Port Capital LLC acquired a new position in shares of Mohawk Industries, Inc. (NYSE:MHK) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 22,800 shares of the company’s stock, valued at approximately $3,998,000.
Other institutional investors have also recently added to or reduced their stakes in the company. CHICAGO TRUST Co NA boosted its stake in Mohawk Industries by 19.7% during the 3rd quarter. CHICAGO TRUST Co NA now owns 5,101 shares of the company’s stock worth $895,000 after acquiring an additional 839 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Mohawk Industries by 5.4% during the 2nd quarter. Sterling Capital Management LLC now owns 7,591 shares of the company’s stock worth $1,627,000 after acquiring an additional 391 shares during the last quarter. Tributary Capital Management LLC boosted its stake in Mohawk Industries by 35.3% during the 3rd quarter. Tributary Capital Management LLC now owns 4,600 shares of the company’s stock worth $807,000 after acquiring an additional 1,200 shares during the last quarter. USS Investment Management Ltd boosted its stake in Mohawk Industries by 51.7% during the 3rd quarter. USS Investment Management Ltd now owns 27,077 shares of the company’s stock worth $4,748,000 after acquiring an additional 9,225 shares during the last quarter. Finally, Corbyn Investment Management Inc. MD boosted its stake in Mohawk Industries by 40.4% during the 2nd quarter. Corbyn Investment Management Inc. MD now owns 57,696 shares of the company’s stock worth $12,363,000 after acquiring an additional 16,602 shares during the last quarter. 78.20% of the stock is currently owned by institutional investors and hedge funds.
Shares of MHK opened at $122.02 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.79 and a current ratio of 1.54. Mohawk Industries, Inc. has a twelve month low of $113.45 and a twelve month high of $282.32. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 9.04, a P/E/G ratio of 1.48 and a beta of 1.61.
Mohawk Industries announced that its board has initiated a share buyback plan on Thursday, October 25th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other Mohawk Industries news, Director Filip Balcaen acquired 250,000 shares of the stock in a transaction dated Monday, October 29th. The shares were bought at an average cost of $118.42 per share, for a total transaction of $29,605,000.00. Following the completion of the acquisition, the director now directly owns 776 shares of the company’s stock, valued at $91,893.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Suzanne L. Helen sold 10,642 shares of Mohawk Industries stock in a transaction that occurred on Monday, November 26th. The shares were sold at an average price of $128.83, for a total transaction of $1,371,008.86. The disclosure for this sale can be found here. Over the last quarter, insiders bought 340,898 shares of company stock worth $40,917,073 and sold 29,805 shares worth $4,918,906. 16.80% of the stock is owned by company insiders.
MHK has been the topic of a number of research reports. Robert W. Baird set a $192.00 price target on shares of Mohawk Industries and gave the company a “buy” rating in a research note on Tuesday, October 16th. Nomura cut their price target on shares of Mohawk Industries from $260.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Credit Suisse Group set a $180.00 price target on shares of Mohawk Industries and gave the company a “buy” rating in a research note on Wednesday, October 17th. Bank of America set a $210.00 price target on shares of Mohawk Industries and gave the company a “buy” rating in a research note on Thursday, October 11th. Finally, Raymond James cut their price target on shares of Mohawk Industries from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, October 10th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $171.63.
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Mohawk Industries Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
Further Reading: Compound Interest
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