Royal Bank of Canada Cuts Mohawk Industries (NYSE:MHK) Price Target to $134.00

Mohawk Industries (NYSE:MHK) had its target price reduced by equities researchers at Royal Bank of Canada from $140.00 to $134.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 0.11% from the company’s current price.

A number of other brokerages also recently commented on MHK. Barclays reduced their price objective on shares of Mohawk Industries from $161.00 to $146.00 and set an “equal weight” rating for the company in a research report on Monday. Robert W. Baird raised Mohawk Industries from a “neutral” rating to an “overweight” rating and raised their price target for the company from $160.00 to $196.00 in a report on Monday, October 21st. Bank of America raised Mohawk Industries from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $120.00 to $177.00 in a report on Friday, July 26th. The Goldman Sachs Group raised their target price on Mohawk Industries from $141.00 to $185.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of Mohawk Industries from $124.00 to $155.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Mohawk Industries presently has an average rating of “Moderate Buy” and a consensus target price of $162.08.

Mohawk Industries Stock Performance

Shares of MHK traded up $2.97 during mid-day trading on Monday, hitting $133.85. 560,044 shares of the company’s stock were exchanged, compared to its average volume of 709,144. The firm has a market capitalization of $8.55 billion, a P/E ratio of -20.38, a P/E/G 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 business’s 50 day moving average is $154.55 and its two-hundred day moving average is $133.82. Mohawk Industries has a fifty-two week low of $76.35 and a fifty-two week high of $164.29.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, July 25th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $0.25. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the previous year, the company posted $2.76 EPS. Mohawk Industries’s revenue was down 5.1% compared to the same quarter last year. On average, equities analysts expect that Mohawk Industries will post 9.98 earnings per share for the current year.

Insider Activity at Mohawk Industries

In other Mohawk Industries news, insider Suzanne L. Helen sold 700 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total transaction of $102,879.00. Following the sale, the insider now directly owns 121,669 shares of the company’s stock, valued at $17,881,692.93. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Mohawk Industries news, insider Suzanne L. Helen sold 660 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $151.46, for a total value of $99,963.60. Following the sale, the insider now directly owns 118,709 shares of the company’s stock, valued at approximately $17,979,665.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Suzanne L. Helen sold 700 shares of Mohawk Industries stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total value of $102,879.00. Following the completion of the sale, the insider now owns 121,669 shares of the company’s stock, valued at $17,881,692.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,660 shares of company stock valued at $550,488. 17.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Mohawk Industries

Several hedge funds have recently modified their holdings of MHK. Vanguard Group Inc. raised its stake in Mohawk Industries by 0.3% during 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 period. Dimensional Fund Advisors LP raised its position in shares of 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 during the period. Select Equity Group L.P. raised its position in shares of Mohawk Industries by 8.5% in the 2nd quarter. Select Equity Group L.P. now owns 1,702,440 shares of the company’s stock worth $193,380,000 after buying an additional 132,879 shares during the period. Pacer Advisors Inc. boosted its holdings in Mohawk Industries by 42.9% in the second quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company’s stock valued at $136,349,000 after acquiring an additional 360,628 shares during the last quarter. Finally, Brandes Investment Partners LP grew its position in Mohawk Industries by 10.5% during the second quarter. Brandes Investment Partners LP now owns 1,015,640 shares of the company’s stock valued at $115,057,000 after acquiring an additional 96,174 shares during the period. 78.98% of the stock is owned by institutional investors and hedge funds.

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.