Mohawk Industries (NYSE:MHK) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Mohawk Industries (NYSE:MHK) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

A number of other research firms have also recently commented on MHK. Deutsche Bank Aktiengesellschaft initiated coverage on Mohawk Industries in a research note on Tuesday. They set a “hold” rating and a $121.00 price target on the stock. The Goldman Sachs Group lowered their target price on Mohawk Industries from $170.00 to $145.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. JPMorgan Chase & Co. cut their price target on shares of Mohawk Industries from $161.00 to $156.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. Truist Financial lowered their price objective 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. Finally, Loop Capital cut their target price on shares of Mohawk Industries from $180.00 to $155.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Mohawk Industries currently has an average rating of “Moderate Buy” and a consensus price target of $145.07.

Mohawk Industries Stock Performance

NYSE MHK opened at $117.24 on Wednesday. The stock has a fifty day simple moving average of $118.12 and a 200-day simple moving average of $131.53. The company has a current ratio of 2.06, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. The stock has a market cap of $7.34 billion, a PE ratio of 14.42, a P/E/G ratio of 1.44 and a beta of 1.44. Mohawk Industries has a twelve month low of $104.88 and a twelve month high of $164.29.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.10. Mohawk Industries had a net margin of 4.78% and a return on equity of 8.04%. Equities analysts anticipate that Mohawk Industries will post 9.8 earnings per share for the current year.

Insider Buying and Selling at Mohawk Industries

In related news, insider Suzanne L. Helen sold 10,500 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $113.44, for a total value of $1,191,120.00. Following the transaction, the insider now directly owns 93,584 shares of the company’s stock, valued at $10,616,168.96. This trade represents a 10.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.10% of the stock is currently owned by insiders.

Institutional Trading of Mohawk Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Resona Asset Management Co. Ltd. purchased a new position in Mohawk Industries during the 4th quarter worth approximately $41,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Mohawk Industries during the third quarter worth approximately $55,000. Versant Capital Management Inc increased its holdings in shares of Mohawk Industries by 71.0% in the 4th quarter. Versant Capital Management Inc now owns 537 shares of the company’s stock valued at $64,000 after acquiring an additional 223 shares during the period. R Squared Ltd purchased a new stake in Mohawk Industries in the 4th quarter valued at $66,000. Finally, Huntington National Bank boosted its stake in Mohawk Industries by 27.4% during 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 period. Institutional investors and hedge funds own 78.98% of the company’s stock.

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.