Mohawk Industries (NYSE:MHK) Price Target Lowered to $120.00 at Barclays

Mohawk Industries (NYSE:MHK) had its price target lowered by Barclays from $122.00 to $120.00 in a research report released on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts also recently issued reports on the stock. StockNews.com upgraded shares of Mohawk Industries from a hold rating to a buy rating in a report on Saturday, February 17th. Wells Fargo & Company reduced their price objective on shares of Mohawk Industries from $105.00 to $100.00 and set an underweight rating for the company in a research note on Monday, January 22nd. Royal Bank of Canada lifted their target price on Mohawk Industries from $106.00 to $108.00 and gave the company a sector perform rating in a research report on Monday. The Goldman Sachs Group increased their price target on Mohawk Industries from $105.00 to $120.00 and gave the company a buy rating in a research report on Thursday, January 11th. Finally, Truist Financial raised their price target on Mohawk Industries from $127.00 to $140.00 and gave the company a buy rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $121.00.

Mohawk Industries Stock Up 2.6 %

Shares of NYSE MHK opened at $118.43 on Monday. The company has a fifty day moving average price of $118.92 and a 200 day moving average price of $103.64. The company has a quick ratio of 1.02, a current ratio of 1.83 and a debt-to-equity ratio of 0.22. Mohawk Industries has a 1-year low of $76.02 and a 1-year high of $131.19.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, April 25th. The company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.16. Mohawk Industries had a positive return on equity of 7.72% and a negative net margin of 3.77%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the prior year, the firm earned $1.75 earnings per share. Mohawk Industries’s revenue for the quarter was down 4.5% compared to the same quarter last year. As a group, equities analysts expect that Mohawk Industries will post 9.56 EPS for the current year.

Insider Buying and Selling

In other Mohawk Industries news, VP Rodney David Patton sold 1,551 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the completion of the sale, the vice president now directly owns 15,321 shares in the company, valued at $1,831,012.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mohawk Industries

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its position in Mohawk Industries by 12.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 117,143 shares of the company’s stock worth $15,333,000 after acquiring an additional 13,089 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Mohawk Industries by 1.4% during the first quarter. Principal Financial Group Inc. now owns 60,390 shares of the company’s stock valued at $7,904,000 after purchasing an additional 813 shares in the last quarter. Townsend & Associates Inc grew its holdings in shares of Mohawk Industries by 0.6% during the first quarter. Townsend & Associates Inc now owns 257,926 shares of the company’s stock worth $33,760,000 after purchasing an additional 1,660 shares during the last quarter. Amalgamated Bank increased its stake in shares of Mohawk Industries by 15.8% in the first quarter. Amalgamated Bank now owns 18,282 shares of the company’s stock valued at $2,393,000 after buying an additional 2,501 shares during the period. Finally, Fifth Third Bancorp raised its holdings in Mohawk Industries by 9.1% in the 1st quarter. Fifth Third Bancorp now owns 2,189 shares of the company’s stock valued at $287,000 after buying an additional 183 shares during the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

Mohawk Industries Company Profile

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.