Conning Inc. reduced its stake in shares of Mohawk Industries Inc. (NYSE:MHK) by 6.0% during the second quarter, Holdings Channel reports. The institutional investor owned 1,553 shares of the company’s stock after selling 100 shares during the period. Conning Inc.’s holdings in Mohawk Industries were worth $295,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in MHK. Legal & General Group Plc increased its stake in shares of Mohawk Industries by 1.3% in the first quarter. Legal & General Group Plc now owns 271,720 shares of the company’s stock valued at $51,870,000 after buying an additional 3,448 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Mohawk Industries by 2.1% in the first quarter. Geode Capital Management LLC now owns 505,530 shares of the company’s stock valued at $96,308,000 after buying an additional 10,534 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Mohawk Industries during the first quarter valued at $1,483,000. BlackRock Japan Co. Ltd increased its stake in shares of Mohawk Industries by 0.7% in the first quarter. BlackRock Japan Co. Ltd now owns 81,056 shares of the company’s stock valued at $15,474,000 after buying an additional 542 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Mohawk Industries by 31.2% in the first quarter. Wellington Management Group LLP now owns 1,223,361 shares of the company’s stock valued at $233,538,000 after buying an additional 290,953 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.
Mohawk Industries Inc. (NYSE:MHK) traded down 0.16% on Tuesday, reaching $198.59. The company had a trading volume of 472,392 shares. Mohawk Industries Inc. has a one year low of $148.56 and a one year high of $216.58. The stock’s market cap is $14.73 billion. The company has a 50-day moving average of $207.53 and a 200 day moving average of $199.42.
Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, August 4th. The company reported $3.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.36 by $0.11. Mohawk Industries had a return on equity of 17.22% and a net margin of 9.65%. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter last year, the business posted $2.69 EPS. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, equities research analysts predict that Mohawk Industries Inc. will post $12.46 EPS for the current year.
Several brokerages have recently weighed in on MHK. Macquarie restated an “outperform” rating and set a $228.00 target price on shares of Mohawk Industries in a research note on Thursday, September 22nd. Royal Bank Of Canada raised their target price on Mohawk Industries from $220.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, August 8th. Bank of America Corp. began coverage on Mohawk Industries in a research note on Friday, September 23rd. They set a “neutral” rating and a $235.00 target price for the company. Goldman Sachs Group Inc. restated a “buy” rating on shares of Mohawk Industries in a research note on Wednesday, July 6th. Finally, Gabelli began coverage on Mohawk Industries in a research note on Tuesday, August 9th. They set a “buy” rating for the company. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $225.31.
In other news, Director Cock Frans Georges De sold 3,734 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $210.00, for a total value of $784,140.00. Following the completion of the transaction, the director now owns 6,266 shares in the company, valued at approximately $1,315,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Carson sold 215 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $213.38, for a total value of $45,876.70. Following the completion of the transaction, the insider now owns 30,929 shares of the company’s stock, valued at approximately $6,599,630.02. The disclosure for this sale can be found here. 17.10% of the stock is owned by insiders.
About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’s manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (LVT) and vinyl flooring. It operates in three segments: Global Ceramic, which designs, manufactures, sources, distributes and markets a line of ceramic tile, porcelain tile and natural stone products; Flooring North America (Flooring NA), which designs, manufactures, sources, distributes and markets carpet, laminate, carpet pad, rugs, hardwood and vinyl, including LVT, in a range of colors, textures and patterns, and Flooring Rest of the World (Flooring ROW), which designs, manufactures, sources, distributes and markets laminate, hardwood flooring, roofing elements, insulation boards, medium-density fiberboard, chipboards and vinyl flooring products.
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