Raymond James Trust N.A. boosted its stake in Mohawk Industries, Inc. (NYSE:MHK) by 55.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,747 shares of the company’s stock after purchasing an additional 623 shares during the quarter. Raymond James Trust N.A.’s holdings in Mohawk Industries were worth $306,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Corbyn Investment Management Inc. MD boosted its stake in Mohawk Industries by 40.4% during the 2nd quarter. Corbyn Investment Management Inc. MD now owns 57,696 shares of the company’s stock worth $12,363,000 after purchasing an additional 16,602 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Mohawk Industries by 5.4% during the 2nd quarter. Sterling Capital Management LLC now owns 7,591 shares of the company’s stock worth $1,627,000 after purchasing an additional 391 shares during the last quarter. Raymond James & Associates boosted its stake in Mohawk Industries by 14.1% during the 2nd quarter. Raymond James & Associates now owns 78,500 shares of the company’s stock worth $16,820,000 after purchasing an additional 9,675 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Mohawk Industries during the 2nd quarter worth $204,000. Finally, AMI Investment Management Inc. boosted its stake in Mohawk Industries by 10.8% during the 2nd quarter. AMI Investment Management Inc. now owns 12,775 shares of the company’s stock worth $2,737,000 after purchasing an additional 1,245 shares during the last quarter. 81.43% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on MHK shares. Stifel Nicolaus lowered their target price on shares of Mohawk Industries from $290.00 to $235.00 and set a “buy” rating on the stock in a research note on Friday, July 27th. Gabelli reaffirmed a “buy” rating on shares of Mohawk Industries in a research note on Friday, July 27th. Zacks Investment Research cut shares of Mohawk Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Northcoast Research set a $225.00 target price on shares of Mohawk Industries and gave the stock a “buy” rating in a research note on Friday, July 27th. Finally, JPMorgan Chase & Co. cut shares of Mohawk Industries from a “neutral” rating to an “underweight” rating in a research note on Tuesday, October 9th. 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 company’s stock. Mohawk Industries currently has an average rating of “Hold” and a consensus target price of $225.07.
In related news, Director Filip Balcaen purchased 50,000 shares of Mohawk Industries stock in a transaction dated Friday, July 27th. The shares were acquired at an average price of $183.02 per share, for a total transaction of $9,151,000.00. Following the acquisition, the director now directly owns 776 shares in the company, valued at $142,023.52. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of Mohawk Industries stock in a transaction on Friday, September 14th. The stock was sold at an average price of $186.74, for a total value of $2,502,316.00. Following the transaction, the chairman now owns 45,187 shares in the company, valued at approximately $8,438,220.38. The disclosure for this sale can be found here. In the last quarter, insiders have bought 110,000 shares of company stock worth $20,167,250. Insiders own 16.80% of the company’s stock.
NYSE MHK opened at $150.31 on Friday. Mohawk Industries, Inc. has a 52 week low of $148.47 and a 52 week high of $286.85. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.99 and a current ratio of 1.74. The firm has a market cap of $11.63 billion, a PE ratio of 11.04, a P/E/G ratio of 1.65 and a beta of 1.29.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Wednesday, July 25th. The company reported $3.51 EPS for the quarter, missing the 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 for the quarter, compared to analysts’ expectations of $2.59 billion. During the same quarter in the prior year, the firm earned $3.72 EPS. The firm’s revenue was up 5.1% on a year-over-year basis. Sell-side analysts expect that Mohawk Industries, Inc. will post 13.66 earnings per share for the current fiscal year.
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).
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