Mohawk Industries (MHK) Downgraded by Zacks Investment Research

Mohawk Industries (NYSE:MHK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

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.”

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Other analysts have also issued reports about the company. Longbow Research raised Mohawk Industries from a “neutral” rating to a “buy” rating in a report on Monday, February 12th. ValuEngine raised Mohawk Industries from a “hold” rating to a “buy” rating in a report on Wednesday, February 7th. Goldman Sachs downgraded Mohawk Industries from a “conviction-buy” rating to a “buy” rating and decreased their target price for the company from $306.00 to $292.00 in a research note on Thursday, March 1st. Loop Capital initiated coverage on Mohawk Industries in a research note on Thursday, March 1st. They issued a “hold” rating and a $261.00 target price for the company. Finally, Robert W. Baird decreased their target price on Mohawk Industries from $312.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, February 12th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $290.73.

Shares of NYSE MHK traded down $4.45 during midday trading on Friday, reaching $236.53. 467,988 shares of the company’s stock were exchanged, compared to its average volume of 711,882. Mohawk Industries has a 52-week low of $223.99 and a 52-week high of $286.85. The firm has a market cap of $18,304.20, a price-to-earnings ratio of 17.40, a PEG ratio of 1.72 and a beta of 1.36. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.80 and a current ratio of 1.53.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, February 8th. The company reported $3.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.32 by $0.10. Mohawk Industries had a return on equity of 15.44% and a net margin of 10.24%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the previous year, the company earned $3.26 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. research analysts predict that Mohawk Industries will post 15.65 EPS for the current year.

In other Mohawk Industries news, insider Bernard Thiers sold 17,383 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $250.00, for a total transaction of $4,345,750.00. Following the sale, the insider now directly owns 50,003 shares of the company’s stock, valued at approximately $12,500,750. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Frank H. Boykin sold 1,388 shares of the business’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $248.26, for a total transaction of $344,584.88. Following the transaction, the chief financial officer now owns 17,505 shares in the company, valued at $4,345,791.30. The disclosure for this sale can be found here. Insiders sold 34,595 shares of company stock worth $8,603,365 in the last ninety days. 16.80% of the stock is owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. Oakbrook Investments LLC raised its position in Mohawk Industries by 4.2% in the fourth quarter. Oakbrook Investments LLC now owns 4,540 shares of the company’s stock worth $1,253,000 after purchasing an additional 185 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Mohawk Industries by 0.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 30,845 shares of the company’s stock worth $8,510,000 after acquiring an additional 200 shares during the last quarter. Catalyst Capital Advisors LLC boosted its stake in shares of Mohawk Industries by 2.9% in the 4th quarter. Catalyst Capital Advisors LLC now owns 7,200 shares of the company’s stock valued at $1,986,000 after purchasing an additional 200 shares during the last quarter. New Mexico Educational Retirement Board boosted its stake in shares of Mohawk Industries by 3.4% in the 4th quarter. New Mexico Educational Retirement Board now owns 6,100 shares of the company’s stock valued at $1,683,000 after purchasing an additional 200 shares during the last quarter. Finally, Creative Planning boosted its stake in shares of Mohawk Industries by 7.0% in the 4th quarter. Creative Planning now owns 3,072 shares of the company’s stock valued at $848,000 after purchasing an additional 201 shares during the last quarter. Institutional investors and hedge funds own 78.52% of the company’s stock.

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Mohawk Industries Company Profile

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).

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