Mohawk Industries (NYSE:MHK) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Mohawk Industries (NYSE:MHK) from a buy rating to a hold rating in a research report released on Wednesday morning.

Several other equities research analysts have also recently issued reports on MHK. Robert W. Baird raised shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $160.00 to $196.00 in a research note on Monday, October 21st. Loop Capital lowered their target price on shares of Mohawk Industries from $185.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, December 4th. Wells Fargo & Company reduced their price target on Mohawk Industries from $140.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Royal Bank of Canada lowered their price objective on Mohawk Industries from $140.00 to $134.00 and set a “sector perform” rating for the company in a research report on Monday, October 28th. Finally, Baird R W upgraded Mohawk Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 21st. Six research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.17.

Mohawk Industries Stock Performance

NYSE MHK opened at $119.16 on Wednesday. The company has a quick ratio of 1.09, a current ratio of 2.03 and a debt-to-equity ratio of 0.22. The stock has a market cap of $7.52 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 1.41 and a beta of 1.38. Mohawk Industries has a fifty-two week low of $96.28 and a fifty-two week high of $164.29. The business has a fifty day moving average of $139.09 and a 200-day moving average of $138.82.

Insider Transactions at Mohawk Industries

In other news, insider Suzanne L. Helen sold 2,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $135.48, for a total value of $270,960.00. Following the transaction, the insider now owns 2,453 shares of the company’s stock, valued at approximately $332,332.44. This trade represents a 44.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders sold 19,078 shares of company stock worth $2,474,347. 17.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA acquired a new stake in Mohawk Industries in the second quarter valued at approximately $85,997,000. FMR LLC grew its holdings in Mohawk Industries by 52.3% during the 3rd quarter. FMR LLC now owns 2,179,510 shares of the company’s stock valued at $350,204,000 after purchasing an additional 748,070 shares in the last quarter. Pacer Advisors Inc. increased its stake in Mohawk Industries by 42.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company’s stock worth $136,349,000 after buying an additional 360,628 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Mohawk Industries by 10.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company’s stock worth $344,903,000 after buying an additional 292,661 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Mohawk Industries by 1,464.0% in the 2nd quarter. Victory Capital Management Inc. now owns 227,357 shares of the company’s stock valued at $25,825,000 after buying an additional 212,820 shares during the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

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, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.