Mohawk Industries, Inc. (NYSE:MHK – Get Free Report) shares gapped up prior to trading on Monday following a stronger than expected earnings report. The stock had previously closed at $110.01, but opened at $113.82. Mohawk Industries shares last traded at $114.34, with a volume of 108,060 shares trading hands.
The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.86 by $0.10. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.56 billion. Mohawk Industries had a negative net margin of 3.95% and a positive return on equity of 7.52%. The company’s revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.32 EPS.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on MHK shares. Wells Fargo & Company cut their target price on shares of Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. Barclays raised shares of Mohawk Industries from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $80.00 to $100.00 in a research note on Wednesday, December 13th. Deutsche Bank Aktiengesellschaft raised shares of Mohawk Industries from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $98.00 to $152.00 in a research note on Monday. Truist Financial dropped their price objective on shares of Mohawk Industries from $130.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. Finally, TheStreet lowered shares of Mohawk Industries from a “c-” rating to a “d+” rating in a research note on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Mohawk Industries currently has an average rating of “Hold” and a consensus target price of $111.20.
Insider Activity
In other news, insider Suzanne L. Helen sold 5,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $94.09, for a total transaction of $517,495.00. Following the completion of the transaction, the insider now directly owns 8,953 shares of the company’s stock, valued at $842,387.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Mohawk Industries news, CEO Jeffrey S. Lorberbaum sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $86.34, for a total transaction of $2,158,500.00. Following the completion of the sale, the chief executive officer now directly owns 14,200 shares of the company’s stock, valued at $1,226,028. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Suzanne L. Helen sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $94.09, for a total transaction of $517,495.00. Following the sale, the insider now directly owns 8,953 shares of the company’s stock, valued at $842,387.77. The disclosure for this sale can be found here. Insiders sold 30,779 shares of company stock valued at $2,699,406 over the last three months. Insiders own 17.20% of the company’s stock.
Institutional Trading of Mohawk Industries
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Shapiro Capital Management LLC bought a new position in shares of Mohawk Industries in the first quarter worth approximately $96,936,000. Pacer Advisors Inc. boosted its position in shares of Mohawk Industries by 1,152.0% in the fourth quarter. Pacer Advisors Inc. now owns 796,736 shares of the company’s stock worth $82,462,000 after purchasing an additional 733,097 shares during the period. Norges Bank bought a new position in shares of Mohawk Industries in the fourth quarter worth approximately $68,050,000. Ariel Investments LLC boosted its position in shares of Mohawk Industries by 26.8% in the first quarter. Ariel Investments LLC now owns 1,723,343 shares of the company’s stock worth $214,040,000 after purchasing an additional 364,085 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Mohawk Industries by 23.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,942,698 shares of the company’s stock worth $200,412,000 after buying an additional 363,477 shares during the period. 77.04% of the stock is owned by hedge funds and other institutional investors.
Mohawk Industries Stock Up 5.2 %
The company has a market cap of $7.37 billion, a PE ratio of -15.90 and a beta of 1.31. The company’s 50 day moving average is $101.95 and its 200 day moving average is $94.34. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22.
About Mohawk Industries
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).