Mohawk Industries, Inc. (MHK) Director Purchases $1,274,800.00 in Stock

Mohawk Industries, Inc. (NYSE:MHK) Director Filip Balcaen bought 10,000 shares of the firm’s stock in a transaction on Thursday, November 29th. The shares were purchased at an average cost of $127.48 per share, with a total value of $1,274,800.00. Following the completion of the transaction, the director now owns 776 shares in the company, valued at $98,924.48. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Filip Balcaen also recently made the following trade(s):

  • On Monday, October 29th, Filip Balcaen bought 250,000 shares of Mohawk Industries stock. The shares were purchased at an average cost of $118.42 per share, with a total value of $29,605,000.00.

Shares of NYSE:MHK opened at $121.30 on Thursday. Mohawk Industries, Inc. has a 12-month low of $113.45 and a 12-month high of $284.71. The firm has a market capitalization of $9.50 billion, a PE ratio of 8.91, a P/E/G ratio of 1.54 and a beta of 1.61. The company has a current ratio of 1.54, a quick ratio of 0.79 and a debt-to-equity ratio of 0.20.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, October 25th. The company reported $3.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.58 by ($0.29). Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.61 billion. On average, equities research analysts forecast that Mohawk Industries, Inc. will post 12.32 EPS for the current year.

Mohawk Industries declared that its Board of Directors has authorized a stock buyback program on Thursday, October 25th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Mohawk Industries by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 6,421,024 shares of the company’s stock worth $1,125,927,000 after buying an additional 29,538 shares during the last quarter. BlackRock Inc. grew its stake in Mohawk Industries by 2.2% during the 2nd quarter. BlackRock Inc. now owns 6,257,455 shares of the company’s stock worth $1,340,786,000 after buying an additional 134,039 shares during the last quarter. Select Equity Group L.P. grew its stake in Mohawk Industries by 20.6% during the 2nd quarter. Select Equity Group L.P. now owns 1,959,024 shares of the company’s stock worth $419,760,000 after buying an additional 334,869 shares during the last quarter. First Pacific Advisors LP purchased a new position in Mohawk Industries during the 3rd quarter worth $277,086,000. Finally, Wells Fargo & Company MN grew its stake in Mohawk Industries by 16.2% during the 3rd quarter. Wells Fargo & Company MN now owns 1,273,539 shares of the company’s stock worth $223,315,000 after buying an additional 177,109 shares during the last quarter. Hedge funds and other institutional investors own 78.20% of the company’s stock.

A number of research analysts have recently issued reports on the company. Cleveland Research reiterated a “hold” rating on shares of Mohawk Industries in a report on Wednesday, September 12th. TheStreet downgraded Mohawk Industries from a “b-” rating to a “c+” rating in a report on Friday, August 10th. Goldman Sachs Group assumed coverage on Mohawk Industries in a report on Tuesday, October 2nd. They issued a “neutral” rating and a $210.00 price target on the stock. JPMorgan Chase & Co. downgraded Mohawk Industries from a “neutral” rating to an “underweight” rating in a report on Tuesday, October 9th. Finally, Raymond James cut their price target on Mohawk Industries from $215.00 to $195.00 and set a “buy” rating on the stock in a report on Wednesday, October 10th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. Mohawk Industries presently has an average rating of “Hold” and an average target price of $171.63.

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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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