Cornercap Investment Counsel Inc. Cuts Stake in Mohawk Industries, Inc. (NYSE:MHK)

Cornercap Investment Counsel Inc. cut its holdings in shares of Mohawk Industries, Inc. (NYSE:MHK) by 53.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,751 shares of the company’s stock after selling 3,133 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Mohawk Industries were worth $442,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in MHK. Sei Investments Co. lifted its holdings in shares of Mohawk Industries by 2,040.6% in the first quarter. Sei Investments Co. now owns 62,720 shares of the company’s stock worth $8,209,000 after buying an additional 59,790 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Mohawk Industries by 20.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 61,447 shares of the company’s stock worth $8,043,000 after buying an additional 10,274 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Mohawk Industries by 71.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 41,244 shares of the company’s stock worth $5,398,000 after buying an additional 17,197 shares in the last quarter. Blair William & Co. IL increased its position in shares of Mohawk Industries by 18.9% in the first quarter. Blair William & Co. IL now owns 5,916 shares of the company’s stock worth $774,000 after purchasing an additional 939 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Mohawk Industries by 0.3% in the first quarter. Vanguard Group Inc. now owns 6,257,677 shares of the company’s stock worth $819,067,000 after purchasing an additional 17,541 shares during the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Suzanne L. Helen sold 2,300 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $151.15, for a total transaction of $347,645.00. Following the completion of the sale, the insider now owns 119,369 shares of the company’s stock, valued at approximately $18,042,624.35. This represents a 1.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 17.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on MHK shares. Robert W. Baird upgraded shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $160.00 to $196.00 in a research report on Monday, October 21st. Truist Financial decreased their price objective on shares of Mohawk Industries from $184.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Wells Fargo & Company upgraded shares of Mohawk Industries from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $140.00 to $160.00 in a research report on Monday, October 7th. Loop Capital upped their price objective on shares of Mohawk Industries from $145.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada decreased their price objective on shares of Mohawk Industries from $140.00 to $134.00 and set a “sector perform” rating on the stock in a research report on Monday, October 28th. 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. According to data from MarketBeat, Mohawk Industries has a consensus rating of “Moderate Buy” and a consensus price target of $162.08.

Mohawk Industries Stock Performance

NYSE:MHK opened at $140.33 on Friday. The firm has a market cap of $8.86 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 1.55 and a beta of 1.38. Mohawk Industries, Inc. has a fifty-two week low of $82.71 and a fifty-two week high of $164.29. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.09 and a current ratio of 2.03. The business has a 50 day moving average price of $150.79 and a 200-day moving average price of $136.53.

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.