Royal Bank of Canada Boosts Mohawk Industries (NYSE:MHK) Price Target to $108.00

Mohawk Industries (NYSE:MHK) had its price target lifted by stock analysts at Royal Bank of Canada from $106.00 to $108.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential downside of 7.61% from the stock’s previous close.

A number of other research firms have also recently commented on MHK. The Goldman Sachs Group lifted their price objective on Mohawk Industries from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Truist Financial lifted their price objective on Mohawk Industries from $98.00 to $127.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Barclays lifted their price objective on Mohawk Industries from $100.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. StockNews.com upgraded Mohawk Industries from a “hold” rating to a “buy” rating in a report on Saturday, February 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded Mohawk Industries from a “hold” rating to a “buy” rating and lifted their price target for the company from $98.00 to $152.00 in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $120.63.

Mohawk Industries Price Performance

Mohawk Industries stock traded up $1.45 during midday trading on Monday, reaching $116.90. The company’s stock had a trading volume of 35,701 shares, compared to its average volume of 702,197. Mohawk Industries has a fifty-two week low of $76.02 and a fifty-two week high of $131.19. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.02 and a current ratio of 1.83. The stock’s 50 day simple moving average is $118.86 and its 200 day simple moving average is $103.36. The firm has a market capitalization of $7.45 billion, a PE ratio of -17.87 and a beta of 1.34.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.16. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.64 billion. Mohawk Industries had a positive return on equity of 7.72% and a negative net margin of 3.77%. The business’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.75 EPS. On average, equities research analysts forecast that Mohawk Industries will post 9.56 earnings per share for the current year.

Insider Transactions at Mohawk Industries

In other news, VP Rodney David Patton sold 1,551 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the completion of the sale, the vice president now owns 15,321 shares in the company, valued at approximately $1,831,012.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP lifted its position in Mohawk Industries by 70.4% during the 4th quarter. Quarry LP now owns 421 shares of the company’s stock worth $44,000 after acquiring an additional 174 shares in the last quarter. Allworth Financial LP lifted its position in Mohawk Industries by 88.1% during the 4th quarter. Allworth Financial LP now owns 521 shares of the company’s stock worth $54,000 after acquiring an additional 244 shares in the last quarter. Huntington National Bank lifted its position in Mohawk Industries by 36.0% during the 3rd quarter. Huntington National Bank now owns 540 shares of the company’s stock worth $46,000 after acquiring an additional 143 shares in the last quarter. Signaturefd LLC lifted its position in Mohawk Industries by 29.4% during the 4th quarter. Signaturefd LLC now owns 563 shares of the company’s stock worth $58,000 after acquiring an additional 128 shares in the last quarter. Finally, TFO Wealth Partners LLC lifted its position in Mohawk Industries by 32,500.0% during the 4th quarter. TFO Wealth Partners LLC now owns 652 shares of the company’s stock worth $67,000 after acquiring an additional 650 shares in the last quarter. 78.98% of the stock is owned by institutional investors and hedge funds.

About Mohawk Industries

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.