Mohawk Industries Inc. (MHK) Upgraded to Buy at Bank of America Corp.
Bank of America Corp. upgraded shares of Mohawk Industries Inc. (NYSE:MHK) from a neutral rating to a buy rating in a research report report published on Wednesday. The firm currently has $235.00 target price on the stock.
Several other equities analysts also recently commented on the company. Wells Fargo & Co. assumed coverage on Mohawk Industries in a research report on Wednesday, September 28th. They issued a market perform rating for the company. Macquarie reiterated an outperform rating and issued a $228.00 target price on shares of Mohawk Industries in a research report on Thursday, September 22nd. RBC Capital Markets reiterated an outperform rating and issued a $245.00 target price (up from $220.00) on shares of Mohawk Industries in a research report on Wednesday, August 10th. Gabelli started coverage on Mohawk Industries in a research report on Tuesday, August 9th. They set a buy rating for the company. Finally, Zacks Investment Research upgraded Mohawk Industries from a sell rating to a hold rating and set a $238.00 price objective for the company in a research report on Tuesday, August 9th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $224.75.
Shares of Mohawk Industries (NYSE:MHK) traded down 0.41% during trading on Wednesday, reaching $194.39. 122,154 shares of the company were exchanged. The stock’s market capitalization is $14.41 billion. The stock has a 50-day moving average of $205.26 and a 200 day moving average of $199.67. Mohawk Industries has a 52-week low of $148.56 and a 52-week high of $216.58.
Mohawk Industries (NYSE:MHK) last posted its earnings results on Thursday, August 4th. The company reported $3.47 EPS for the quarter, beating the consensus estimate of $3.36 by $0.11. The firm earned $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. Mohawk Industries had a return on equity of 17.22% and a net margin of 9.65%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period last year, the company earned $2.69 earnings per share. On average, equities analysts anticipate that Mohawk Industries will post $12.46 earnings per share for the current fiscal year.
In related news, VP Rodney David Patton sold 1,555 shares of the business’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $212.50, for a total transaction of $330,437.50. Following the completion of the transaction, the vice president now directly owns 6,772 shares in the company, valued at $1,439,050. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Brian Carson sold 1,942 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $214.28, for a total value of $416,131.76. Following the transaction, the insider now owns 30,929 shares of the company’s stock, valued at $6,627,466.12. The disclosure for this sale can be found here. 17.10% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. 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 worth $437,000 after buying an additional 15 shares during the period. Checchi Capital Advisers LLC boosted its position in shares of Mohawk Industries by 2.2% in the second quarter. Checchi Capital Advisers LLC now owns 843 shares of the company’s stock worth $160,000 after buying an additional 18 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Mohawk Industries by 0.7% in the second quarter. Fifth Third Bancorp now owns 3,158 shares of the company’s stock worth $599,000 after buying an additional 21 shares in the last quarter. IBM Retirement Fund boosted its position in shares of Mohawk Industries by 0.3% in the second quarter. IBM Retirement Fund now owns 7,307 shares of the company’s stock worth $1,448,000 after buying an additional 25 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of Mohawk Industries by 1.9% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 1,587 shares of the company’s stock worth $271,000 after buying an additional 30 shares in the last quarter. Institutional investors and hedge funds own 78.64% 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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