Wolfe Research Upgrades Mohawk Industries (NYSE:MHK) to Outperform

Mohawk Industries (NYSE:MHK) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a $150.00 target price on the stock. Wolfe Research’s price objective indicates a potential upside of 27.99% from the company’s previous close.

A number of other research firms also recently commented on MHK. Jefferies Financial Group lifted their target price on shares of Mohawk Industries from $150.00 to $160.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Robert W. Baird upgraded Mohawk Industries from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $160.00 to $196.00 in a research report on Monday, October 21st. Loop Capital dropped their target price on Mohawk Industries from $185.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. Baird R W raised shares of Mohawk Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada dropped 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 report on Monday, October 28th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.46.

Mohawk Industries Stock Performance

Shares of NYSE MHK opened at $117.20 on Wednesday. The company has a quick ratio of 1.09, a current ratio of 2.03 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average price is $131.31 and its 200-day moving average price is $139.56. Mohawk Industries has a 52-week low of $96.28 and a 52-week high of $164.29. The company has a market cap of $7.40 billion, a PE ratio of 13.27, a PEG ratio of 1.41 and a beta of 1.41.

Insider Activity

In related news, insider Suzanne L. Helen sold 2,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $135.48, for a total transaction of $270,960.00. Following the completion of the sale, the insider now owns 2,453 shares in the company, valued at approximately $332,332.44. This trade represents a 44.91 % 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 have sold 19,078 shares of company stock worth $2,474,347 in the last three months. Company insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA purchased a new stake in Mohawk Industries during the 2nd quarter valued at approximately $85,997,000. FMR LLC boosted its position in shares of Mohawk Industries by 52.3% during the third quarter. FMR LLC now owns 2,179,510 shares of the company’s stock worth $350,204,000 after acquiring an additional 748,070 shares during the last quarter. Pacer Advisors Inc. grew its stake in Mohawk Industries by 42.9% during 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in Mohawk Industries by 10.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company’s stock valued at $344,903,000 after acquiring an additional 292,661 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Mohawk Industries by 1,464.0% in the 2nd quarter. Victory Capital Management Inc. now owns 227,357 shares of the company’s stock worth $25,825,000 after purchasing an additional 212,820 shares in the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

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.