Mohawk Industries (MHK) Upgraded at Zacks Investment Research
Mohawk Industries (NYSE:MHK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage currently has a $310.00 price target on the stock. Zacks Investment Research‘s price target indicates a potential upside of 10.80% from the company’s current price.
According to Zacks, “Although Mohawk’s shares have slightly outperformed the industry so far this year, earnings estimates for the current quarter and year have increased over the last 60 days reflecting an upside potential of the stock. Further, the company’s improved pricing will continue to benefit margins. It is to be noted that, Mohawk continues to enjoys a leading position in the home furnishings industry and has completed four strategic acquisitions this year that broadened its product portfolio. The company is looking to explore investment options for expansion and acquisitions to widen its geographic presence and product offerings. However, higher costs and currency headwinds continue to impede growth.”
A number of other brokerages have also recently issued reports on MHK. Jefferies Group assumed coverage on Mohawk Industries in a research report on Tuesday, December 12th. They set a “buy” rating and a $330.00 target price for the company. ValuEngine raised Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Barclays upped their target price on Mohawk Industries from $285.00 to $301.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. JPMorgan Chase & Co. upped their target price on Mohawk Industries from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 target price (up previously from $291.00) on shares of Mohawk Industries in a research report on Monday, October 30th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $292.83.
Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, October 26th. The company reported $3.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.74 by $0.01. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.46 billion. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The company’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.50 earnings per share. equities analysts forecast that Mohawk Industries will post 13.52 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Mohawk Industries by 3.3% in the second quarter. Vanguard Group Inc. now owns 6,184,173 shares of the company’s stock valued at $1,494,654,000 after acquiring an additional 196,996 shares during the period. BlackRock Inc. boosted its position in shares of Mohawk Industries by 5.8% in the second quarter. BlackRock Inc. now owns 4,575,453 shares of the company’s stock valued at $1,105,842,000 after acquiring an additional 250,944 shares during the period. FMR LLC boosted its position in shares of Mohawk Industries by 3.9% in the second quarter. FMR LLC now owns 2,796,757 shares of the company’s stock valued at $675,948,000 after acquiring an additional 105,920 shares during the period. Ruane Cunniff & Goldfarb Inc. boosted its position in shares of Mohawk Industries by 4.9% in the third quarter. Ruane Cunniff & Goldfarb Inc. now owns 1,377,558 shares of the company’s stock valued at $340,959,000 after acquiring an additional 64,707 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Mohawk Industries by 4.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,119,683 shares of the company’s stock valued at $277,137,000 after acquiring an additional 47,261 shares during the period. 76.52% of the stock is owned by institutional investors.
Mohawk Industries Company Profile
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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