Mohawk Industries (MHK) Downgraded by JPMorgan Chase & Co.

Share on StockTwits

JPMorgan Chase & Co. cut shares of Mohawk Industries (NYSE:MHK) from a neutral rating to an underweight rating in a report released on Tuesday, Marketbeat.com reports.

Several other brokerages also recently commented on MHK. Zacks Investment Research downgraded Mohawk Industries from a hold rating to a sell rating in a report on Tuesday, July 24th. Jefferies Financial Group cut their target price on Mohawk Industries from $294.00 to $268.00 and set a buy rating on the stock in a report on Tuesday, July 31st. Cleveland Research reaffirmed a hold rating on shares of Mohawk Industries in a report on Wednesday, September 12th. Credit Suisse Group cut their target price on Mohawk Industries from $275.00 to $220.00 and set an outperform rating on the stock in a report on Friday, July 27th. Finally, Gabelli reaffirmed a buy rating on shares of Mohawk Industries in a report on Friday, July 27th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $239.47.

Shares of MHK stock opened at $156.12 on Tuesday. The firm has a market cap of $13.08 billion, a P/E ratio of 11.72, a PEG ratio of 1.85 and a beta of 1.29. Mohawk Industries has a twelve month low of $153.88 and a twelve month high of $286.85. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.99 and a current ratio of 1.74.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Wednesday, July 25th. The company reported $3.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.90 by ($0.39). The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.59 billion. Mohawk Industries had a return on equity of 14.35% and a net margin of 9.34%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.72 earnings per share. Equities research analysts expect that Mohawk Industries will post 13.71 EPS for the current fiscal year.

In other news, Director Filip Balcaen bought 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The stock was acquired at an average cost of $183.45 per share, with a total value of $4,586,250.00. Following the transaction, the director now directly owns 776 shares of the company’s stock, valued at approximately $142,357.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of the business’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $186.74, for a total value of $2,502,316.00. Following the completion of the sale, the chairman now directly owns 45,187 shares of the company’s stock, valued at $8,438,220.38. The disclosure for this sale can be found here. Insiders bought a total of 110,000 shares of company stock worth $20,167,250 over the last three months. 16.80% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Bank of Montreal Can increased its position in Mohawk Industries by 62.3% in the 3rd quarter. Bank of Montreal Can now owns 32,087 shares of the company’s stock valued at $5,626,000 after buying an additional 12,315 shares in the last quarter. CHICAGO TRUST Co NA increased its position in Mohawk Industries by 19.7% in the 3rd quarter. CHICAGO TRUST Co NA now owns 5,101 shares of the company’s stock valued at $895,000 after buying an additional 839 shares in the last quarter. Aurora Investment Counsel increased its position in Mohawk Industries by 12.7% in the 3rd quarter. Aurora Investment Counsel now owns 10,872 shares of the company’s stock valued at $1,906,000 after buying an additional 1,225 shares in the last quarter. State of Alaska Department of Revenue increased its position in Mohawk Industries by 5.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 15,478 shares of the company’s stock valued at $2,712,000 after buying an additional 822 shares in the last quarter. Finally, Pennsylvania Trust Co increased its position in Mohawk Industries by 5.4% in the 3rd quarter. Pennsylvania Trust Co now owns 21,371 shares of the company’s stock valued at $3,748,000 after buying an additional 1,100 shares in the last quarter. 81.42% of the stock is owned by institutional investors and hedge funds.

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).

See Also: How is the discount rate different from the Federal Funds rate?

Analyst Recommendations for Mohawk Industries (NYSE:MHK)

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.

Leave a Reply