ING Groep NV raised its position in shares of Mohawk Industries Inc. (NYSE:MHK) by 48.2% during the second quarter, Holdings Channel reports. The firm owned 2,218 shares of the company’s stock after buying an additional 721 shares during the period. ING Groep NV’s holdings in Mohawk Industries were worth $421,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Checchi Capital Advisers LLC increased its stake in shares of Mohawk Industries by 2.2% in the second quarter. Checchi Capital Advisers LLC now owns 843 shares of the company’s stock worth $160,000 after buying an additional 18 shares during the period. IFP Advisors Inc boosted its position in shares of Mohawk Industries by 1.9% in the first quarter. IFP Advisors Inc now owns 1,027 shares of the company’s stock worth $196,000 after buying an additional 19 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Mohawk Industries during the first quarter worth $259,000. Telemus Capital LLC purchased a new position in shares of Mohawk Industries during the second quarter worth $380,000. Finally, P.R. Herzig & Co. Inc. purchased a new position in shares of Mohawk Industries during the second quarter worth $380,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.
Mohawk Industries Inc. (NYSE:MHK) traded down 2.99% during trading on Tuesday, hitting $191.99. The stock had a trading volume of 622,949 shares. The stock has a 50 day moving average price of $206.29 and a 200-day moving average price of $199.76. The stock’s market cap is $14.24 billion. Mohawk Industries Inc. has a 12 month low of $148.56 and a 12 month high of $216.58.
Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results on Thursday, August 4th. The company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $3.36 by $0.11. Mohawk Industries had a return on equity of 17.22% and a net margin of 9.65%. The company earned $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the company earned $2.69 earnings per share. The firm’s revenue was up 13.2% on a year-over-year basis. On average, equities analysts predict that Mohawk Industries Inc. will post $12.46 EPS for the current year.
A number of brokerages recently weighed in on MHK. MKM Partners raised their price objective on Mohawk Industries from $244.00 to $246.00 and gave the company a “buy” rating in a report on Monday, August 8th. Royal Bank Of Canada raised their price objective on Mohawk Industries from $220.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 8th. Gabelli began coverage on Mohawk Industries in a report on Tuesday, August 9th. They set a “buy” rating on the stock. Zacks Investment Research raised Mohawk Industries from a “sell” rating to a “hold” rating and set a $238.00 price objective on the stock in a report on Tuesday, August 9th. Finally, RBC Capital Markets reissued an “outperform” rating and set a $245.00 price objective (up from $220.00) on shares of Mohawk Industries in a report on Wednesday, August 10th. 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 stock. Mohawk Industries has a consensus rating of “Buy” and an average target price of $224.75.
In related news, insider Brian Carson sold 1,942 shares of the stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $214.28, for a total transaction of $416,131.76. Following the completion of the transaction, the insider now directly owns 30,929 shares of the company’s stock, valued at $6,627,466.12. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Suzanne L. Helen sold 4,600 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $216.00, for a total value of $993,600.00. The disclosure for this sale can be found here. Corporate insiders own 17.10% of the company’s stock.
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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