Mohawk Industries (NYSE:MHK) Shares Gap Up to $106.33

Mohawk Industries, Inc. (NYSE:MHK) gapped up before the market opened on Wednesday . The stock had previously closed at $106.33, but opened at $108.53. Mohawk Industries shares last traded at $106.29, with a volume of 33,041 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MHK shares. 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 research report on Friday, May 3rd. Truist Financial upped their target price on shares of Mohawk Industries from $127.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, April 29th. TheStreet upgraded shares of Mohawk Industries from a “d+” rating to a “c-” rating in a research report on Monday, March 4th. Loop Capital decreased their target price on shares of Mohawk Industries from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Finally, Royal Bank of Canada upped their target price on shares of Mohawk Industries from $106.00 to $108.00 and gave the company a “sector perform” rating in a research report on Monday, April 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.20.

Mohawk Industries Price Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.02 and a current ratio of 1.83. The firm has a market capitalization of $6.85 billion, a P/E ratio of -16.40, a P/E/G ratio of 1.05 and a beta of 1.40. The stock’s 50 day simple moving average is $115.63 and its 200 day simple moving average is $113.07.

Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, April 25th. The company reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.16. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.64 billion. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.75 EPS. As a group, analysts expect that Mohawk Industries, Inc. will post 9.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 value of $201,132.00. Following the transaction, the insider now directly owns 122,369 shares in the company, valued at approximately $13,673,512.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Texas Permanent School Fund Corp boosted its stake in shares of Mohawk Industries by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 10,927 shares of the company’s stock valued at $1,430,000 after purchasing an additional 98 shares in the last quarter. Fifth Third Bancorp boosted its stake in Mohawk Industries by 5.5% in the fourth quarter. Fifth Third Bancorp now owns 2,006 shares of the company’s stock valued at $208,000 after acquiring an additional 105 shares in the last quarter. Quent Capital LLC boosted its stake in 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 acquiring an additional 106 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Mohawk Industries by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 23,225 shares of the company’s stock valued at $1,993,000 after acquiring an additional 120 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in 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 acquiring an additional 128 shares in the last quarter. 78.98% of the stock is currently owned by 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.