Mohawk Industries (NYSE:MHK) Stock: Insider Jeffrey Lorberbaum Sells 10,000 Shares

Mohawk Industries, Inc. (NYSE:MHK) Director Jeffrey Lorberbaum sold 10,000 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $148.34, for a total value of $1,483,400.00. Following the completion of the sale, the director owned 69,625 shares in the company, valued at $10,328,172.50. This trade represents a 12.56% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Mohawk Industries Price Performance

Mohawk Industries stock opened at $150.86 on Friday. Mohawk Industries, Inc. has a 52 week low of $92.99 and a 52 week high of $155.88. The business has a 50-day simple moving average of $126.93 and a 200 day simple moving average of $117.13. The company has a quick ratio of 1.09, a current ratio of 1.91 and a debt-to-equity ratio of 0.14. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 1.45 and a beta of 1.18.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings results on Thursday, October 29th. The company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.14. Mohawk Industries had a return on equity of 7.47% and a net margin of 4.63%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter last year, the company posted $2.67 EPS. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, research analysts forecast that Mohawk Industries, Inc. will post 9.76 earnings per share for the current fiscal year.

Key Headlines Impacting Mohawk Industries

Here are the key news stories impacting Mohawk Industries this week:

• Positive Sentiment: Evercore ISI upgraded Mohawk to Outperform from In Line, citing an expected $1.1 billion share-buyback outlook that could support shareholder returns. Evercore upgrade and buyback outlook
• Positive Sentiment: The latest reported quarter showed adjusted strength in earnings: EPS of $2.72 beat the $2.58 consensus, while revenue rose 1% year over year. Revenue of $2.79 billion, however, fell short of estimates.
• Neutral Sentiment: Baird raised its price target to $142 from $132 and Barclays to $125 from $115, but both maintained neutral or equal-weight ratings. Their targets are below the share price cited in recent reports. Baird price target update Barclays price target update
• Negative Sentiment: Multiple insiders sold shares around November 2–3. Directors Jeffrey Lorberbaum and Bernard Thiers sold 10,000 and 15,000 shares, respectively; Suzanne L. Helen also reported sales totaling 4,646 shares. These transactions may weigh on sentiment, though filings do not explain the reasons for the sales. Lorberbaum share sale Thiers share sale Helen SEC filing

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Mohawk Industries in the 2nd quarter valued at about $777,293,000. Dimensional Fund Advisors LP grew its position in Mohawk Industries by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,219,318 shares of the company’s stock worth $316,962,000 after acquiring an additional 80,761 shares during the last quarter. Pzena Investment Management LLC bought a new position in Mohawk Industries during the 2nd quarter worth approximately $138,661,000. Canada Pension Plan Investment Board bought a new position in shares of Mohawk Industries in the second quarter worth approximately $80,880,000. Finally, Bank of America Corp DE increased its stake in shares of Mohawk Industries by 68.0% in the first quarter. Bank of America Corp DE now owns 444,345 shares of the company’s stock worth $43,750,000 after buying an additional 179,925 shares during the period. 78.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MHK has been the subject of several research analyst reports. Truist Financial lifted their target price on shares of Mohawk Industries from $135.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Evercore raised shares of Mohawk Industries from an “in-line” rating to an “outperform” rating and set a $171.00 price target on the stock in a report on Monday. Robert W. Baird raised their price objective on shares of Mohawk Industries from $132.00 to $142.00 and gave the company a “neutral” rating in a research report on Monday. Barclays lifted their price objective on shares of Mohawk Industries from $115.00 to $125.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Wells Fargo & Company upped their target price on shares of Mohawk Industries from $115.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Mohawk Industries currently has a consensus rating of “Hold” and a consensus target price of $138.92.

About Mohawk Industries

Mohawk Industries, Inc is a global manufacturer and distributor of flooring products. The company serves residential and commercial customers through products sold to retailers, distributors, builders, contractors and other industry professionals.

Its product portfolio includes carpet, rugs, ceramic and porcelain tile, hardwood flooring, laminate, luxury vinyl tile and other resilient flooring products. Mohawk markets products under a range of well-known brands, including Mohawk, Karastan, Pergo, Quick-Step, Marazzi, Daltile, American Olean and Durkan.

The company traces its origins to a carpet mill established in 1878 and is headquartered in Calhoun, Georgia.