Mohawk Industries (NYSE:MHK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Although Mohawk’s shares have slightly outperformed the industry so far this year, earnings estimates for the current quarter and year have increased over the last 60 days reflecting an upside potential of the stock. Further, the company’s improved pricing will continue to benefit margins. It is to be noted that, Mohawk continues to enjoys a leading position in the home furnishings industry and has completed four strategic acquisitions this year that broadened its product portfolio. The company is looking to explore investment options for expansion and acquisitions to widen its geographic presence and product offerings. However, higher costs and currency headwinds continue to impede growth.”
Several other analysts also recently commented on the stock. Cleveland Research downgraded shares of Mohawk Industries from a “buy” rating to a “neutral” rating in a report on Friday, September 22nd. Nomura set a $300.00 target price on shares of Mohawk Industries and gave the company a “buy” rating in a report on Friday, October 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $300.00 target price (up previously from $291.00) on shares of Mohawk Industries in a report on Monday, October 30th. Northcoast Research initiated coverage on shares of Mohawk Industries in a report on Thursday, October 5th. They issued a “buy” rating and a $295.00 target price for the company. Finally, Barclays increased their target price on shares of Mohawk Industries from $285.00 to $301.00 and gave the company an “overweight” rating in a report on Monday, October 30th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $292.83.
Mohawk Industries (NYSE MHK) traded up $2.48 on Tuesday, reaching $279.15. 474,300 shares of the company’s stock traded hands, compared to its average volume of 473,440. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.77 and a current ratio of 1.48. Mohawk Industries has a 1 year low of $199.90 and a 1 year high of $286.85. The firm has a market capitalization of $20,750.00, a P/E ratio of 21.62, a price-to-earnings-growth ratio of 2.29 and a beta of 1.37.
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, topping the Thomson Reuters’ consensus estimate of $3.74 by $0.01. Mohawk Industries had a net margin of 10.37% and a return on equity of 16.03%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the prior year, the company posted $3.50 earnings per share. The business’s revenue was up 6.7% on a year-over-year basis. analysts forecast that Mohawk Industries will post 13.52 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Janus Henderson Group PLC boosted its position in Mohawk Industries by 399.2% during the second quarter. Janus Henderson Group PLC now owns 34,392 shares of the company’s stock worth $8,312,000 after purchasing an additional 27,503 shares during the period. Quantbot Technologies LP bought a new position in Mohawk Industries during the third quarter worth about $5,281,000. IBM Retirement Fund boosted its position in Mohawk Industries by 72.4% during the third quarter. IBM Retirement Fund now owns 1,593 shares of the company’s stock worth $436,000 after purchasing an additional 669 shares during the period. Parametric Portfolio Associates LLC boosted its position in Mohawk Industries by 10.4% during the third quarter. Parametric Portfolio Associates LLC now owns 105,131 shares of the company’s stock worth $26,021,000 after purchasing an additional 9,896 shares during the period. Finally, Symphony Asset Management LLC boosted its position in shares of Mohawk Industries by 20.2% in the second quarter. Symphony Asset Management LLC now owns 7,566 shares of the company’s stock valued at $1,828,000 after acquiring an additional 1,274 shares during the period. Institutional investors and hedge funds own 76.52% of the company’s stock.
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Mohawk Industries Company Profile
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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