Wells Fargo & Company Issues Pessimistic Forecast for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its price objective cut by equities researchers at Wells Fargo & Company from $135.00 to $130.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 8.71% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Royal Bank of Canada cut their price objective on 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. Robert W. Baird upgraded shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and increased their price target for the company from $160.00 to $196.00 in a research report on Monday, October 21st. JPMorgan Chase & Co. raised shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $151.00 to $161.00 in a research report on Friday, January 10th. The Goldman Sachs Group decreased their price target on shares of Mohawk Industries from $170.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Baird R W upgraded Mohawk Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 21st. Four analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Mohawk Industries currently has an average rating of “Moderate Buy” and an average target price of $154.62.

Mohawk Industries Stock Up 0.5 %

Shares of MHK stock traded up $0.54 on Tuesday, hitting $119.58. The stock had a trading volume of 22,913 shares, compared to its average volume of 731,784. Mohawk Industries has a 12-month low of $101.83 and a 12-month high of $164.29. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.60 and a beta of 1.41. The business has a 50 day moving average of $125.78 and a 200 day moving average of $140.85. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.03 and a quick ratio of 1.09.

Insiders Place Their Bets

In related news, insider Suzanne L. Helen sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $126.11, for a total value of $504,440.00. Following the completion of the sale, the insider now owns 104,084 shares in the company, valued at $13,126,033.24. The trade was a 3.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 19,078 shares of company stock valued at $2,474,347 in the last quarter. Corporate insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Several institutional investors and hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. lifted its stake in shares of Mohawk Industries by 8.8% in the 3rd quarter. Meeder Asset Management Inc. now owns 84,535 shares of the company’s stock valued at $13,583,000 after acquiring an additional 6,863 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Mohawk Industries by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 3,024,539 shares of the company’s stock worth $485,983,000 after purchasing an additional 74,123 shares during the last quarter. Natixis Advisors LLC increased its stake in shares of Mohawk Industries by 19.8% in the third quarter. Natixis Advisors LLC now owns 87,477 shares of the company’s stock worth $14,056,000 after buying an additional 14,480 shares during the period. Cerity Partners LLC bought a new stake in Mohawk Industries during the 3rd quarter valued at $1,935,000. Finally, Parkside Investments LLC boosted its position in Mohawk Industries by 40.0% during the 4th quarter. Parkside Investments LLC now owns 7,000 shares of the company’s stock valued at $834,000 after buying an additional 2,000 shares during the period. Institutional investors own 78.98% of the company’s stock.

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.