Mohawk Industries (NYSE:MHK) Shares Gap Down – Here’s What Happened

Mohawk Industries, Inc. (NYSE:MHK) gapped down before the market opened on Friday . The stock had previously closed at $130.83, but opened at $127.01. Mohawk Industries shares last traded at $124.46, with a volume of 243,344 shares trading hands.

Analyst Ratings Changes

MHK has been the subject of a number of recent analyst reports. Royal Bank of Canada decreased their price target on Mohawk Industries from $140.00 to $134.00 and set a “sector perform” rating for the company in a research report on Monday, October 28th. Loop Capital dropped their target price on shares of Mohawk Industries from $185.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. The Goldman Sachs Group cut their price target on shares of Mohawk Industries from $170.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Robert W. Baird raised shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $160.00 to $196.00 in a research note on Monday, October 21st. Finally, Baird R W raised shares of Mohawk Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 21st. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.00.

Mohawk Industries Price Performance

The company has a market capitalization of $7.85 billion, a PE ratio of 14.10, a P/E/G ratio of 1.27 and a beta of 1.41. 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 stock has a 50 day moving average price of $127.97 and a two-hundred day moving average price of $140.58.

Insider Activity at Mohawk Industries

In other news, insider Suzanne L. Helen sold 9,078 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $130.86, for a total transaction of $1,187,947.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have sold 19,078 shares of company stock valued at $2,474,347. 17.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC boosted its position in shares of Mohawk Industries by 52.3% in the third quarter. FMR LLC now owns 2,179,510 shares of the company’s stock valued at $350,204,000 after acquiring an additional 748,070 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Mohawk Industries by 33.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,011,861 shares of the company’s stock valued at $162,586,000 after purchasing an additional 254,779 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in Mohawk Industries in the 2nd quarter worth $21,061,000. Select Equity Group L.P. increased its holdings in shares of Mohawk Industries by 8.5% during the 2nd quarter. Select Equity Group L.P. now owns 1,702,440 shares of the company’s stock worth $193,380,000 after purchasing an additional 132,879 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of Mohawk Industries by 482.7% during the third quarter. Assenagon Asset Management S.A. now owns 137,122 shares of the company’s stock valued at $22,033,000 after buying an additional 113,588 shares during the last quarter. 78.98% of the stock is currently 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.