Mohawk Industries (MHK) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Mohawk Industries (NYSE:MHK) from a buy rating to a hold rating in a research report released on Tuesday, January 9th.

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.”

Other equities research analysts have also issued reports about the stock. ValuEngine upgraded shares of Mohawk Industries from a hold rating to a buy rating in a report on Sunday, December 31st. Jefferies Group started coverage on shares of Mohawk Industries in a report on Tuesday, December 12th. They issued a buy rating and a $330.00 target price on the stock. Stifel Nicolaus reiterated a buy rating and issued a $270.00 target price on shares of Mohawk Industries in a report on Sunday, October 29th. Nomura set a $300.00 target price on shares of Mohawk Industries and gave the stock a buy rating in a report on Friday, October 27th. Finally, SunTrust Banks reiterated a buy rating and issued a $275.00 target price on shares of Mohawk Industries in a report on Friday, October 27th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $292.83.

Shares of Mohawk Industries (NYSE:MHK) traded up $2.35 during midday trading on Tuesday, reaching $274.07. 668,000 shares of the company traded hands, compared to its average volume of 577,700. Mohawk Industries has a fifty-two week low of $200.74 and a fifty-two week high of $286.85. The firm has a market capitalization of $20,368.89, a price-to-earnings ratio of 21.25, a P/E/G ratio of 2.25 and a beta of 1.37. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.48 and a quick ratio of 0.77.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, October 26th. The company reported $3.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.74 by $0.01. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.46 billion. Mohawk Industries had a net margin of 10.37% and a return on equity of 16.03%. Mohawk Industries’s revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $3.50 earnings per share. equities research analysts anticipate that Mohawk Industries will post 13.52 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Private Trust Co. NA bought a new position in Mohawk Industries in the fourth quarter valued at $214,000. Pennsylvania Trust Co grew its position in Mohawk Industries by 6.5% in the fourth quarter. Pennsylvania Trust Co now owns 3,365 shares of the company’s stock valued at $928,000 after purchasing an additional 205 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Mohawk Industries by 0.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 30,845 shares of the company’s stock valued at $8,510,000 after purchasing an additional 200 shares in the last quarter. KAMES CAPITAL plc grew its position in Mohawk Industries by 1,816.2% in the fourth quarter. KAMES CAPITAL plc now owns 215,529 shares of the company’s stock valued at $59,467,000 after purchasing an additional 204,281 shares in the last quarter. Finally, Daiwa SB Investments Ltd. bought a new position in Mohawk Industries in the fourth quarter valued at $199,000. 76.55% of the stock is owned by institutional investors and hedge funds.

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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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