Zacks Investment Research upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a buy rating in a research report released on Monday morning. Zacks Investment Research currently has $268.00 price target on the stock.
According to Zacks, “Mohawk enjoys a leading position in the home furnishings industry and has completed four strategic acquisitions this year that broadened its product portfolio. The company is on track to explore numerous investment options for expansion and buyouts to broaden its footprint and product portfolio. Overall, 2018 will be a transition year for Mohawk as the company poised to benefit from the large amounts of capacity brought in 2017. However, rising commodity prices continue to be a cause of concern. Though Mohawk’s shares have underperformed the industry in the past year, earnings estimates have increased over the last 60 days, reflecting analysts’ optimism in the stock.”
A number of other analysts have also issued reports on MHK. ValuEngine upgraded shares of Mohawk Industries from a hold rating to a buy rating in a research note on Wednesday, February 7th. Loop Capital assumed coverage on shares of Mohawk Industries in a research note on Thursday, March 1st. They set a hold rating and a $261.00 price objective on the stock. Robert W. Baird dropped their price objective on shares of Mohawk Industries from $312.00 to $300.00 and set an outperform rating on the stock in a research note on Monday, February 12th. Longbow Research upgraded shares of Mohawk Industries from a neutral rating to a buy rating in a research note on Monday, February 12th. Finally, Goldman Sachs lowered shares of Mohawk Industries from a conviction-buy rating to a buy rating and dropped their price objective for the company from $306.00 to $292.00 in a research note on Thursday, March 1st. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $290.73.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, February 8th. The company reported $3.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.32 by $0.10. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.36 billion. Mohawk Industries had a net margin of 10.24% and a return on equity of 15.44%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 earnings per share. equities research analysts predict that Mohawk Industries will post 15.65 EPS for the current fiscal year.
In related news, Director William Henry Runge III purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $250.87 per share, for a total transaction of $125,435.00. Following the completion of the purchase, the director now owns 2,335 shares in the company, valued at $585,781.45. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bernard Thiers sold 17,383 shares of Mohawk Industries stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $250.00, for a total transaction of $4,345,750.00. Following the completion of the sale, the insider now owns 50,003 shares of the company’s stock, valued at approximately $12,500,750. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,595 shares of company stock valued at $8,603,365. Insiders own 16.80% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MHK. Cubist Systematic Strategies LLC boosted its holdings in Mohawk Industries by 126.8% in the third quarter. Cubist Systematic Strategies LLC now owns 5,295 shares of the company’s stock worth $1,311,000 after purchasing an additional 2,960 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Mohawk Industries by 21.7% in the third quarter. Janney Montgomery Scott LLC now owns 3,986 shares of the company’s stock worth $987,000 after purchasing an additional 711 shares during the period. California Public Employees Retirement System boosted its holdings in Mohawk Industries by 4.2% in the third quarter. California Public Employees Retirement System now owns 130,303 shares of the company’s stock worth $32,251,000 after purchasing an additional 5,303 shares during the period. IFM Investors Pty Ltd acquired a new position in Mohawk Industries in the third quarter worth $267,000. Finally, GSA Capital Partners LLP acquired a new position in Mohawk Industries in the third quarter worth $1,245,000. 78.52% of the stock is owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION NOTICE: This piece was reported by Week Herald and is the property of of Week Herald. If you are accessing this piece on another site, it was illegally stolen and reposted in violation of U.S. and international copyright law. The legal version of this piece can be read at https://weekherald.com/2018/04/19/mohawk-industries-mhk-lifted-to-buy-at-zacks-investment-research.html.
About Mohawk Industries
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Mohawk Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mohawk Industries and related companies with MarketBeat.com's FREE daily email newsletter.