Short Interest in Mohawk Industries, Inc. (MHK) Drops By 33.6%

Mohawk Industries, Inc. (NYSE:MHK) was the recipient of a large drop in short interest in September. As of September 29th, there was short interest totalling 628,479 shares, a drop of 33.6% from the September 15th total of 946,946 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average daily volume of 581,628 shares, the days-to-cover ratio is currently 1.1 days.

A number of research firms have commented on MHK. ValuEngine raised Mohawk Industries from a “hold” rating to a “buy” rating in a report on Friday, September 8th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $291.00 target price on shares of Mohawk Industries in a report on Monday, July 31st. BidaskClub raised Mohawk Industries from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Zacks Investment Research raised Mohawk Industries from a “hold” rating to a “buy” rating and set a $268.00 target price on the stock in a report on Tuesday, July 4th. Finally, Cleveland Research downgraded Mohawk Industries from a “buy” rating to a “neutral” rating in a report on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Mohawk Industries has an average rating of “Buy” and an average price target of $273.55.

In other Mohawk Industries news, VP Rodney David Patton sold 137 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $246.78, for a total transaction of $33,808.86. Following the completion of the sale, the vice president now owns 6,924 shares in the company, valued at approximately $1,708,704.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $254.95, for a total value of $5,022,515.00. Following the sale, the chairman now owns 21,396 shares of the company’s stock, valued at approximately $5,454,910.20. The disclosure for this sale can be found here. 17.00% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in MHK. Sun Life Financial INC grew its stake in shares of Mohawk Industries by 5,675.0% in the 2nd quarter. Sun Life Financial INC now owns 462 shares of the company’s stock valued at $112,000 after purchasing an additional 454 shares during the period. First Personal Financial Services grew its stake in shares of Mohawk Industries by 6.6% in the 2nd quarter. First Personal Financial Services now owns 568 shares of the company’s stock valued at $137,000 after purchasing an additional 35 shares during the period. IFP Advisors Inc grew its stake in shares of Mohawk Industries by 18.6% in the 2nd quarter. IFP Advisors Inc now owns 625 shares of the company’s stock valued at $151,000 after purchasing an additional 98 shares during the period. First Manhattan Co. bought a new stake in shares of Mohawk Industries in the 2nd quarter valued at approximately $160,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Mohawk Industries in the 1st quarter valued at approximately $179,000. Institutional investors own 76.80% of the company’s stock.

Shares of Mohawk Industries (NYSE:MHK) opened at 262.98 on Friday. The company’s market cap is $19.55 billion. Mohawk Industries has a one year low of $175.52 and a one year high of $267.12. The company has a 50 day moving average price of $255.35 and a 200 day moving average price of $245.03.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, October 26th. The company reported $3.75 earnings per share for the quarter, meeting the consensus estimate of $3.75. Mohawk Industries had a return on equity of 16.45% and a net margin of 10.54%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the company posted $3.50 EPS. The company’s revenue was up 6.7% compared to the same quarter last year. Equities research analysts expect that Mohawk Industries will post $13.49 earnings per share for the current year.

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About Mohawk Industries

Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.

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