State Street Corp trimmed its stake in shares of Mohawk Industries, Inc. (NYSE:MHK) by 1.7% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 2,730,228 shares of the company’s stock after selling 45,971 shares during the quarter. State Street Corp owned about 3.67% of Mohawk Industries worth $659,869,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Sun Life Financial INC lifted its position in shares of Mohawk Industries by 5,675.0% during the 2nd quarter. Sun Life Financial INC now owns 462 shares of the company’s stock valued at $112,000 after acquiring an additional 454 shares during the period. First Personal Financial Services lifted its position in shares of Mohawk Industries by 6.6% during the 2nd quarter. First Personal Financial Services now owns 568 shares of the company’s stock valued at $137,000 after acquiring an additional 35 shares during the period. IFP Advisors Inc lifted its position in shares of Mohawk Industries by 18.6% during the 2nd quarter. IFP Advisors Inc now owns 625 shares of the company’s stock valued at $151,000 after acquiring an additional 98 shares during the period. First Manhattan Co. bought a new stake in shares of Mohawk Industries during the 2nd quarter valued at $160,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Mohawk Industries during the 1st quarter valued at $179,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.
In related news, VP Rodney David Patton sold 137 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $246.78, for a total transaction of $33,808.86. Following the completion of the transaction, the vice president now directly owns 6,924 shares in the company, valued at $1,708,704.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total value of $5,022,515.00. Following the transaction, the chairman now owns 21,396 shares of the company’s stock, valued at $5,454,910.20. The disclosure for this sale can be found here. 17.00% of the stock is owned by insiders.
Shares of Mohawk Industries, Inc. (MHK) opened at 254.62 on Wednesday. The company’s 50 day moving average price is $252.19 and its 200 day moving average price is $242.59. The company’s market capitalization is $18.93 billion. Mohawk Industries, Inc. has a 12 month low of $175.52 and a 12 month high of $259.91.
Mohawk Industries (NYSE:MHK) last posted its earnings results on Thursday, July 27th. The company reported $3.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.60 by $0.12. Mohawk Industries had a return on equity of 16.45% and a net margin of 10.54%. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.45 billion. During the same period in the previous year, the business earned $3.47 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. Analysts expect that Mohawk Industries, Inc. will post $13.50 EPS for the current fiscal year.
A number of analysts have recently weighed in on the company. Zacks Investment Research downgraded Mohawk Industries from a “hold” rating to a “sell” rating in a research report on Tuesday. Northcoast Research assumed coverage on Mohawk Industries in a research report on Thursday, October 5th. They set a “buy” rating and a $295.00 target price for the company. Instinet reiterated a “buy” rating and set a $288.00 target price (up from $280.00) on shares of Mohawk Industries in a research report on Saturday, September 30th. Nomura reiterated a “buy” rating and set a $288.00 target price (up from $280.00) on shares of Mohawk Industries in a research report on Thursday, September 28th. Finally, Cleveland Research downgraded Mohawk Industries from a “buy” rating to a “neutral” rating in a research report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $270.33.
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Mohawk Industries Profile
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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