Traders Buy Shares of Mohawk Industries (MHK) on Weakness After Analyst Downgrade
Investors purchased shares of Mohawk Industries, Inc. (NYSE:MHK) on weakness during trading hours on Tuesday after Robert W. Baird lowered their price target on the stock from $312.00 to $300.00. $73.68 million flowed into the stock on the tick-up and $55.09 million flowed out of the stock on the tick-down, for a money net flow of $18.59 million into the stock. Of all equities tracked, Mohawk Industries had the 29th highest net in-flow for the day. Mohawk Industries traded down ($3.27) for the day and closed at $251.28
A number of other brokerages have also recently issued reports on MHK. Zacks Investment Research cut shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Longbow Research raised shares of Mohawk Industries from a “neutral” rating to a “buy” rating in a report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 target price (up from $291.00) on shares of Mohawk Industries in a report on Monday, October 30th. ValuEngine raised shares of Mohawk Industries from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, JPMorgan Chase & Co. increased their target price on shares of Mohawk Industries from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $295.62.
Institutional investors and hedge funds have recently modified their holdings of the company. NuWave Investment Management LLC acquired a new stake in Mohawk Industries during the fourth quarter worth approximately $117,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Mohawk Industries during the fourth quarter worth approximately $124,000. Cerebellum GP LLC acquired a new stake in Mohawk Industries during the fourth quarter worth approximately $124,000. Calton & Associates Inc. acquired a new stake in Mohawk Industries during the fourth quarter worth approximately $171,000. Finally, Tower Research Capital LLC TRC acquired a new stake in Mohawk Industries during the fourth quarter worth approximately $174,000. 76.51% of the stock is owned by institutional investors and hedge funds.
Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, February 8th. The company reported $3.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.32 by $0.10. Mohawk Industries had a net margin of 10.24% and a return on equity of 15.44%. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the business earned $3.26 earnings per share. Mohawk Industries’s revenue was up 8.5% compared to the same quarter last year. equities research analysts expect that Mohawk Industries, Inc. will post 14.98 earnings per share for the current year.
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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