Redwood Investments LLC Buys New Stake in Mohawk Industries Inc. (MHK)
Redwood Investments LLC bought a new stake in Mohawk Industries Inc. (NYSE:MHK) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 97,624 shares of the company’s stock, valued at approximately $18,525,000. Mohawk Industries comprises approximately 1.7% of Redwood Investments LLC’s investment portfolio, making the stock its 21st largest position. Redwood Investments LLC owned 0.13% of Mohawk Industries at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in MHK. LS Investment Advisors LLC increased its position in Mohawk Industries by 0.7% in the second quarter. LS Investment Advisors LLC now owns 2,301 shares of the company’s stock valued at $437,000 after buying an additional 15 shares during the period. Checchi Capital Advisers LLC increased its position in Mohawk Industries by 2.2% in the second quarter. Checchi Capital Advisers LLC now owns 843 shares of the company’s stock valued at $160,000 after buying an additional 18 shares during the period. IFP Advisors Inc increased its position in Mohawk Industries by 1.9% in the first quarter. IFP Advisors Inc now owns 1,027 shares of the company’s stock valued at $196,000 after buying an additional 19 shares during the period. IBM Retirement Fund increased its position in Mohawk Industries by 0.3% in the second quarter. IBM Retirement Fund now owns 7,307 shares of the company’s stock valued at $1,448,000 after buying an additional 25 shares during the period. Finally, Glenmede Trust Co. NA increased its position in Mohawk Industries by 3.2% in the first quarter. Glenmede Trust Co. NA now owns 2,160 shares of the company’s stock valued at $411,000 after buying an additional 66 shares during the period. Hedge funds and other institutional investors own 78.64% of the company’s stock.
Shares of Mohawk Industries Inc. (NYSE:MHK) traded down 0.71% during midday trading on Monday, reaching $198.91. The company’s stock had a trading volume of 408,534 shares. Mohawk Industries Inc. has a 12 month low of $148.56 and a 12 month high of $216.58. The stock’s market capitalization is $14.75 billion. The stock’s 50-day moving average is $208.31 and its 200 day moving average is $199.03.
Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, August 4th. The company reported $3.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.36 by $0.11. The firm earned $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Mohawk Industries had a return on equity of 17.22% and a net margin of 9.65%. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.69 earnings per share. On average, analysts expect that Mohawk Industries Inc. will post $12.46 earnings per share for the current fiscal year.
Several research firms recently weighed in on MHK. RBC Capital Markets reiterated an “outperform” rating and set a $245.00 target price (up from $220.00) on shares of Mohawk Industries in a research report on Wednesday, August 10th. Gabelli assumed coverage on Mohawk Industries in a research report on Tuesday, August 9th. They set a “buy” rating on the stock. Royal Bank Of Canada raised their price objective on Mohawk Industries from $220.00 to $245.00 and gave the stock an “outperform” rating in a report on Monday, August 8th. Credit Suisse Group AG restated a “buy” rating on shares of Mohawk Industries in a report on Tuesday, June 28th. Finally, Macquarie restated an “outperform” rating and issued a $228.00 price objective on shares of Mohawk Industries in a report on Thursday, September 22nd. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $225.31.
In related news, insider Suzanne L. Helen sold 9,300 shares of Mohawk Industries stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $214.00, for a total transaction of $1,990,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suzanne L. Helen sold 4,600 shares of Mohawk Industries stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $216.00, for a total value of $993,600.00. The disclosure for this sale can be found here. Corporate insiders own 17.10% of the company’s stock.
About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’s manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (LVT) and vinyl flooring. It operates in three segments: Global Ceramic, which designs, manufactures, sources, distributes and markets a line of ceramic tile, porcelain tile and natural stone products; Flooring North America (Flooring NA), which designs, manufactures, sources, distributes and markets carpet, laminate, carpet pad, rugs, hardwood and vinyl, including LVT, in a range of colors, textures and patterns, and Flooring Rest of the World (Flooring ROW), which designs, manufactures, sources, distributes and markets laminate, hardwood flooring, roofing elements, insulation boards, medium-density fiberboard, chipboards and vinyl flooring products.
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