 10th. The Goldman Sachs Group lowered their price objective on shares of Mohawk Industries from $170.00 to $145.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of Mohawk Industries in a research note on Tuesday, April 1st. They set a “hold” rating and a $121.00 target price for the company. JPMorgan Chase & Co. reduced their target price on shares of Mohawk Industries from $161.00 to $156.00 and set an “overweight” rating for the company in a research note on Monday, February 10th. Finally, Truist Financial reduced their target price on shares of Mohawk Industries from $155.00 to $148.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $142.57.

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.