Cornercap Investment Counsel Inc. Makes New Investment in Mohawk Industries, Inc. (NYSE:MHK)

Cornercap Investment Counsel Inc. purchased a new position in Mohawk Industries, Inc. (NYSE:MHK) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,954 shares of the company’s stock, valued at approximately $616,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new stake in shares of Mohawk Industries during the fourth quarter valued at $331,000. Byrne Asset Management LLC purchased a new stake in shares of Mohawk Industries during the fourth quarter valued at $101,000. Cardinal Capital Management boosted its holdings in Mohawk Industries by 49.6% in the fourth quarter. Cardinal Capital Management now owns 8,872 shares of the company’s stock valued at $918,000 after purchasing an additional 2,943 shares during the last quarter. Olstein Capital Management L.P. boosted its holdings in Mohawk Industries by 2.8% in the fourth quarter. Olstein Capital Management L.P. now owns 109,000 shares of the company’s stock valued at $11,282,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in Mohawk Industries by 2.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 24,543 shares of the company’s stock valued at $2,540,000 after purchasing an additional 552 shares during the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Mohawk Industries

In other news, VP Rodney David Patton sold 1,551 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $119.51, for a total value of $185,360.01. Following the completion of the sale, the vice president now owns 15,321 shares of the company’s stock, valued at approximately $1,831,012.71. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 17.10% of the stock is owned by corporate insiders.

Mohawk Industries Stock Performance

MHK opened at $109.50 on Wednesday. Mohawk Industries, Inc. has a twelve month low of $76.02 and a twelve month high of $131.19. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 1.78. The company has a 50-day moving average price of $119.34 and a 200 day moving average price of $101.77.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Friday, February 9th. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.10. Mohawk Industries had a negative net margin of 3.95% and a positive return on equity of 7.52%. The company had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the prior year, the company earned $1.32 EPS. Mohawk Industries’s revenue was down 1.4% compared to the same quarter last year. Equities research analysts predict that Mohawk Industries, Inc. will post 9.56 EPS for the current year.

Wall Street Analyst Weigh In

MHK has been the topic of several recent research reports. TheStreet raised shares of Mohawk Industries from a “d+” rating to a “c-” rating in a report on Monday, March 4th. The Goldman Sachs Group upped their price target on shares of Mohawk Industries from $105.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Truist Financial upped their price target on shares of Mohawk Industries from $98.00 to $127.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. StockNews.com raised shares of Mohawk Industries from a “hold” rating to a “buy” rating in a report on Saturday, February 17th. Finally, Barclays upped their price objective on shares of Mohawk Industries from $100.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Mohawk Industries presently has an average rating of “Hold” and an average target price of $117.56.

Mohawk Industries Profile

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.