Mohawk Industries (NYSE:MHK) Sets New 52-Week High – Here’s What Happened

Mohawk Industries, Inc. (NYSE:MHK) shares reached a new 52-week high on Thursday. The stock traded as high as $155.88 and last traded at $153.2610, with a volume of 42,781 shares traded. The stock had previously closed at $153.36.

Wall Street Analyst Weigh In

MHK has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $121.00 price target on shares of Mohawk Industries in a report on Tuesday, August 4th. Wall Street Zen cut shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Melius Research started coverage on shares of Mohawk Industries in a research note on Tuesday, October 6th. They issued a “buy” rating and a $188.00 price objective on the stock. Evercore raised 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, November 2nd. Finally, Truist Financial increased their target price on Mohawk Industries from $135.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $138.92.

Mohawk Industries Trading Down 0.4%

The business has a 50 day moving average price of $127.34 and a 200-day moving average price of $117.28. The company has a current ratio of 1.91, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $8.73 billion, a PE ratio of 17.63, a P/E/G ratio of 2.13 and a beta of 1.18.

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

Insider Buying and Selling

In other news, insider Suzanne L. Helen sold 3,000 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $150.01, for a total value of $450,030.00. Following the completion of the transaction, the insider directly owned 2,332 shares in the company, valued at approximately $349,823.32. This represents a 56.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey Lorberbaum sold 45,750 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $127.18, for a total value of $5,818,485.00. Following the completion of the sale, the chief executive officer directly owned 78,425 shares of the company’s stock, valued at approximately $9,974,091.50. The trade was a 36.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 122,946 shares of company stock valued at $16,236,934 over the last quarter. Company insiders own 17.90% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Mohawk Industries during the second quarter worth about $777,293,000. Pzena Investment Management LLC acquired a new position in Mohawk Industries in the second quarter valued at about $138,661,000. Canada Pension Plan Investment Board acquired a new position in shares of Mohawk Industries in the second quarter valued at $80,880,000. Donald Smith & CO. Inc. bought a new position in Mohawk Industries in the 2nd quarter valued at approximately $42,157,000. Finally, Bank of America Corp DE acquired a new position in Mohawk Industries in the second quarter valued at approximately $36,666,000. 78.98% of the stock is owned by hedge funds and other institutional investors.

Mohawk Industries Company Profile

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.