Zacks Investment Research upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a buy rating in a research report released on Monday. Zacks Investment Research currently has $310.00 target price on the stock.
According to Zacks, “Although Mohawk’s shares have slightly outperformed the industry so far this year, earnings estimates for the current quarter and year have increased over the last 60 days reflecting an upside potential of the stock. Further, the company’s improved pricing will continue to benefit margins. It is to be noted that, Mohawk continues to enjoys a leading position in the home furnishings industry and has completed four strategic acquisitions this year that broadened its product portfolio. The company is looking to explore investment options for expansion and acquisitions to widen its geographic presence and product offerings. However, higher costs and currency headwinds continue to impede growth.”
MHK has been the subject of a number of other research reports. Northcoast Research assumed coverage on Mohawk Industries in a report on Thursday, October 5th. They issued a buy rating and a $295.00 target price for the company. Instinet reissued a buy rating and issued a $288.00 target price (up previously from $280.00) on shares of Mohawk Industries in a report on Saturday, September 30th. Jefferies Group assumed coverage on Mohawk Industries in a report on Tuesday, December 12th. They issued a buy rating and a $330.00 target price for the company. Barclays raised their target price on Mohawk Industries from $285.00 to $301.00 and gave the company an overweight rating in a report on Monday, October 30th. Finally, Stifel Nicolaus reissued a buy rating and issued a $270.00 target price on shares of Mohawk Industries in a report on Sunday, October 29th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $292.83.
Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, October 26th. The company reported $3.75 EPS for the quarter, beating analysts’ consensus estimates of $3.74 by $0.01. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter last year, the company earned $3.50 earnings per share. Mohawk Industries’s quarterly revenue was up 6.7% compared to the same quarter last year. equities research analysts anticipate that Mohawk Industries will post 13.52 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the company. Sun Life Financial INC raised its stake in shares of Mohawk Industries by 5,675.0% during the 2nd quarter. Sun Life Financial INC now owns 462 shares of the company’s stock worth $112,000 after buying an additional 454 shares during the last quarter. Daiwa SB Investments Ltd. acquired a new position in shares of Mohawk Industries during the 4th quarter worth $199,000. Virtu Financial LLC acquired a new position in shares of Mohawk Industries during the 3rd quarter worth $206,000. Teacher Retirement System of Texas acquired a new position in shares of Mohawk Industries during the 3rd quarter worth $212,000. Finally, Captrust Financial Advisors acquired a new position in shares of Mohawk Industries during the 2nd quarter worth $217,000. 76.52% of the stock is owned by institutional investors and hedge funds.
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About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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