Mohawk Industries (NYSE:MHK) Sees Large Volume Increase Following Strong Earnings

Shares of Mohawk Industries, Inc. (NYSE:MHK) saw unusually-high trading volume on Friday following a stronger than expected earnings report. Approximately 696,475 shares traded hands during mid-day trading, a decline of 0% from the previous session’s volume of 696,954 shares.The stock last traded at $135.03 and had previously closed at $151.87.

The company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.01. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The company had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.71 billion.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on Mohawk Industries from $124.00 to $155.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. The Goldman Sachs Group lifted their price objective on shares of Mohawk Industries from $141.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Barclays increased their price objective on shares of Mohawk Industries from $118.00 to $161.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Wells Fargo & Company raised shares of Mohawk Industries from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $140.00 to $160.00 in a report on Monday, October 7th. Finally, Bank of America upgraded shares of Mohawk Industries from an “underperform” rating to a “buy” rating and upped their price target for the company from $120.00 to $177.00 in a research note on Friday, July 26th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $166.25.

Insider Activity at Mohawk Industries

In other Mohawk Industries news, VP Rodney David Patton sold 755 shares of Mohawk Industries stock in a transaction on Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the completion of the transaction, the vice president now directly owns 12,299 shares of the company’s stock, valued at $2,002,031.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mohawk Industries news, VP Rodney David Patton sold 755 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $162.78, for a total transaction of $122,898.90. Following the sale, the vice president now directly owns 12,299 shares in the company, valued at $2,002,031.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Suzanne L. Helen sold 2,300 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $151.15, for a total transaction of $347,645.00. Following the completion of the transaction, the insider now owns 119,369 shares of the company’s stock, valued at $18,042,624.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,415 shares of company stock worth $673,387. Company insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Several hedge funds and other institutional investors have recently modified their holdings of MHK. Vanguard Group Inc. boosted its stake in Mohawk Industries by 0.3% in the first quarter. Vanguard Group Inc. now owns 6,257,677 shares of the company’s stock valued at $819,067,000 after buying an additional 17,541 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Mohawk Industries by 10.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company’s stock worth $344,903,000 after acquiring an additional 292,661 shares during the last quarter. Select Equity Group L.P. lifted its holdings in shares of Mohawk Industries by 8.5% in the second quarter. Select Equity Group L.P. now owns 1,702,440 shares of the company’s stock worth $193,380,000 after acquiring an additional 132,879 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Mohawk Industries by 42.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company’s stock valued at $136,349,000 after purchasing an additional 360,628 shares in the last quarter. Finally, Brandes Investment Partners LP grew its holdings in shares of Mohawk Industries by 10.5% during the 2nd quarter. Brandes Investment Partners LP now owns 1,015,640 shares of the company’s stock valued at $115,057,000 after purchasing an additional 96,174 shares during the last quarter. Institutional investors own 78.98% of the company’s stock.

Mohawk Industries Stock Performance

The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of -24.46, a PEG ratio of 1.11 and a beta of 1.37. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22. The stock’s 50-day moving average is $154.86 and its 200-day moving average is $133.61.

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.