Sumitomo Life Insurance Co. Has $1.13 Million Position in Mohawk Industries, Inc. (MHK)

Sumitomo Life Insurance Co. cut its holdings in Mohawk Industries, Inc. (NYSE:MHK) by 26.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,430 shares of the company’s stock after selling 2,267 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Mohawk Industries were worth $1,128,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Oakbrook Investments LLC lifted its holdings in shares of Mohawk Industries by 36.6% during the 3rd quarter. Oakbrook Investments LLC now owns 6,440 shares of the company’s stock valued at $1,129,000 after buying an additional 1,725 shares during the period. BB&T Corp lifted its holdings in shares of Mohawk Industries by 52.0% during the 3rd quarter. BB&T Corp now owns 4,253 shares of the company’s stock valued at $746,000 after buying an additional 1,455 shares during the period. Tributary Capital Management LLC lifted its holdings in shares of Mohawk Industries by 35.3% during the 3rd quarter. Tributary Capital Management LLC now owns 4,600 shares of the company’s stock valued at $807,000 after buying an additional 1,200 shares during the period. Raymond James Trust N.A. lifted its holdings in shares of Mohawk Industries by 55.4% during the 3rd quarter. Raymond James Trust N.A. now owns 1,747 shares of the company’s stock valued at $306,000 after buying an additional 623 shares during the period. Finally, Andra AP fonden lifted its holdings in shares of Mohawk Industries by 10.2% during the 3rd quarter. Andra AP fonden now owns 15,100 shares of the company’s stock valued at $2,648,000 after buying an additional 1,400 shares during the period. 81.43% of the stock is currently owned by institutional investors and hedge funds.

In other Mohawk Industries news, insider Bernard Thiers sold 5,000 shares of the stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $190.00, for a total value of $950,000.00. Following the completion of the sale, the insider now owns 40,156 shares in the company, valued at approximately $7,629,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Filip Balcaen purchased 10,000 shares of the business’s stock in a transaction on Monday, August 13th. The stock was acquired at an average price of $181.00 per share, with a total value of $1,810,000.00. Following the purchase, the director now directly owns 776 shares in the company, valued at approximately $140,456. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 110,000 shares of company stock worth $20,167,250. 16.80% of the stock is owned by insiders.

Shares of Mohawk Industries stock opened at $152.29 on Friday. Mohawk Industries, Inc. has a one year low of $151.50 and a one year high of $286.85. The firm has a market capitalization of $11.63 billion, a P/E ratio of 11.19, a P/E/G ratio of 1.65 and a beta of 1.29. The company has a current ratio of 1.74, a quick ratio of 0.99 and a debt-to-equity ratio of 0.26.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Wednesday, July 25th. The company reported $3.51 EPS for the quarter, missing the Zacks’ consensus estimate of $3.90 by ($0.39). Mohawk Industries had a return on equity of 14.35% and a net margin of 9.34%. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the prior year, the business posted $3.72 earnings per share. Mohawk Industries’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts forecast that Mohawk Industries, Inc. will post 13.66 earnings per share for the current year.

MHK has been the topic of several research analyst reports. Zacks Investment Research cut Mohawk Industries from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. ValuEngine cut Mohawk Industries from a “sell” rating to a “strong sell” rating in a report on Thursday, July 26th. SunTrust Banks reissued a “buy” rating and set a $270.00 price target on shares of Mohawk Industries in a report on Friday, July 27th. Raymond James cut Mohawk Industries from a “strong-buy” rating to an “outperform” rating in a report on Friday, July 27th. Finally, Stifel Nicolaus lowered their price target on Mohawk Industries from $290.00 to $235.00 and set a “buy” rating on the stock in a report on Friday, July 27th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. Mohawk Industries presently has a consensus rating of “Hold” and a consensus target price of $225.07.

Mohawk Industries Company Profile

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

Read More: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for Mohawk Industries (NYSE:MHK)

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