Mohawk Industries (MHK) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a buy rating in a research note published on Friday. Zacks Investment Research currently has $312.00 price objective on the stock.
According to Zacks, “Mohawk's shares have gained 34.3% in the past year, almost on par with its industry gain. Also, earnings estimates for 2018 have increased over the last 30 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.”
Several other brokerages have also issued reports on MHK. Jefferies Group began coverage on Mohawk Industries in a report on Tuesday, December 12th. They set a buy rating and a $330.00 price objective for the company. ValuEngine upgraded Mohawk Industries from a hold rating to a buy rating in a report on Sunday, December 31st. Barclays increased their price objective on Mohawk Industries from $285.00 to $301.00 and gave the stock an overweight rating in a report on Monday, October 30th. JPMorgan Chase & Co. increased their price objective on Mohawk Industries from $250.00 to $285.00 and gave the stock a neutral rating in a report on Monday, October 30th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $300.00 price objective (up from $291.00) on shares of Mohawk Industries in a report on Monday, October 30th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Mohawk Industries presently has an average rating of Buy and a consensus price target of $296.00.
Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, October 26th. The company reported $3.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.74 by $0.01. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period last year, the company earned $3.50 earnings per share. Mohawk Industries’s quarterly revenue was up 6.7% compared to the same quarter last year. analysts predict that Mohawk Industries will post 13.52 EPS for the current year.
Institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC increased its position in Mohawk Industries by 399.2% during the second quarter. Janus Henderson Group PLC now owns 34,392 shares of the company’s stock worth $8,312,000 after buying an additional 27,503 shares during the last quarter. Quantbot Technologies LP acquired a new position in Mohawk Industries during the third quarter worth $5,281,000. Parametric Portfolio Associates LLC increased its position in Mohawk Industries by 10.4% during the third quarter. Parametric Portfolio Associates LLC now owns 105,131 shares of the company’s stock worth $26,021,000 after buying an additional 9,896 shares during the last quarter. IBM Retirement Fund increased its position in Mohawk Industries by 72.4% during the third quarter. IBM Retirement Fund now owns 1,593 shares of the company’s stock worth $436,000 after buying an additional 669 shares during the last quarter. Finally, Pensionfund DSM Netherlands acquired a new position in Mohawk Industries during the fourth quarter worth $3,035,000. 76.69% of the stock is currently owned by hedge funds and other institutional investors.
About Mohawk Industries
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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