Mohawk Industries (NYSE:MHK) PT Raised to $140.00 at Royal Bank of Canada

Mohawk Industries (NYSE:MHK) had its target price upped by investment analysts at Royal Bank of Canada from $108.00 to $140.00 in a report released on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential downside of 14.07% from the stock’s current price.

Several other research analysts also recently issued reports on the company. Bank of America raised Mohawk Industries from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $120.00 to $177.00 in a report on Friday. Raymond James raised Mohawk Industries from a “market perform” rating to a “strong-buy” rating and set a $140.00 price objective on the stock in a report on Monday, June 10th. Barclays reduced their price objective on Mohawk Industries from $120.00 to $118.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. increased their price target on Mohawk Industries from $122.00 to $124.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Finally, Truist Financial increased their price target on Mohawk Industries from $135.00 to $184.00 and gave the company a “buy” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $140.25.

Mohawk Industries Price Performance

NYSE MHK traded up $2.22 during trading hours on Monday, reaching $162.93. 529,381 shares of the company’s stock were exchanged, compared to its average volume of 717,238. The stock has a market cap of $10.40 billion, a PE ratio of -24.87, a price-to-earnings-growth ratio of 1.88 and a beta of 1.38. Mohawk Industries has a one year low of $76.02 and a one year high of $163.43. The firm has a fifty day moving average of $118.04 and a 200-day moving average of $116.11. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, July 25th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.75 by $0.25. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.84 billion. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. Mohawk Industries’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.76 EPS. On average, equities research analysts predict that Mohawk Industries will post 9.49 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 Mohawk Industries stock in a transaction dated Friday, June 14th. The stock was 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.10% of the company’s stock.

Institutional Trading of Mohawk Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Truist Financial Corp raised its stake in shares of Mohawk Industries by 72.1% in the 4th quarter. Truist Financial Corp now owns 294,894 shares of the company’s stock valued at $30,522,000 after purchasing an additional 123,508 shares during the period. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Mohawk Industries in the 1st quarter valued at about $1,450,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Mohawk Industries in the 1st quarter valued at about $1,450,000. Sei Investments Co. raised its stake in shares of Mohawk Industries by 2,040.6% in the 1st quarter. Sei Investments Co. now owns 62,720 shares of the company’s stock valued at $8,209,000 after purchasing an additional 59,790 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Mohawk Industries by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 302,889 shares of the company’s stock valued at $31,349,000 after purchasing an additional 98,920 shares during the period. Institutional investors and hedge funds own 78.98% of the company’s stock.

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.